Both processes will require you to fill out an account application and fund your account. Once your accounts are set up at your new financial institution, keep in mind that it could take time to receive your debit card and checks. Debits are typically made using either your checking account information or your debit card, both of which will need to be updated. It may help to go through a recent bank statement to identify your recurring debits.
Cross off each one as you update your bank or debit information. A cushion will help avoid overdraft fees if any forgotten debits go through using your old account information.
Depending on your financial institution, you can typically close your accounts in person, via phone or in writing by mail. Many pack-and-ship locations also offer secure document shredding for a nominal fee. While you might not incur fees from your old bank for a check or debit that hits your closed account, you could be charged fees by the vendor whose payment bounced. A simple review of outstanding payments can keep your good payment history intact.
While some people may be content to keep their existing bank and handle most regular banking functions remotely, others may desire a more hands-on approach with a new local branch. The best decision will always come from an honest assessment of what you expect from your financial institution and whether your needs can be met after you make your move. Select Region. United States. United Kingdom. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
How do you know if switching banks makes good sense when you move? Do you have fee-free ATMs close to my new address? For example, having a good credit score.
How to switch bank accounts. Find out more about packaged accounts. Overdrafts explained. From jam-jars and basics to student and graduate, there are other reasons to change bank. Find out how to choose the right one for you. You might also like How to spot and avoid bank scams 10 January How your bank can help if poor mental wellbeing is What do you think?
If keeping your accounts under one roof is important to you, check out our list of best banks for checking and savings accounts. Most banks make it easy to open a checking or savings account online or in person.
Some banks do a soft or hard credit pull, but only the hard pull results in a usually short-lived dip in your credit score. This credit inquiry might occur if you apply for an overdraft protection program or line of credit when you open a checking account. Make sure you meet the minimum deposit requirement. Make sure you have enough money before you open an account. For a seamless transition to your new bank account, pull up a year's worth of transaction history to note any of the following:.
Automatic bill payments and subscriptions monthly or annual. Also note any bank services you currently use, which may include:. See our list of best checking accounts. The same logic applies here. Open the new account before closing your old one and switch in stages. Keep some money in your old account. Change any direct deposits.
Update your financial information at work so that your paycheck is sent to your new bank account. Reschedule automatic payments. Schedule future bill payments from your new account once the first direct deposit goes through.
Check off the rest of your list. Go back to your planning list and address anything still left to do: order checks, rent a new safe-deposit box, download the bank's mobile app and so on.
Any old account information stored with a service provider — your credit cards, cable company, cell phone carrier — also needs to be updated. OneMain Financial Loans Review. Best private student loans. Average student loan debt. Average college tuition. How to choose a student loan. How to pick financial aid. Best tax software. Best small business tax software. TurboTax review. TaxAct review. Credit Karma Tax vs TurboTax. What tax bracket am I in? Best online financial advisors. Do I need a financial planner?
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