It’s necessary to know when your checking account isn’t as beneficial as before and it’s time to change it. Here are some possible reasons to switch checking accounts, and some tips on how to do it.
You can ask yourself many questions in order to see if your checking account is still as convenient for you as it was when you first chose it. The key is to ask yourself in which aspects your life has changed, how it impacts your checking account, and what you can do to solve it and get more profits.
Before starting, don’t mistake a checking account for a savings account! You can learn the difference between them in this article.
Maybe you need more branches in your area, maybe you’d benefit from a lower minimum balance requirement, or maybe you’ll be more comfortable with the possibility of online transactions. Anyhow, it’s possible that you weren’t thinking of this when you first opened your account and you’re now paying fees due to the inconveniences.
Reviewing your account and finding inconsistencies with your lifestyle can help you save a lot of money. Paying fees for features that aren’t there is a waste of money. Additionally, if there are features from your checking account that you’re not using, you should still consider choosing another one. Paying for services that you’re not using doesn’t make sense either.
Changing your checking account is very easy, once you’ve found the best one for you, which you can do in this list with the best checking accounts for US customers. It’s a simple process but you’ll need to keep an eye on both your old and new account in order to avoid any mistakes.
The first thing to do is to open the new account. You’ll be required to fill out your application online or at a branch, depending on the type of checking account you’ve chosen. Once you’ve been approved, you need to transfer your funds to the new account and set all your direct deposits and automatic payments with it.
While you do this, check your old account. Make sure that you’ve canceled all its automatic payments before you close it. It’s advisable to wait a month to definitely close the old account in order to make sure there’s no more activity on it and you don’t miss any transactions.