How to change banks when moving out of state

How to change banks when moving out of state

Introduction

Moving out of state is a stressful time. It’s hard to say goodbye to friends and family, but it’s also exciting. You’ll have the chance to discover new places and meet new people. One thing that can make moving difficult, though, is changing banks. If you’re currently using an account at one bank and want to open an account at another, you’ll need to transfer your money from one account to another before you move. And once you’ve done that? Well then comes the fun part: learning how to use everything else!

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Make sure your new bank is FDIC insured

  • First, you’ll want to be sure that your new bank is FDIC insured. The Federal Deposit Insurance Corporation (FDIC), which is a government agency, insures bank deposits up to $250,000 per account. This means that if your bank fails, the FDIC will pay you back for any losses up to $250,000.
  • To find out whether or not a particular bank is insured by the FDIC (and therefore operates in accordance with their standards), check out their website: https://www.fdic.gov/deposit/deposits/.

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Calculate the cost of closing your old account

The first step to moving your bank account is to understand the cost of closing your old account. Here are a few things to consider when calculating the final bill:

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  • Review all of your monthly statements and look for any extra charges or fees that might be added in at closing time.
  • Ask how much it will cost to close your account, and then compare that amount with the total balance you have in there at this moment (including both deposits and withdrawals). If the balance is low enough, there may not be enough money left in it after fees are taken out for you to justify keeping it open.
  • If your balance is high, however, keeping an active account open could help boost up your credit score when making future purchases or applying for new loans—as long as those purchases pay off their debts on time every month!

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Open an account at your new bank before you move

  • Open an account at your new bank before you move.
  • If you don’t have an account, open one before you move.
  • Even if the new bank is local, it’s good to make sure your old bank is aware of the pending change so they can keep your records up-to-date.

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Update direct deposit settings and auto-pay services

If you’re moving out of state, it’s important to make sure your new bank can accept direct deposits. If not, you may want to change banks entirely and find one that does. It’s also a good idea to update your auto-pay settings with any companies or utilities that are set up for automatic payments before you leave.

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Make sure all of these services are working as they should before switching banks and leaving town!

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Transfer funds from your old account to your new one

If you choose to work with a traditional brick-and-mortar bank, you’ll be able to move your money by calling the financial institution and requesting that they transfer funds from one account to another. Some banks will even allow customers to do this online or through an app.

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Another option is a wire transfer, which allows individuals to send money directly from one bank account to another without having any physical presence at either location (though some banks may require additional information). Wire transfers are often used in emergency situations when a client needs access to their money immediately but doesn’t have the time or energy needed for other methods of transferring funds.

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The last option is using an ATM machine; however, this has its own pros and cons: while it may be convenient for some people who don’t want any contact with their previous financial institution after moving away (e.g., because of bad experiences), there can also be significant limitations on how often this type of transaction can be done without incurring additional fees on top of those already associated with using out-of-network ATMs such as those at grocery stores or gas stations closer than 20 miles away from home base.

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Close your old account.

Before you close an account, be sure to have your account number and routing number. You will also need to know how much money is in the account, where it’s being transferred to and how much money you owe on the account.

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This is a good time to check with the bank about any fees or charges that may apply when closing an account.

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Changing banks when you move can be a hassle, but it’s easy if you make a plan.

Changing banks is a hassle, but it’s not impossible. As you begin the process, make sure to take your time and do everything by the book. Many banks have different requirements for when they need to receive paperwork from customers depending on where they’re moving, so if you miss any deadlines or send documents out at the wrong time or address, you could be looking at delays in transferring your accounts over to your new bank. To help make sure that doesn’t happen, keep these steps in mind when changing banks:

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  • Make sure you have all of the information needed before starting the process (this includes contact information and account numbers).
  • Remember to update your address and contact information with both your old and new banks before beginning work on switching over accounts.
  • Don’t forget about any other financial institutions such as credit cards or investment accounts that were tied into those now-closed checking/savings accounts; all of these will need their own paperwork from you as well!

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Conclusion

You may want to consider the convenience of getting a new account from your current bank. However, if you are moving out of state and need to change banks, then we hope this article has helped you make the transition easier!

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