Now that new regulations are in place limiting the amount of money banks can make off of certain products and services, many people are finding that their banks are finding new ways to make their money into the bank’s money. A number of banks have increased their fees and charges so that more people are paying more money to the bank. If your bank is trying these kinds of trick, break up with your bank and switch to a different bank or a credit union. Breaking up with your bank is easier than you think.
Find A New Account That You Are Happy With
The first thing that you should do once you have decided to break up with your bank is find a new account at another bank that you are happy with. It is important to make sure that the new account does not have any of the features that drive you crazy about the bank account that you have now. It is now easier than ever to compare bank accounts from different banks because much of the information is available online. Depending on what type of account you are looking for, you will probably want to choose the one with the highest interest rate or the lowest amount of fees.
Utilize A Switch-Kit, If Available
Some banks have handy switch-kits available to help their customers transfer their information to the new bank in a simple, easy to understand way. The switch-kit helps you gather up your electronic information about recurring transactions, such as deposits, withdrawals, direct deposit, life insurance payments, mortgage payments and savings accounts, so it can be provided to your new bank. Some kits also contain letters from the appropriate parties to switch your direct deposit, redirect your auto payments and close your previous accounts. These kits can make switching banks hassle-free for anyone that is fed up with the way their current bank has been behaving.
Open New Account Before Closing Old One
There is no law against having two checking accounts open at once, but many people think that they cannot open a new checking account until they have closed the old account. Having the new checking account open before you close your old account gives you a window to make sure that everything has been switched to the new account properly before you can no longer use the old account. This also protects you from expensive fees if a pending payment, check or electronic transaction goes through before you are ready for it.