Make Your Money Local!
To continue our Local Banking Month series, we wanted to provide you with all the necessary steps for moving your money to your nearest local bank!
- Organize current accounts. Know which accounts you have, so you know which accounts you need to close. Make sure all pending transactions have time to clear.
- Pick your new bank or credit union and open your new account/s. Open your new account with a small deposit (electronic transfer is fastest and safest way to do it).
- Change your automatic deposits and payments. Make sure to update any direct deposit and automatic payments attached to your old account and update them. (ex. car payments, credit cards, utilities, Clipper card and loan payments).
- Transfer your money into your new account. Once all automatic payments and direct deposits are linked to your new account, electronically transfer your money from your old Big Bank to your new account. If electronic transfers aren’t possible for you, you can get your money in the form of a check when you close your Big Bank account and deposit it into your new account.
- Say Goodbye to the Big Bank. (This is the fun part.) Go to your Big Bank and tell a teller that you want to close your account (each bank will have different procedures for closing accounts). Get written confirmation that your accounts are closed.