Switching Banks Made Easy: Your Guide to Changing Banks

There are times when switching banks makes sense.

Perhaps your bank is closing a local branch, or you are unsatisfied with the service you’ve been experiencing lately. You could be exploring options that offer solutions better shaped to fit your unique financial goals. Whatever the reason, switching banks doesn’t have to feel like a hassle.

With some simple planning, basic organization, and the help of the right banking partner, changing banks can be a smooth process that leads to better service and products tailored to your needs.

Here are 5 straightforward tips for how to switch banks that guide you through the transition process.

How to Switch Banks with 5 Easy Tips

Before beginning the process, read these 5 simple steps for how to switch banks so you can make the most of the process.

1. Transition from Your Old Bank Account

Maintain your old bank account until all checks that haven’t yet cleared finish processing and all transactions have transferred over to your new institution.

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Quaint Oak Bank Customer Success Tip: For your convenience, you can bring your remaining checks, deposit slips, and debit cards into the Quaint Oak Bank office for secure shredding and disposal.

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2. Transfer Your Regular and Recurring Transactions

Automatic payments (ACH transactions) make sending and receiving payments easy. To continue with your typical ACH transactions, you’ll need to redirect them from your previous bank account to your new personal or business checking account.

Create a list of vendors and merchants who you send auto-payments to, as well as reoccurring outgoing transactions like monthly bills and subscriptions. Make note of anything that is repeatedly debited from your previous account and then notify them of your change so payments can continue to draft automatically.

3. Alert Your Professional Partners and Service Providers

If you are switching business banking accounts, make a point to notify your business service providers and partnerships about you switching banks. Consider your payroll company, insurance agent, corporate attorney, accountants, bookkeepers, merchant services provider, and more.

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Quaint Oak Bank Customer Success Tip: To make this change easier, Quaint Oak Bank customers have access to a Financial Services Partner Notification form provided in our Banking Transition Guide.

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4. Close Your Previous Bank Account

Once you have ensured that all direct deposits and account payments are debiting from your new personal checking account or business account, and all checks have cleared, contact your previous bank to close out your former account.

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Quaint Oak Bank Customer Success Tip: An Account Closing Request form will be provided for you to easily alert your former bank.

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5. Get Started by Using Your New Account

You’ve opened your new account, it’s time to dig into the services potentially available to you! Your new institution should provide you with insight into what products and services will match your needs.

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Quaint Oak Bank Customer Success Tip: Online banking provides convenient access to manage your finances. Additionally, our Quaint Oak Bank Mobile App puts banking services at your fingertips. Our flexible digital solutions are designed to meet your needs – your customer relationship manager can help you set up and take advantage of any services that could benefit you.

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Make Switching Banks Easier with a Seamless, Secure Transition Process

Taking the time for a little planning can make switching banks easier by helping you create a more seamless and secure approach. The right banking partner will be able to walk you through the process and ensure that you feel confident in changing banks.

Interested in switching to Quaint Oak Bank? Our team is available to answer any questions you may have. Fill out the form below and someone will connect with you shortly to make your transition smooth and simple.