4 Steps to Switching Your Bank Account
If you’ve been thinking about moving your bank account but don’t know how to start, Putnam 1st Mercantile Bank in Cookeville, TN, is here to help make the transition a smooth and seamless one. By following these simple steps, you will be able to switch banks swiftly and effortlessly.
How Do You Switch Bank Accounts?
1. Open a New Bank Account
The first step is to open an account at your bank of choice. This does not impact your current account, but it created the pathway to transferring it. You can complete this either online or in person. Once it’s set up, make a deposit and ensure the funds clear. At this point, you can arrange for your debit card to be sent to you and also create an online username. To move money from your old account into your newly opened one, you can digitally link them and transfer the funds.
2. Pay Your Bills & Reflow Income
Before you move all of your funds into your new account, make sure you have no upcoming bills automatically withdrawn from your old one. Write down all of the bills associated with your account and pay them off. Online banking makes it convenient to link to a new account, so be sure to redirect your income. You can do this by changing your current banking information and working directly with your employer. You should also work with any 401(k) or pension plan to transfer those as well.
3. Stay Alert
No one is perfect, and it’s possible you may have overlooked something in the process of switching bank accounts. This is easily fixed; to stay prepared, keep some money in your old one because you never know when a bill may come late, and you don’t want to be penalized with fees. Wait a full month before closing your old account to ensure everything transitions smoothly.
4. Close the Old Account
When you’re ready to close your old account, contact the bank and tell them you’d like to permanently close it. They will likely give you the directive of sending an official letter. Then, withdraw any remaining funds via cashier’s check or cash.
Putnam 1st Mercantile Bank will work with you to ensure your new bank account is opened with ease and comfort. If you live in or are moving to the Upper Cumberland area, discover the convenience of banking with this premier institution. Learn more about their additional offerings on their website or by calling (931) 528-6372.
About the Business
