Generally, to open a new bank account, you’ll need to give the bank your: If you’re getting started with a brick-and-mortar bank or credit union instead and want a more personalized experience, you could open an account at a branch or potentially do so over the phone. Many banks now allow you to open accounts online, which can be the easiest way to switch banks. Once you’ve selected a bank, you can open your new account. You’ll still need it to get your new account started. And if you use paper checks and have those set up to auto-refill, you’ll need to cancel those as well. If you’ve enrolled in alert services or notifications with your current bank, turn those off. For example, if you use a mobile wallet app to shop online, you’ll need to update your bank account or debit card information once your new account is open. You should also make a note of any places your current bank accounts are linked to online. This includes transfers to externally linked deposit accounts, retirement accounts and investment accounts. This includes streaming services, gym memberships and other transactions you pay automatically. This includes mortgage payments, utilities, credit cards and student loans. This includes direct deposit of paychecks or business income, alimony or child support payments, government benefit payments and recurring transfers from linked bank accounts. And you’d also need to change banks for Social Security direct deposit if you receive those benefits.Īs you plan to change banks, make a list of: As you switch banks, it’s essential to make sure that you properly switch over these transactions to your new accounts.įor example, you could run into a problem if your paychecks are still being sent to your old account or you have an automatic bill payment processed for a closed account. Make a List of Your Automatic Payments and DepositsĪutomated bill payments, direct deposits and recurring transfers can simplify your financial life. You could open multiple checking or savings accounts at different banks to better fit your needs. To get people to switch, some banks offer bonuses that allow you to earn a reward for opening a new account.Īnd keep in mind that you don’t have to limit yourself to one bank. You may also be interested in whether you can switch banks and get money for your efforts. For instance, you may find a bank that doesn’t require a minimum to open an account, while another sets the threshold higher.
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