Switching banks is something we often need to do, and for many reasons. Sometimes you need to switch to save money. Maybe your bank is charging exceptionally high prices for services that another bank offers for free. Other times you may need to switch because of a big move. People even sometimes switch because they like the camaraderie at one bank better than another. Regardless of your reason, there are several things you need to do before making this banking transition.
First, you need to think about all of the automatic payments you have attached to that account. Make sure you cancel those and prepare to transfer them to the new account before they come due again. Then, consider any other automatic things attached to your account, like automatic deposit of your paycheck. You need to make sure all of these things are switched before you close the account, or you could mess up your payment and end up with late fees or non-sufficient fund fees.
To help, consider keeping the other account open for a few weeks with a minimum amount in it. This might make your budget a bit tighter, but this is far better than ending up with unnecessary fines due to a payment being charged to your closed account.
Once you have this taken care of, it is time to make the switch. Remove all money out of the account you no longer want to have, and then close it. It is important that you actually close the account when switching banks, because some banks will charge fees for accounts that have no balance. Then, you are ready to move on with your new banking relationship.
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