Find Your Dream Account
First thing’s first: ask yourself why you’re considering leaving your current financial institution. Have you found another bank that better suits your lifestyle? Have you run into problems with your account? Are you looking for a savings account that offers a higher yield? Is banking with your current bank inconvenient?
Next, with your reasons for leaving in mind, evaluate what you’re looking for in the next bank. Odds are, if you’re a blossoming business professional, you might want to find a bank that offers business accounts. If you’re looking for accounts that offer higher interest rates, you’ll want to focus your research on that.
While you’re conducting your research, it’s crucial to keep track of factors such as:
- Monthly fees
- Minimum balance
- ATM fees, access, and locations
- Apps and other digital services
- Interest rates
- Overdraft policies
- Branch locations/availability
The last thing you want is to switch banks only to find that their monthly fees are undesirable or that their branch is tricky to make a trek to—it’s hard to make a long distance relationship work.
Sort Out Automatic Payments
Fill Out a New Account Application
Either visit your new bank in person or online and fill out an application for your prospective new account. Keep some money in your old account just in case something falls through. Once your application is approved, transfer your money over to your new account and make sure you set up your automatic payments and direct deposits. Always review any actions taken with your account to ensure that the changes you’ve made are correct.