How to Break Up With Your Bank

Break ups are hard, but they’re often the first step to a brighter future. Breaking up with your bank for a credit union is no exception! Have you noticed that your fees have gone up, rates haven’t gotten any better, and despite being a customer for decades, your bank treats you like you’re just another number? Stop waiting on them to be better and find the place that loves you for more than just your money! Let us show you how easy it is to make the switch:

1) Open Your New Account

The first step is choosing your new financial institution and getting it set up. If you open an account online, the whole process could take as little as five minutes, especially if you are prepared with all of your personal information (address, social security number, etc.). Once you’ve filled out your membership application, expect someone to reach out within a day or two to walk you through your new account!

2) Audit Your Current Checking Account

To be thorough, print out your last year of statements (or access them online) from your current checking account and highlight any recurring charges or websites that are connected to it. Your recurring charges likely include at least some of the following expenses:

  • Rent

  • Utilities

  • Cable/Internet

  • Cell phone

  • Subscriptions

  • Gym memberships

  • Credit cards

  • Paypal

  • Venmo

  • Cash App

Compile a list of the places where you need to switch the payment method over to your new checking account. To really get organized, note down the amount of the charge and when in the month it occurs so you can prioritize getting payment methods switched over. If looking at a whole year of spending feels overwhelming, start by at least reviewing the last three months of statements. 

3) Set Up Your New Direct Deposit

Once you’ve identified the charges that need to be moved over to your new account, it’s time to get money flowing there. If you are paid through direct deposit, contact your HR Department to provide your new account and routing number. If you are paid by check, you can make the deposit into your new account manually.  

4) Keep Cash In Your Old Account for a Few Months

Ideally, you should leave a few hundred dollars in your old account to cover any expenses that you forgot to switch over. Check the account at least once per month to see if anything unexpected was deducted. During this stage of the process, be mindful of any fees that you might incur on your old account related to minimum balance, number of transactions, or direct deposit requirements. 

5) Close Out Your Old Account

After a few months have passed and you are fairly confident that there are no longer any charges linked to your old checking account, it’s time to close out that account completely. You’ll need to clear out any money left in the account. There are several ways to do this online, or you can go to your old bank and have them cut you a check for the remaining funds. Take that and deposit it into your brand new credit union account!

At Roswell Community Federal Credit union, becoming a member is easy. We will walk you through making the switch so that the break-up is as painless as possible!

Apply today: https://roswellcu.org/member-application

Guest User