Kip's Money Saving Minute #004

Switch Your
Bank Accounts

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Do you have a good relationship with your bank?  Is your bank paying you interest on your checking?  More importantly, does your bank nickel and dime you with miscellaneous fees?  If you are losing money to your bank each month then it may be time to think about switching. 

When you find a bank that wants your business, switching is not difficult, but it does take a little time and planning.  This planning and time are the main stressors that keep customers with their current bank and consequently keep them paying unnecessary fees.  But really, switching is not that difficult.

1. Open the new checking account. The first step is the most obvious one.

2. Make a detailed list of all automated withdrawals and deposits from your current account.

3. Balance your checkbook. Make sure you’ve accounted for everything outstanding so there are no surprises during the transition.

4. Switch over all of your deposits then all of your withdrawals.  If you are concerned that a withdrawal may come up before your deposits catch up to your new account then you may want to temporarily link those withdrawals to a credit card – preferably one that pays you a bonus.

5. Leave the old account open with a small balance for a couple of months just to be sure that you have switched over all of your deposits as well as auto drafts.

6. The last step is to close the old account and if you have

This has been money saving tip number zero zero four.  It’s your money and watching the The Money Saving Minute each week will help you keep more of it.  Click to the right to subscribe so you don’t miss out on any money saving tips and please click the facebook button below to share this with your friends.