How Do You Switch Banks?

How Do You Switch Banks?

To switch banks, gather your financial information, statements and personal identification, which saves you time when you start the new account. A banking representative leads you through the process.

Before you decide which bank you wish to switch to, gather your financial information. This includes statements from bank and savings accounts, investments and any other pertinent information you need to start a new account. Have your personal information ready, such as social security cards, government-issued I.D. or driver's license, as a bank usually asks for this before opening an account.

Make an initial deposit of $10 or more to get your account started, and consider opening both a personal checking and savings account; if you own a business, you may also want a business account. Set up online banking, so you can easily see your transactions online and reconcile them with your checkbook or other banking statements.

The banking agent is likely to ask you if you want a debit card. This is optional, but it is recommended, as many transactions now take place online with credit and debit cards. If you get a debit card, you receive a pin number within about two weeks from the date you open your account.

Set up automatic debits, so you won't forget any due payments. Finally, transfer or withdraw all the money out of your previous bank, deposit it into your new account and close your old account.