Back to Blog

Is It Time to Switch Banks?

Woman Using ATM

Choosing a new financial institution can be tricky. We’ve created a checklist to help navigate the process!

Download the PDF version of our Is It Time to Switch Banks? infographic.

Is it Time to Switch Banks Infographic

 

Is it Time to Switch Banks?

A Checklist for Closing Accounts and Starting Over

Why Would You Leave Your Bank?

  • Excessive Fees
  • No Mobile/Online Service
  • Poor Products/Services
  • Negative Experiences

How Can You Make the Switch?

  • Research Local Credit Unions and Banks Considering:
    • Fees, Product Offerings, Customer Service
    • Savings Interest Rates, Loan Rates,
    • Nearby Branches & ATMs, Online and Mobile Banking
    • Community Involvement, Mission, Vision, and Values
  • Choose the Best Option
  • Open Your New Account
  • Leave Money in Your Old Account (To Cover Uncleared Payments)
  • Transfer the Rest to Your New Account
  • List Services/Automatic Banking Activities, Including:
    • Account Alerts, Direct Deposit, Automatic Payments & Transfers, and Overdraft Protection
    • Online Banking and Mobile Apps
  • Stop Services/Automatic Banking Activities to the Old Account
  • Set Up Services/Automatic Banking Activities to the New Account
  • Wait for All Payments to Clear the Old Account
  • Close the Old Account
  • Take Your Remaining Money. You’re Done!
VSECU Member

Make Change, Simply by Banking

As a VSECU member, you can do more with your money.

Become a Member
Reading on Phone

Stay informed

Stay up to date on financial tips, tricks, and tools that will build your financial literacy and help you live a more prosperous life.

Subscribe now!