Tips for successfully breaking up with your bank.
So, you’ve decided to kiss your banker goodbye and make the switch to First Eagle. Good for you! You deserve a financial partner who’s got your best interest at heart. But now what? Breaking up with a bank can seem like a messy, complicated affair, but we’ve got the skinny on how to do it without all the heartbreak.
Make the first move
Get started by opening your new account first. This is essential for giving yourself plenty of time for letting transactions clear your old account, setting up online and mobile banking, initiating direct deposit and more.
Get set up
Now that your new account is opened, you have time to review the details of your old account. Make note of all automatic transactions, including payments and deposits. These can include payments your old account’s bill pay service makes to payees or ACH transactions made by companies to withdraw money from your account on a regular basis. By reviewing at least 12 months of transactions, you will be able to catch any annual automatic payments being made from your account, such as for annual dues or subscriptions. Once you have this information, including payee information and payment amounts, you’ll easily be able to set your automatic payments up in your new account.
For direct deposit, contact your payer, whether your employer or a government agency, to provide your new account information for regular deposit transactions. The payer typically has their own form for you to complete, and you’ll sometimes be asked to provide a voided check.
Be a two-timer
Now that you have your new account set up the way you like, it’s time for double time. Give yourself a month or two at least for any old checks to clear your old account. Be sure to keep a low balance in the old account temporarily to cover any unexpected transactions.
Kiss your bank goodbye
Once you’re confident all pending transactions have cleared your old account, it’s time to make the break. Contact or visit your bank to let them know you’re closing your account. If your account still has funds in it, you can withdraw the remaining funds or have them transferred to your new account by ACH or wire transfer. Keep in mind that if your old account is overdrawn at the time of closing, you’ll need to provide the funds to cover the overdraft plus any associated fees.
Once your old account is behind you, get some closure by reviewing your final bank account statement to make sure everything is as expected.
Getting cold feet?
If you’re not completely committed to leaving your banker, here are some reasons why you should:
- You deserve a financial partner that’s working for your best interests, not their own. As a not-for-profit financial cooperative, credit unions are owned by the members they serve, not wealthy shareholders. Credit unions give profits back to the membership in the form of lower rates on loans, higher yields on savings, and a better value on everything.
- As a financial cooperative, we’re grateful to the members who provide our purpose for being here – and we show our gratitude by providing exceptional service. After all, you’re our neighbors, friends, co-workers, and family.
- Our community roots mean we’re fully committed to your success. That means we’re actively involved in supporting the same local causes you do and working to lift up those in need around us, in each of our communities we serve.
Have questions about ditching your old bank and switching to First Eagle? We’d love to talk. Call us at 1-888-231-2022.
