Transferring Payments From Your Old Bank to Your New Bank
Have you decided to change banks? The next step is to focus on transferring payments to your new account. Transferring automatic payments doesn’t have to be an overwhelming or lengthy process. Follow this guide to successfully transfer your payments between financial institutions.
Transfer Money to Your New Account
If you’re switching bank accounts, you might be asked to verify that you can transfer funds from a previous account into your new account. To do this, you’ll have to transfer a small amount of money to your new account. Even if your bank does not follow this procedure, it’s best to start depositing your money into your new bank account as soon as it’s set up. Once you do this, you’ll be able to start the process of transferring automatic payments to your new account. You don't have to transfer a large amount - start with a small transfer if you need to. You can do a direct deposit into your new account or withdraw money from one account and deposit it into your new bank account. It’s important, however, that you do not transfer all your money to your new account. You should leave some cash in your old account to cover or clear any automatic payments you may have.
Update Automatic Payments and Deposits
Once you've transferred money into your new account, it’s time to transfer your automatic payments. Make a list of all of your automatic bill payments, withdrawals, and other automatic transactions. If you have a lot of payments, this might take a while. Here’s a list to help ensure you move all of your payments and deposits: Direct deposits: These will be everything from child support bills to alimony payments or government benefits. Update these payments with your bank one at a time to ensure you cover each one. Automatic bill payments: Automatic bill payments will include your monthly rent, streaming service subscription, or WiFi service. These payments need to be set up at your new bank. PS: If you are moving to an FNCB Bank account, you can simplify your bill payments and save money by setting up Bill Pay with our online banking solutions. Set up your recurring transfers: Did you have a recurring bank transfer set up at your previous bank? For example, you might want recurring transfers from your checking account to your savings account. Ask your new current bank to set these transfers up for you. After you’ve sorted out your automatic bills and payments, you can move on to updating your mobile wallet if applicable or setting up a new savings account if needed. Even after you have sorted out your new accounts, keeping some money in your old account may be best until your automatic bills and payments for the next month have carried over.
Closing Previous Checking Accounts When Changing Banks
After you have completed setting up your payments, double-check that all your deposits have been moved into your new account. Once you are sure that you have no remaining automatic transfers, it’s time to close your account. Banks can charge you a small fee for closed accounts. Consult your old bank to see if any bank charges or bank fees remain on your closed accounts. Remember to destroy unused checks and debit cards for your safety.
Learn More From FNCB Bank
At FNCB Bank, we simplify your transfers with our bank account switch kit. Simply download our switch kit and bring the forms to your nearest branch, and we will assist you in transferring all of your automatic payments to your new bank account. Make transferring payments easier by contacting FNCB Bank today or take a look at our bank account switch kit.