The thought of switching your checking account to another financial institution can be overwhelming. Whether you want to switch to escape high fees, attain the latest banking features, better rates or find a more trusted and personalized banking experience, you can do it. Use these steps to guide you through the process of switching accounts. Get ready to unlock a world of an improved banking experience with TFCU as you take these steps to switch your account with confidence.
1. Open a new account online or in person. Evaluate which account will best fit your needs by visiting our website or by going to any of our branch locations to open your account. Keep in mind there are some items you will want to have handy when opening your account, like:
- An ID, such as a driver’s license. We accept several other types of identification as well.
- Your Social Security number. You may not need to have the physical card, but it doesn’t hurt to have it with you just in case verification is needed.
- Personal information. To set up an account the financial institution will also need personal information like your birthday, email address, phone number and proof of address, like a utility bill.
- Employment information. Be prepared to provide employer name and contact information for setting up automatic deposits for your account.
- Membership qualification. When joining a credit union you do need to qualify for membership but don’t worry. There are thousands of ways to qualify for membership. Our amazing member service officers can help.
After your new account is open, transfer or deposit enough funds to satisfy any deposit requirements. Set up and get familiar with online and mobile banking. Learn about your account features and discover if there are any new account limitations.
2. Set up and update direct deposits and automatic payments. This is the step that can seem overwhelming, but this is the perfect opportunity to verify where your money is coming from and going. While you are switching accounts you don’t want any bills or direct deposits to get lost or taken from the wrong account, so make sure you carefully evaluate what payments and deposits are automated in your current account.
- Update direct deposits. Notify your employer, government agencies and other entities that deposit funds into your current account. Provide them with your new account details. Make sure you provide your full 13-digit account number.
- Transfer automatic payments. Once direct deposits have been set up for the new account, update your payment information with each service provider. Be sure to give them the full account number or debit card number.
- Online bill pay. This could be the perfect opportunity to explore transferring some of those automatic payments to online bill pay through your new account’s online banking. This gives you more control over when and how much is paid for your recurring bills.
Use this step to evaluate where you want your money to go and how you want it to get there. If you would like to have more control over when the money is pulled from your account to pay certain bills, consider switching those payments to an online bill pay system.
3. Transfer balances and refinance loans. Once you have redirected your deposits and payments, transfer the remaining funds from your previous account to your new one. There are many ways to transfer those remaining funds. Also, to make loan payments and transfers easier, consider refinancing those loans. Better rates may be available at your new financial institution.
4. Close your old account. Keep an eye on the old account just in case there are any remaining withdrawals, deposits or outstanding checks that you did not think about. Once everything has cleared contact your previous financial institution to close the account officially. Be sure to keep a copy of the zero-balance account closure for your records, just in case. Remember to check if there are any fees associated with closing your old account or any minimum balance fees that might ding the account while working on the transfer to your new checking account.
Switching your checking account to TFCU can lead to an amazing financial experience with careful consideration and strategic planning. Take the leap! By following these steps you can set yourself up for financial success with a checking account that truly meets your needs.
Article by Kara Robinson, TFCU Financial Educator
About the author
Kara Robinson started with Tinker Federal Credit Union as a teller and earned a coveted leadership development role within the credit union that lead her to the position of Financial Educator. Kara enjoys helping others and has a passion for financial education. Learn more about TFCU’s Financial Education team here.