You might consider switching banks for a host of reasons. You could be moving, or perhaps your banking relationship has grown tired. Maybe you want more personalized service from a truly local bank.
Whatever your reason may be, it’s never been easier to switch to South Atlantic Bank. Follow this easy guide for how to make switching banks easy, and check off each step below for a smooth transition.
Step 1. Choose the Right Bank Account for You
You can choose from several different types of accounts. The best place to start is to decide what features are important to you. What do you need to help you manage your money? All the account types discussed here allow you to manage your funds with a mobile app, so you can always have a window into your finances.
Most people need a checking account at a minimum. But what type? Between Premier Checking, Free Checking, Student Checking, and Active Senior Checking, there are options to fit any need. These options will handle your day-to-day transactions and ensure you’re covered with a debit card and the ability to deposit and withdraw your money at your leisure.
Now that you’ve decided which checking account is right for you, you may also want to set aside funds for your future with a Savings Account. Knowing your future expenses are covered will give you peace of mind.
Another option for saving is a Money Market Account. A Money Market Account earns higher rates than a savings account. This is a premium, tiered account and can help you grow your savings while still allowing you to access your funds when you need them.
Step 2. Open Your New Account
Now that you’ve chosen an account type, here comes the easy part—open it! You can initiate this process online here.
You will need to provide a few personal documents and information such as:
- Photo identification (driver’s license, U.S. passport, or military ID)
- Social Security number
- Proof of mailing address or physical address
Now that you’ve submitted your application, make a small deposit before transferring the rest of your funds. The required amount can vary a bit depending on the type of account you’ve chosen. You can always fund the account with more when you’re ready.
That brings us to our next step.
Step 3. Make a List of Automatic Payments and Direct Deposits
Now that you’ve decided which accounts are right for your unique financial needs, it’s a good idea to take stock of any expenses you’ve had coming out of your previous bank’s account. Make a list of all direct deposits, automatic payments, and transfers. You will probably want to set up automatic payments and direct deposits to your new account. Consider which bills and subscriptions have been coming out and on what date. Use South Atlantic Bank’s checklist in the “Full Switch Kit” to write down those that withdrew payments automatically. You may want to note whether these payments are withdrawn through your debit card, Bill Pay, or straight from your account.
Take the time to look back through the previous year to double-check if any annual subscriptions or payments have come out. Update these payments as well.
It may take some time, but it’s worth the effort for a worry-free transition. When you switch banks, it’s essential to switch over all transactions to your new account. You don’t want anything to get lost in the transition.
There are several apps that can help you through the process. They will compile a list for you. One of these is Goodbudget. They can track your spending for you—all you have to do is link your account.
Once you have your list, it’s time for the next step.
Step 4. Move Your Money
Before you close your old bank account, make sure you’ve transferred all of its funds into your new account.
There are a few different ways to get this done. You can withdraw your money in cash and deposit it in the new account, request a check for the total amount to hand-carry or mail, or you may be able to transfer money online from the old account to the new one—however, some banks will charge a fee to do this.
If you have pending transactions or automatic payments, make sure you leave enough money in the old account to cover them.
Step 5. Update Automatic Payments and Direct Deposits
Your new account is open. If you end up switching over your automatic payments in time, you can withdraw the funds left in the old account to cover them if they weren’t needed. If you haven’t switched over the auto-payments, now is the time to do so. This is a great time to get rid of any old services or subscriptions you no longer use, a simple action that can save you a lot of money. Have those funds transferred into your savings account or money market account instead.
Once you determine what services are necessary, it’s time to update your account information. Visit each site’s account information section and update the billing and payment section. Replace your old information with current information, and save this newly updated data.
This is also the time to update direct deposit information with your employer. This is essential to make sure your money ends up in your new account. South Atlantic Bank makes this easy. Print and fill out the Direct Deposit Authorization Form, and deliver it to your employer’s HR department or payroll team member. You may even be able to do this step over the phone.
Step 6. Close Your Old Account
Now it’s time to say goodbye to your old account. But wait—before you do, make sure all your automatic payments have cleared through your new account.
Your old bank doesn’t want to lose you. For closing the old account you will probably have a few options, but they may require you to jump through certain hoops such as navigating an automated phone system, submitting a written request, or appearing in-person. South Atlantic Bank provides an easy “Close Account Form” you can deliver to your old bank. Your bank may be able to make an electronic transfer of your remaining funds to South Atlantic Bank for your new account or write you a check for the remaining amount. Be sure to request written verification that the account is closed. Also, ask if there are fees for closing the account. Some banks can’t resist charging a final fee on your way out the door. Once you verify the account is closed, destroy your old debit card and checks, but save your statements for the year in case you need them for tax purposes. If you had a safe-deposit box at your old bank, clear it out and turn in the key.
If it’s time to make the switch from unnecessary fees and a customer experience that feels less personal, South Atlantic Bank makes switching banks a breeze. No matter your account needs, South Atlantic Bank is ready to help you sign up, open an account, and enjoy a new banking experience tailor-made for you.