Making The Big $witch
I’ve been with my bank ever since my first deposit when I was 11 years old: a collection of twenty and fifty dollar bills my grandma secretively gave me when I visted, (when my parents weren’t looking) — then a few years ago my bank was bought out by a large southern corp. whose quality of service has deteriorated over the last couple years…and my $$$ needed a better home.
After seeing all the services my girlfriend has with her bank, I decided to make the switch. Nationwide ATMs, expansive FREE control of online accounts, customized PHOTOS on your CREDIT CARD?!? Totally awesome. I had to do it.
But after opening my account, actually following through with the big $witch seemed like an impossible task — I have every bill imaginable automatically deducted from my old account…loans, credit cards, cell phone bill, car payment…everything. So I took the big first step — MAKE THE LIST!
1. MAKE THE LIST
I sat down for a good 30 minutes and listed out every bill, every credit card, every loan, every other bank account, brokerage account, online store that could possibly be connected to my bank account.
2. CHECK IT TWICE
I missed a few things on the first go-round. I found that going through your bank statements and e-mail receipts is the perfect way of collecting the majority of payments you make on a monthly basis. Remember, if you don’t list a payment in THE LIST, that can be a big headache later on down the road.
3. FIND THE DUE DATES
Figuring out when your regular payments are due is a great way of gauging the best time of the month to make the big switch. It can take up to 2-3 weeks for some companies to change your account information with them—maybe even longer. Other companies, like my car insurance company did it instantly right over the phone.
4. A LITTLE $$ PADDING IN BOTH ACCOUNTS
So you’re switching your cellphone bill to be deducted from your new account rather than your old one. But do you have money in your new bank account? That can be a tricky part. Make sure you have a sufficient amount in your new bank account before your paycheck’s direct deposit gets activated. It can take some time to switch the account info. (Mine took one pay period)
Make sure that you know WHEN money will begin to be deducted from your new account so you can ensure there are enough funds.
5. CONSOLIDATE (optional)
I have credit card debt on two accounts — I consolidated it all with my new bank. Why? Better APR, easier to make payments online and keep track of them, and as my girlfriend put it — “it’s so much easier to see your balance going down” further motivating me to erase all credit card debt.
So there you have it — the steps I took to make the BIG $WITCH. Hopefully, it can work for you too!
