Important Facts in Changing Banks

Changing banks is not as difficult as it seems. All you need to do is set your plans and think of your convenience base on the level of your priorities. Moving from one place to another, getting married, personal concerns and satisfaction guarantees, interest rate disparities, unstable banking rules and many others are just several reasons why you would switch to a new bank.

Here are essential details that will help you decide in pushing your plan to toggle:

Be wise. Make sure all your checks have cleared. This is the right time to balance your account and will help sort your outstanding debits and credits. Bank statements are helpful on this situation and would give you a ball park figure of how much due you and the bank has to settle. Doing so will bail you out from popping bank charges like over draft fees, insufficient fund charges and the likes.

If your bank account was set-up on an automatic debit to pay for your bills, mortgages or life insurance premiums, it is crucial that you inform the firms to avoid additional penalties. That way you can issue new checks in exchange of the pending ones and would be able to continue other existing financial obligations. Some institutions require you to submit a copy of a new voided check with or without your name on it for documentation purposes. This is to give them security in a way.

Do the search and compare the interest rates applied. Spare some time to visit the banks and ask for the details you need to know. Try it – it won’t make you less of a person if you do so. Don’t bank on firms that have way high interest charges. You will know in one way or another, the risk of getting into high robbery schemes – hidden charges, fluctuating rates, instability and so forth.

Do not close your old bank account unless a new one has been opened. This will ensure your pay and benefits especially if you have prearranged for direct deposit. It is also wise that you let your employer know about this change ahead of time to prevent unwanted circumstances. You wouldn’t want to do the hassle in running back and forth retrieving your funds would you? Or end up having bounce checks and be flagged from time to time.

Banks, at no point in time send updates and notifications to their clients. It is your responsibility to inform the bank (old or new) about the change in address and telephone numbers. Negligence and innocence are at no place for this scenario. Banks talk about business thus; your money is also theirs. Same applies if your name had changed due to divorce or marriage. There are some banks that are hard to deal with so make sure your profile is fixed. Supporting documents most of the time are required to complete a bank transaction. You would imagine the stress and aggravation it would give without it.

You also have to make certain that your safety deposit box is empty before closing it out. Have the diligence to return it clean along with the keys. You know well how important the documents you kept here so make sure your financial records at home are clear about the fact that your bank account is no longer active. You and your heirs wouldn’t want to waste your time in the future claiming for the funds that have been settled years back. As much as possible, dispose all the stale dated bank statements, ledgers, old checks voided or not, deposit slips and bank books.

Building rapport with the bank officers is very helpful. Whether you admit it or not, these people make your banking life easier and effortless. You could also consult your inquiries and could suggest tips for your own welfare in return. Save their names and contact information and don’t lose communication with them. They might even help you recover your old bank records and extend a helping hand unexpectedly. Simple “Hi” or “Hello” would suffice with a sincere smile along with.

All the above mentioned are options laid for your own good and risks. It’s you dilemma to chose the right one for you and your family. Other details may not have impact for all but these are all good to know information that could serve as our guide.

Switching banks is not that hard after all. Putting responsibility into action is…