How to Switch Checking Accounts Smoothly

Switching checking accounts is something that is done everyday. People switch checking accounts for many reasons, such as they found a better bank, they found a better checking account with features that they like more than their current checking account, etc. For whatever the reason why anyone would want to switch checking accounts – here is a list of things you can do to make a smooth transition from one checking account to another:

The process can be easy as long as you are organized in the process:

  1. Finding a new checking account – While your current account is still open you can take the time to research and comparison shop for a better option.
  2. Once you locate the new checking account, open it with the minimum amount required – To make the process of switching over your account easier keep the old account open while you open the new account.
  3. Add all the existing payees to your new account – Although this task is time consuming it will be easy since the old account is still open at this time, simply have both checking account windows up and use the old one as reference.
  4. Build your new automatic payment schedule – Once all the payees are added, you can use both your account statement and the online account information for your old account as a check list.
  5. Delete the dupes – When you have ensured that you have transcribed all the information properly and that you have enough time to fund all the upcoming payment scheduled in your new account, delete the information from your old checking account.
  6. Arrange changes for your direct deposits – Since you already opened your new account, give a copy of a check from your new checking account to your HR department to make sure they can make the change prior to the next pay period.
  7. Cut yourself a check – When your new banking system is set up properly you can clear out the remaining balance of your old account by writing yourself a check for the remaining balance and depositing it into the new account.
  8. Close the old account – Notify the bank of the cancellation
  9. Shred your old Checks – Take the time to properly destroy your old checks, a paper shredder is the best option to prevent those documents from ending up in the wrong hands.

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These articles are written by the in-house GOBankingRates team.