Making the Switch Is Easier Than You Think

We understand that switching your bank account can be time consuming and tedious. We also understand that there are many factors to consider and that many are reluctant to move because they think the process is too difficult. It’s time to stop sticking with the status quo. Switching doesn’t have to be a painful and arduous process, especially when you have us to help. Here are some easy steps to follow:

Do your research.

Many opt to keep their accounts at a big bank because they don’t fully understand the benefits of banking locally. Top things consumers look for include: 24/7 access through online banking, ATM fee rebates or access to ATMs across the country, low fees and great service. And here’s what they most likely don’t know about us:

    • We offer the same array of services, from online bill payment to debit and credit cards, at much lower cost than big banks.
    • Our fees are substantially lower than at big banks.
    • We offer, on average, better rates on savings and better rates and terms on credit cards and other loans.
    • We not only offer ATM fee rebates, but we give you access to over 40,000 free ATMs across the country.

Switching is actually easy.

You just need to be organized. Make a list of everything you need to switch. This includes:

    • Determining what automatic payments you have coming out of your account.
    • Informing your Human Resources Department that you are changing your direct deposit. Usually all you need to do is provide them with a voided check.
    • Starting to write all checks from your new account or setting up your new electronic bill payments one bill at a time as they arrive for payment. This begins the process of turning your new account into your primary one.
    • Updating your checking account information for any linked online accounts, such as credit cards or money transfer accounts (like PayPal).

Keep your old account open for as long as you need to ensure checks and other payments clear.

There’s no rush to close your old account or move all your money. You don’t want any checks or automatic payments to bounce. It may even be a good idea to leave some money in the old account and wait an extra month before you close it just to make sure you didn’t forget anything.

Close your old account only when you’re sure that all outstanding checks and scheduled payments have cleared.

Simply contact the bank by e-mail, phone, mail, or in person and let them know you’d like to close your account. The bank will forward any remaining funds.

Make it even easier on yourself, and use our Switch Kit.

We offer a Switch Kit that explains how to switch, and we have letters and forms that can be used to close old accounts, change direct deposit and move automatic account withdrawals. We can basically do all of the moving for you so that no mistakes are made.

There is no doubt that switching your financial institution takes some work, but it’s not as difficult as it seems. So if you haven’t already, it’s time to switch all of your accounts to Nutmeg today!