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Thinking about Switching Banks?

January 17th, 2011

Andover, Massachusetts January 17th, 2011 –  Are you getting fed up with new fees being charged by your bank? Is the customer service not what it used to be? Well, before you switch banks make sure you are ready for the process which can be extremely time intensive and frustrating. Remember, you are the customer, so if you are fed up, don’t feel bad, do the research, pick a new bank, and make the move. But whatever you do, don’t rush the process as small things can fall through the cracks and cause huge headaches down the line.

The following is a list of the basic steps that should be followed during your move….

  1. Do not close your old account as soon as your open your new account!
  2. Make sure you know of all the direct deposit and auto drafts that are currently active with your old account.
  3. Keep the old account funded for at least three months in case you forgot about certain drafts or deposits that could cause you to be charged fees and penalties.
  4. Create links between the two accounts so you can easily transfer funds between the accounts when necessary for the first three months.
  5. Once the new account is created, sign up for direct deposits and auto withdrawals from this new account.
  6. Once you know that activity at your old account has ended (most likely within the 3 month window), transfer the rest of your money to the new account.
  7. The last step should always be to close the old account!!

Readers, have you had experience with opening a new account? Did you close your old one or do you continue to have two? Was it a pain free or a painful experience?

stephan Personal Finance

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