Moving your accounts from a bank to a credit union is easier than you think! Credit Unions, like Welcome Federal Credit Union (WFCU), offer personalized services, such as financial health checks provided by certified counselors and other community-focused benefits.
Switching banks is easy when you follow these simple steps:
- Check with your current financial institution regarding their closure process and any requirements or penalties. Some banks may impose a fee if accounts are closed too soon after opening. Others may have minimum balance requirements.
- Open a checking or savings account in person or online. You will need photo identification with your date of birth and proof of address (i.e., a driver’s license). Often, you will need a second form of ID, such as a passport or utility bill.
- Once your new account is active, transfer the funds from your old bank, holding back money to cover pending transactions, such as uncashed checks or scheduled bill payments. Keeping the old account open for a month or two is advisable to ensure all previously initiated transactions have cleared.
- Make a list of all the accounts, such as credit cards, utilities, etc., linked to your old bank. This will ensure that all recurring transactions move seamlessly to your new credit union account.
- Update all banking details with each service provider and monitor upcoming payment dates to prevent missed payments during the switch.
- Set up online bill pay on your new account.
- Direct Deposits—Ensure all pending transactions have cleared before making any changes. Then, provide all entities responsible for direct deposits with your new account details. Continue monitoring your old and new accounts to ensure the direct deposit redirects are successful.
- Once your new account runs successfully with all scheduled withdrawals and deposits, contact your old financial institution for account closing instructions and ask for written confirmation of the closed account for your records. It is often best to keep your old account open for one or two statement cycles.
Make the switch now. Become a member of WFCU, and enjoy great rates, lower fees, online and mobile 24/7 banking, and personalized service. The WFCU family supports its members by delivering services and products that help you attain the financial freedom you have worked for and deserve.
Visit us and have a WFCU representative walk you through the process. Or, call us and start your switch journey today! You are always Welcome!