How To Change Banks When Moving Out Of State
Moving is never fun. So, learn how to change banks when moving out of state. You could be moving to a new city or to a new state. But pretty much moving into a new home or apartment will always be a downer.
There are a ton of things to do. Once you find your next digs, you still have to pack. And then you have to move that stuff to the next place too… And then you have to put all in its place. Oh, but you forgot that you have to clean your old home too.
Outside of the physical stuff, there are other logistics to be worried about. You not just moving physical stuff. You are moving various accounts too. This includes utilities like power, water, phone, internet, gas, waste. That makes me remember I got bills to pay.
The main issue with those is that you must either change your address on the billing. But if you are a nerd like me you can go paperless. This will allow you to ease a little stress about the move.
You will most likely have to set up new accounts anyway. And that brings me to banks. Not all banks and for sure Credit Unions are in all states.
I personally like Credit Unions as they tend to have higher interest rates.
So the prime rate means a little more.
If you’re moving to a new state pay attention. I have created one of the most important to-do lists to change banks.
Opening a New Account
This only goes for those that don’t have a national bank. But as stated credit unions have some perks that the big banks can’t offer. It can be very easy to just open a new account. Many banks provide this for free. But sometimes this might take more work. You need all the bells and whistles to fit your lifestyle.
Make sure the bank fits your style. Does the website have enough bells and whistles for you? Will the interest rates fit your retirement plans. Can you pay bills through the mobile app on your phone?
You might just want a bank that has mostly free services.
If you do go with a mostly online bank you can be at relative ease. For the next time you move, you shouldn’t have to do another big switch.
Once you have made that decision you’ll need to gather up all your personal information. This would include the new address, social security number, and most likely 2 forms of government ID. Another thing to worry about is how many accounts you will want to open.
You will need cash to make a minimum deposit. But there are a few accounts you can open for free, but those are usually online only. If you are anything like me a brick and mortar gives a certain level of old-timey comfort.
Debit Card
More and more we live in a cashless world. A debit card is a convenient way to use your money. This money will be held in your new checking account. But we also about saving here too.
Please get a savings account so you can put money away. Being able to have a comfortable savings account is a great piece of mind.
Some checking accounts offer programs that round up your debit card purchases. The bank will then deposit those rounded up amounts into your savings. This is just another way that you can increase the amount in your savings over time.
You need every edge you can in today’s market. So keep an eye on accounts that allow this.
Another benefit of a brick and mortar bank is that getting a physical card can take minutes. The bank can literally print one right then and there.
If you decide to go with an online-only bank you might be waiting upwards of 2 weeks before you receive your debit card.
Make Budgeting Easy
Setting up automatic withdrawals can help you plan for the future. Once you have transferred your money it is time to set up automatic withdrawal for your new accounts. The best bills to use are the ones that are consistent month to month. This would include mortgage or rent, also things like car payments are good for this too. Bills like utilities fluctuate so round up and put the extra in the savings. I’m assuming at this point you have your credit cards paid off because you should.
Getting Paid
Automatic deposits are another area you have to deal with. Hopefully, you are moving to a new state with a new job. Go into work and talk to your finance or HR department to get your direct deposit set up. It would be a shame to have you automatic withdrawals set up only not to have any money in your bank account.
You should also set up automatic transfers into your new savings account too. Automating your savings can help you save money with each paycheck and reach your goals faster.
Keep An Eye On Your Accounts
Look at all your accounts. Don’t bee too hasty in closing your old accounts. Make sure the money flows the way you want it to. If you are living a tight budget it could be a disaster if you closed an account.
That is where your last check is being deposited. If the account is not open then you could be waiting weeks for the physical check. Don’t forget any bills that might be coming out of those accounts.
You don’t want to be fighting with a bank about overdraft fees states away. So keep a close eye on your accounts to make sure all the money goes where you want it to.
Finally Close Old Accounts
Once you are assured the transactions have cleared. You can close your old accounts. This can be very satisfying since it is one less thing to worry about.
If you have any funds left over, call the bank, close your account, and get a check written for the remaining balance.
Changing Banks Is Not Difficult
Here I showed how to change banks when moving out of state. The process doesn’t have to cause more stress than the move itself. I hope this helps you. Again moving doesn’t have to be all pain. Moving to a new state is a difficult process, but changing banks does not have to be.
Have you ever moved out of state? How did you handle changing banks?