Switch Banks And Start A New Financial Chapter In Your Life

People often feel trapped by their banks

People often feel trapped by their banks. This is truer than ever these days, when people have direct deposit setups, online accounts, automatic bill pay, and many other options that - while convenient - also serve the purpose of keeping customers loyal. It's a hassle to switch to a competitor, and don't think the management of these financial institutions doesn't know it. That said, there's only so much a customer can take. If you've paid your last unfair ATM fee and seethed for the last time over being charged for not having enough money in your account, it may be time to find another option.

Funding

The first step of switching banks is to figure out how you will fund your new account. Most places are happy to have you do so in one of three ways: cash, credit card, or account transfer. Account transfers are usually the smoothest options available, but beware of your old financial institution making things more difficult than they need to be. If you're a higher-profile customer (i.e., you have more than a couple thousand dollars in your account), you can expect to see some last-minute desperation on the part of the management. This isn't a bad thing in all cases (they might finally erase some of the fees you've been angry about), but if you've decided, you've decided. Be firm if you've made your choice to leave.

Changing Bill Payments

Now comes the hard part. Once you begin, however, you'll probably find that it isn't as hard as you thought it would be. Make a list of all of your automatic bill pay accounts and contact each of them in turn with your new information. Talk to your employer and make sure they switch your direct deposit over to your new accounts. The banks, in this case, won't be what hold you up from getting everything done. You will, however, be at the mercy of the efficiency of your billing accounts. If the phone company is lax about updating information across all channels, for instance, you could believe that a bill has been paid when it hasn't. Follow your financial records closely for the next few months.

Withdrawing Money

Now that everything has been established, it's time to take the rest of your money out of your old account and close it out. Stop using it for any purposes. Throw out your old checks and get new ones from your new place. Don't be fooled into keeping some kind of minimum amount in your account "just in case", as many banks will encourage you to do. They know, of course, how difficult it is to switch back and they want to keep you on retainer so you can come back when you want. Just make a clean break and you won't have to worry about it.

by: Alfred Ardis

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