"I hate my bank!” It seems like you’ve uttered these words a million times, yet you keep going back for more. But why? Changing banks is simpler than you might think. Plus when you take into consideration all of the headache and hassle you’ll free yourself of, these simple steps it takes to change banks will seem even simpler.
1) Figure Out Why You Are Not Satisfied with Your Bank
This might seem like an easy question to answer, as you may have been complaining about the reasons you do not like your bank for a while. But make sure you are certain of specifically what it is that you are not satisfied with so you don’t make the same mistake again. Break down the problem to the source. Are you being charged too many fees? Is that because your bank doesn’t offer an account that meets your needs? Are you getting too many ATM fees because of limited ATM locations? Or, are you unable to get the help you need when you have questions about fees or other issues?
2) Find a Bank That Fits Your Needs and Open Your Account
So you’ve identified the problem, now it’s time to find a solution. Do your research and open an account at a bank that fits your needs. In today’s world, most of your research and even the account opening can be done from the comfort of your own home. Simple, I tell you! As much as it may hurt, you do not want to close your old bank account(s) quite yet…just try to hold on a little longer!
3) Switch Your Direct Deposit
If you do not use direct deposit, you can skip this step. If you do, go ahead and get your paychecks deposited into your exciting new account. You should be able to fill out a simple form at work to do this.
4) Switch Automatic Bill Payments
Once you have your direct deposit set up, it’s time to switch all automatic transfers and payments you have set up. Take a look at your transactions over the last month to make sure you don’t miss any regular monthly payments. Then try to think about any other automatic payments you make either quarterly, annually, or sporadically.
5) It's Time! Close Your Original Account
Make sure all checks and payments from your old account have cleared and you should be good to go. You’ll want to make sure you don’t leave your old account open to avoid any inactivity or low balance fees. Don’t let your old bank collect any more from you. Once you close your old account, you will have successfully completed the simple steps to change banks!
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