Knowing how to transfer a checking account from one bank to another can be a huge financial benefit in the long run. With the frequent changing of the banking rules and regulations, you might become very dissatisfied with your current banking services and its high fees and terrible customer care. If that's the case you may want to sign up with another bank that provides better service. Some people may be overwhelmed by the account transition process, but by following these simple steps all your worries will soon dissipate.
To transfer a checking account from one bank to another, you will need:
- A new checking account number
- Information on all your automatic debits and deposits (including payroll)
- Voided check from your new bank
- Close account request (It could be a form or letter.)
Automatic debits transfer request (It is a form from your new bank.)
- Open a checking account with your new bank. This step is a must because you want to know where your current account will be transferred to. After the account is established, it is strongly recommended that you remember your new account number. You are required to use this number for the transition on other features which will be covered in step two.
- Transfer all the automatic debits and deposits to your new account. You must notify your creditors about your new account immediately by filling out the automatic debits transfer request. The transition will be completed in six to eight weeks. Once you are done, you can take care of the automatic deposits. If you have payroll deposit, you must submit a copy of a voided check from your new account to your employer. Depending on the pay cycle, the transfer time can be one to two weeks.
- Close your previous checking account. Once all the automatic debits and deposits are available in your new account, it is the time to complete the close account request. Note that you or your new bank will have to send this form to your previous financial institution. Just in case this form is unavailable, you should put the close account request in writing. In the letter, you may also instruct them to forward any remaining balance to your new checking account.
That's it! You have successfully transferred a checking account from one bank to another. Wasn't that easy?
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