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5 Easy Steps to Switch from a Bank to a Credit Union

5 Easy Steps to Switch from a Bank to a Credit Union

If you’ve been a member of your local credit union for years, but still kept your main accounts at a big bank or another financial institution, it’s time to make a smart move. Some of us have several small accounts scattered among a few different financial institutions and as a result, we’re not really getting the greatest financial benefit from our credit union. We may have opened the account just to take advantage of a special loan offer, but didn’t bother to fully switch over. Sound familiar? Well, there’s no better time than the present to finally make a complete move to a local credit union.

Here are 5 steps to easily switching your checking account

  1. First things first. Open a checking account at your local credit union. You may currently only have a small saving but no checking and that’s prevented you from making a switch sooner. It’s always smart to establish your new account before closing your old account. Keeping your old account open will give you ample time to order checks if needed, apply for your debit card, and change over direct deposits and bill pays. If you do a little research, you’re sure to find a great deal on a checking account at your local credit union. For instance, Choice One Community Credit Union offers checking with no monthly maintenance fees, no per check charges, no minimum balance requirements, and many more perks.
  2. Get online access. As soon as you open your account, sign up for online and mobile banking for quick and convenient access to all of your credit union accounts.
  3. Make a list of all of your automatic deposits, so you can begin to switch them over to your new credit union account. If you have your pay directly deposited, speak to your employer to change your deposit account. You will probably need a voided check from your new credit union account. Again, it’s important to keep your old account open until you know the direct deposit change has taken effect. It may take a couple of deposit periods for the changeover to be complete. If you listened to us in step 2 and signed up for online banking, you can easily check to see if the change was made.
  4. Make another list. Only this time, list all of your withdrawals and bill pays. They will all need to be changed over to your new account as well. You will contact and inform companies you are paying directly to switch your auto pay info, so bills will now be automatically deducted from your new credit union account. This can often also be done online. You will need your routing and account number. Remember to keep your old account open during the changeover process and until all automatic deductions have been switched to your new account. You can check this easily through online banking. The change should take effect within two withdrawal periods. If it seems to be taking longer than anticipated, follow up.
  5. It’s finally time to close your bank account! If you’ve been patient, it’s paid off. Once your direct deposit and auto bill payments have all been transferred over, it’s time to close your bank account. You can deposit those remaining funds into your credit union account and begin to reap all of the benefits of credit union membership. This includes a higher level of personalized service you just won’t find at a mega financial institution.

Once you’ve completed the steps above and are taking advantage of the benefits of credit union checking, it’s time to explore additional credit union products and services. From personal, home and auto loans to no annual fee VISA reward credit cards, your credit union is your one-stop source for all of your borrowing needs. Credit Unions also offer the latest in mobile banking technology, as well as resources to help protect you from identity theft. Best of all you’ll find competitive rates on savings and investment accounts, as well as competitive loan rates. Convinced yet?

Learn more about the technology available at Choice One Community Credit Union by reading our blog “Your Choice for Technology.” Read more about the differences between credit unions and banks on our blog “Credit Unions & Banks: What’s the Difference?”

Make the smart move from a bank to your local credit union today for all of your financial needs. You’ll be glad you did!