| The thought of trying to move your money and | | | | From the lists you've created, contact each of |
| automatically scheduled bill payments from one | | | | the creditors who receive their payment |
| checking account to another is often enough to | | | | automatically through your old checking account. If |
| prevent people from changing checking accounts. | | | | you don't have a lot of money in the newly |
| It may be easier to just stick with what you've | | | | opened account, simply cancel the automatic |
| got, but if you want to maximize your earnings or | | | | payment and inform them you will be mailing your |
| benefit from features offered through another | | | | next payment manually. If you were able to open |
| banking institution, you'll have to be willing to do a | | | | your checking account with a good amount of |
| little legwork to switch your money and any | | | | money, you can just switch the payment details |
| automatically scheduled payments from one | | | | from your old checking account to your new |
| checking account to another. While it may seem | | | | checking account without interrupting the |
| overwhelming at first, you can just follow this | | | | automatic payment plan service, and avoid having |
| guide for virtually painless switching of checking | | | | to mail a check manually. |
| accounts - and you'll be set up in no time! | | | | If you have an automatic savings transfer, you |
| Step 1: Review The Previous Month's Statement | | | | can choose to temporarily stop it while you are |
| for Automatic Payments | | | | setting up the new checking account or again, if |
| If you have online banking with your current | | | | you have enough money in the new account |
| checking account, log in and view last months | | | | already simply switch the details to the new |
| transactions. If you don't have online banking set | | | | account and resume making your automatic |
| up, get out your paper statement for the last | | | | savings transfers through the new account |
| month. Make a list of any payments that are | | | | immediately. |
| automatically deducted from your checking | | | | Step 5: Change Payroll Direct Deposit |
| account (meaning you do not physically write and | | | | Once you are sure there are no more automatic |
| send a check or initiate the online payment | | | | payments and savings transfers coming out of |
| yourself). | | | | your old checking account, you can switch the |
| Make another list of any items that you regularly | | | | payroll direct deposit (and any other sources of |
| initiate an online payment for - these are | | | | income that gets directly deposited) into your |
| transactions that don't occur automatically, but | | | | new checking account. Sometimes this takes one |
| you don't write checks for them either. You'll need | | | | to two weeks to make the change, depending on |
| to update your payment information in the online | | | | the employer and the payroll department. |
| accounts of these creditors in order to continue | | | | Step 6: Set Up Automatic Bill Payments and |
| making your payments through this method. | | | | Savings Transfers |
| Step 2: Direct Deposits and Automatic Savings | | | | As soon as you see your first payroll direct |
| Transfers | | | | deposit going into the new checking account, you |
| Make another list of all income sources that are | | | | can refer back to your list and re-set up the |
| directly deposited into your checking account. | | | | automatic bill payments again if you weren't able |
| Typically this would be your payroll direct deposit | | | | to do that at the same time as opening the |
| from your employer; but may also include child | | | | checking account. |
| support or other direct deposit transactions. | | | | You will also be able to automatically transfer your |
| If you have set up an automatic savings plan | | | | money into your savings account once you set it |
| through your checking account, you will want to | | | | up to withdraw from the new checking account. |
| write down the details as well, so you remember | | | | If you had creditors and expenses that you would |
| to cancel the automatic transfer from checking to | | | | log into the website and initiate a payment, now is |
| savings and to set it up again with your new | | | | a good time to log into each of your accounts |
| checking account. | | | | and update the payment method section of your |
| Step 3: Open the New Checking Account | | | | profile. This will tell the account where to pull the |
| Open your new checking account with a small | | | | money from - and you'll be able to specify your |
| deposit to get it set up if your funds are limited; if | | | | new checking account details for making |
| you have access to a sizable amount of money | | | | payments here on out. |
| you can make a larger deposit and immediately | | | | Step 7: Close the Old Checking Account, Enjoy |
| start setting up your automatic bill payments | | | | the New One |
| again through this new account. | | | | After you've changed any automatically made |
| Order your checks if you use physical checks, | | | | transactions through the old checking account, |
| and take note of the routing and account | | | | verify that any outstanding checks or payments |
| numbers for your new account. You will need this | | | | you've initiated have all cleared. As long as all |
| information to start transferring your automatic | | | | transactions have posted to the account, at this |
| payments, direct deposits and automatic savings | | | | time you should be able to safely close your old |
| transfers. | | | | checking account and begin using your new |
| Step 4: Cancel Automatic Payments and Savings | | | | checking account exclusively. |
| Transfers | | | | |