Move Your Money Checklist

7 Simple Steps To Move Your Checking
Account

In
most cases, you should be able open a checking account with an· initial deposit
of $25 to $100. At a credit union, you’ll also become a· member and co-owner at
the same time.

These typically arrive within 1 to 2 weeks. You should also consider· applying
for a credit card from your new local bank or credit union at· the same time.

When you open your new account, ask the bank or credit union for a· direct
deposit authorization form that includes your new account· information. Give
this form to your employer and anyone else who makes· direct deposits to your
account. It may take one or more pay cycles for· the change to be made, so keep
your old checking account open and watch· for the switch.

Using your last bank statement, make a list of any businesses that· you’ve
authorized to directly debit your account. Ask your new bank or· credit union
for an automatic payments authorization form that includes· your new account
information. Send this to the businesses on your list.

If you like to pay bills online, set up bill payment information for· your new
account. Also, stop any automatic, recurring payments you have· established
through your old account.

Once you have started receiving direct deposits into your new account· and are
sure that there are no outstanding checks or automatic debits· that need to
clear, close your old account. Warning: do· not just withdraw the last
dollar and assume the account will fade away· on its own. Your old big bank may
start charging you fees for having an· empty or inactive checking account.
Instead, follow the bank’s· procedure for closing out the account.

This checklist was produced by the New Rules Project’s Community Banking
Initiative. Visit newrules.org/banking for articles,
graphs, studies, and more