Lower rates on auto loans and mortgages, higher dividends paid on deposits, and personalized service may be just a few reasons you're considering switching from a bank to a credit union. But, moving accounts seems like it will take too much time, so you continue to put off saving money and earning more interest on your deposits - at least for one more month.
Switching banks is easier than you think. Here's what you should know to quickly move your financial accounts to another institution.
1. Open an account at your chosen credit union. Some accounts may be opened with as little as a $5 minimum deposit. You'll need to submit documentation to prove you qualify for membership. These items usually consist of:
- A valid government-issued ID
- Social Security number
Once your account is opened, you can access the institution's other products and services.
2. Make a list of the accounts and services you use at your current financial institution. These services might include a safe deposit box, direct deposit, automatic bill pay, and auto transfer to external accounts. Add the specific actions you need to take to ensure a smooth transition. For instance:
- Revising your employer's direct deposit authorization form
- Setting up automatic payments with your new account
- Downloading your new institution's mobile app
- Updating service providers, such as a utility or cell phone company, with new debit card information if payments are not already scheduled through online bill pay
Work through all items on your list before moving to the last step.
3. Prepare to close your old account. Once your new credit union account has processed all applicable direct deposits and automatic payments at least once, you're ready to close your old account. Make sure all pending transactions (deposits and payments) have cleared before you withdraw any remaining funds and close the old account.
Learn more about your new financial institution's different accounts and services by browsing their website or speaking with a member services representative.
If you're looking for a credit union that strives to create the best products and services for the Vermont lifestyle, we invite you to become a Vermont Federal Credit Union member today! Membership is open to anyone who lives, works, worships, or attends school in a variety of Vermont counties, as well as any of their family members. Counties include Addison, Caledonia, Chittenden, Grand Isle, Franklin, Lamoille, Orange, Orleans, and Washington.