Changing banks can be stressful, but it doesn't have to be. Follow these steps to ensure your finances remain in order as you switch financial institutions.
Open A New Account
Open a new account. Make sure to have enough money in your new account to cover any bills that come out of the old account, such as direct debits and rent payments.
Make sure you have enough money in your new account to cover any bills that come out of the old account, such as direct debits and rent payments. If it's too late for this step, call up your bank and ask them to stop those payments from being processed through one particular card or transfer them over manually instead.
Move Your Direct Debits to The New Account
Moving your direct debits to the new account is crucial, and there are a few things to consider before you do so. First, make sure you have enough money in your new account to cover any direct debits that come through on the first day.
If not, you'll need to pay them first and then move the direct debit over after that. The second thing to note is that your current bank may charge a fee for moving money between accounts. Ask them about any fees before switching over!
Make Sure You Have Enough Money to Cover Any Bills From Your Old Account
Once you've opened your new account, make sure you have enough money to cover any bills due from the old account. If not, then paying them with a credit card could be an option.
Just remember that if this is a recurring issue, it might be better to switch back and forth between accounts so that no payments ever get missed entirely. You can also ask friends or family members to help if need be
Change Your Salary Payment
When transferring your salary payment, you will want to make sure that you have enough money in the new account to cover all your bills and debts. If this is not an option, consider opening another bank account with a different bank and making online transfers between accounts.
This will allow for more flexibility with when and how much money is paid out of each account as well as more security since there will be multiple people involved at different times instead of just 1 person being able to move around large sums of cash whenever they want through direct transfer between banks or other similar means (which can be risky).
Close Your Old Bank Account
The first thing you'll want to do is close your old bank account. If you still have bills coming out of the old account, it's a good idea to make sure that the money is transferred into another account before closing the old one.
You'll also want to make sure that there are no direct debits set up (like automatic withdrawals from your paycheck or a bill payment service) that need to be moved over as well, so they don't get lost in the shuffle when you switch banks.
If any direct debits are scheduled for withdrawal on a day after your new and old accounts open, then contact those companies right away and ask if they can push back the date by one day (or however long it will take for your banking situation to change).
The process of changing banks can seem daunting, but it doesn’t have to be. Following the steps outlined above, you can ensure that your automatic payments are transferred safely and efficiently.