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Do you need to switch banks when moving?

March 10, 2022

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Do you need to switch banks when moving?
Relocation involves a lot of change. In some cases, you might also need to change your bank in case your older institution does not support you in your new location.

It's not simple to relocate. There is a lot to manage, coordinate, and plan. Deadlines are generally strict, and you might require assistance but it is not easy to get.  Generally, moving locally doesn't require a bank switch and just a transfer should be fine. If your bank does not have a branch in the new state that you move to, then maybe you might need to switch banks. 

Do you require to switch banks? 

"Do I have to switch banks when I move?" is the first bank-related inquiry you should ask when relocating to a new location. The response is contingent on the facts of your situation:

  1. Don’t switch banks if:

  • You're relocating locally and can remain to use the existing bank as before; or your bank has a branch nearby to your new address. 

2) Switch banks if:

  • Your institution does not have a presence in the area where you are moving. As convenient as internet banking is, you may occasionally have to visit a real local bank, which can be inconvenient if the closest one seems to be miles away
  • your existing bank doesn't really match your requirements like services, interest rates, loans, ATM facility in the new area, etc. 
  • You are unhappy with the services provided by your current bank.

If you are switching your bank because any of the above mentioned reason, we have come up with the following steps to assist you with this process, 

Select a bank

Check out which banks have locations near your place or workplace if you want to go with a traditional bank. Whether you transfer to an in-person or online bank, ensure there are ATMs nearby in case you require one.

You should also look into a bank's charges. For instance, you might like to search for a bank that doesn’t charge overdraft or international processing fees. Check to see whether you are eligible for a monthly service fee waiver.

Check to see if the bank provides all of the services you're looking for. Most banks provide checking and savings accounts, but do you wish to create an Individual Retirement Account (IRA)? Perhaps you'd like to secure a loan from the same bank where you do your personal banking.

Also, check whether the bank provides online and mobile banking services.

New Account Opening

It's best if you can have your new account fully operational as quickly as possible. For account opening, visit your new bank or its website. when you're on your desktop or in person, you'll have the same information to create an account. You will almost certainly be required to give a few personal documents and information, including:

  • Photo ID,
  • Social security number, 
  • Proof of address 

Based on the institution, you will need an initial payment for every bank.

Signup for Internet Banking and Mobile Banking

You've opened a new bank account, however, you don't know how to get into it. When you choose to bank at an internet-only institution, this is the time to contemplate enrolling for internet and mobile banking in most cases, those are your only alternatives.

You may get started with internet banking by contacting your bank or credit union. You may have to register prior to accessing this service. Afterward, go to your bank's site to create login credentials before logging in to validate your account.

After that, you can download the smartphone app for your new bank. You should be able to log in to mobile banking with the same login credentials that you are using for internet banking.

Closing account

Make sure all your autopays are transferred over to your new bank before you think of closing your old account. Also, ensure any incomes auto-credited to your account are redirected to your new account. Lastly, check your credit score as closing a bank account may affect your credit score negatively. Once all these are done, then go ahead and close your old account. 

There are a few ways for terminating the account, such as doing it over the telephone, by a written letter, or in person. Be aware that your bank will most likely try to persuade you not to leave. When you're closing a bank account, obtain a confirmation letter from them. 

If you are relocating to a new home, contact the Trusted Local Movers In New Haven, CT 

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