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Switching to a New Financial Institution

Switching to a new financial institution can feel overwhelming.  It takes extra effort to adjust your payments, and patience to get used to the new system. Here are some tips to help you make the switch in a manageable way.

1. Choose your new financial institution thoughtfully.

Whether you’re switching because your bank is closing a local branch, or you’re unhappy with the service, it takes a lot of effort and you don’t want to have to switch twice.

  • Choose an institution that makes sound decisions and aligns with your values. Is the institution known for its community support or is it regularly in the news for bad business behavior?
  • Choose an institution that is likely to be around for a long time. Is the institution expanding or retracting services in your area?
  • Check the Google reviews. What are other people saying about the institution?
  • Take the time to walk into a local branch or call the customer support number. Make sure you’ll get good service when you need it.

2. Don’t close your old account immediately.

Even if you’re angry and want to take your business elsewhere, it’s best to make sure things are set up correctly at your new institution before completely closing your accounts.

    • Start small and pay just one thing out of your new account.
    • Make sure you have enough money in your new account to cover that one payment.
    • Login to online banking and the mobile app to view your balances and access Billpay services.

3. Make the switch official

Now that you know payments are working, it’s time to get busy.

    • If you have direct deposit, give your employer (or Social Security) the info for your accounts at the new Financial Institution.
    • Review a month or two of statements at your old institution and start moving your payments over one at a time.
    • Watch your accounts at your old institution closely for unexpected charges.  You don’t want to incur any fees by going negative.
    • After you’re sure you don’t have any more pending transactions on your old account, it’s probably safe to close it and enjoy the benefits of your new Financial Institution.


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