Things to Remember When Switching Banks

November 18, 2011

Coin bank that looks like a houseIf you’re considering switching banks, you may be feeling a certain amount of dread. After all, there are plenty of stories concerning banks that just won’t let go of their customers. However, there are steps you can take to avoid any separation anxiety and make the transition as smooth as possible.

In “Sick of Debit Card Fees? Advice You Can Take to the Bank,” the credit experts at FreeScore offer advice for moving to a different bank.

The first thing to consider: Where is your account linked? From online bill payments to PayPal and direct deposit, money is constantly changing hands virtually. Of course, this means that you can completely ruin your credit score if you switch banks without rerouting payments to your new account.

The FreeScore article lists some tips from One Cent At a Time for moving to a different bank.

When you’re ready to make a switch, don’t move all of your money at once. This will ensure your automatic bills will be covered in the event that payments are processed before the switch is complete. Once you’re settled in at the new bank, transfer existing payments and direct deposits to the new account.

Switching banks can be a great reason to sit down and examine your financial statement. Sometimes it’s easy to forget about that monthly gym membership that’s charged to your debt card. However, having to list each expense will let you see where the money is going. To get an even bigger picture of your finances, sign up for credit services from FreeScore. With the Power of 3 – available exclusively from FreeScore — you can access all three of your credit scores and receive credit monitoring and alerts at the three national credit bureaus: TransUnion, Experian, and Equifax. You’ll be able to keep track of your credit and make better financial decisions.

Categories: Economy

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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