How to Switch Banks
There are plenty of reasons why you might switch banks, whether you want a more local service, higher interest rates on your savings account or fewer fees. Transferring your funds isn't the most exciting process, but it's a worthwhile endeavor to give yourself more peace of mind in your financial situation.
Common Steps to Switch Banks
Switching to a new bank isn't too tricky, but it can be lengthy. Here are the steps to follow:
Open an Account
When switching banks, you'll first want to find your new bank and open an account. Most banks make opening checking and savings accounts online or in person pretty straightforward. They'll learn more about your objectives and current financial status to pair you with an account type matching your needs. You'll also complete some paperwork and provide your address, contact information, driver's license number, Social Security number and employer information. Depending on the bank or type of account you are choosing, you may also have to submit a deposit upon opening.
Before deciding, consider what features you need from your new bank. If you're opening checking and savings accounts, see if the bank can connect them for automatic transfers. Other standard options include:
- ID theft protection
- FDIC deposit insurance
- Debit cards
- Mobile banking access including mobile deposit
- Competitive interest rates
Redirect Automatic Payments and Direct Deposits
Once you've transferred your money, direct all your deposits and payments to your new account. It's helpful to make a list of your checks, subscriptions, bills, recurring transfers and direct deposits going back about a year to ensure you don't miss anything. Some banks offer account switching tools and services to take some of the stress off your shoulders with a fast and secure transfer procedure. Once you know what you're responsible for, you can start changing your payment methods for your bills and talk with your employer about updating your check deposit information.
Close Your Old Account
Leave your old accounts open for a few months to allow the new deposits and payments to connect to your new ones. Once everything looks good, you can start the closing process. Many banks offer a few options to officially say goodbye to your account, including over the phone, in person and by written request.
Make sure you request a written document proving your account closure that you can keep along with your bank statements for your records. With everything closed, you can destroy old cards, order new checks and enjoy your new bank.
Switch to First Commonwealth Bank
If switching banks is in your future, we're ready to welcome you to ours. At First Commonwealth Bank, we know how important your money is to you, so we'll treat it like ours. We offer big bank services without sacrificing one-on-one relationships. We have the expertise to support you in your journey toward financial confidence.