Happy Bank Transfer Day!


We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Saturday, November 5th, 2011

Happy Bank Transfer Day! Finding the local bank or credit union that works best for you is important. However, moving your money can be complicated and time consuming. Here are some tips to help make sure your transfer goes smoothly.

Step 1. Open your new bank account with a small deposit.
Step 2. Make a list of all the automatic payments and deposits that are scheduled to go in and out of your old account each month.
Step 3. If you have direct deposit, ask your employer to reroute your paychecks to your new account. Ask what date the first deposit will occur and use this date to guide you through Step 4.
Step 4. Once you know what date your direct deposits will transfer, reschedule each automatic payment or debit to come out of your new account. Make sure to ask the company what date the change will apply.
Step 5. Leave at least a small amount of cash in your old checking account for at least one more month.
Step 6. Once you are sure that all automatic payments and all direct deposits are coming and going from your new account, electronically transfer the final funds from your old account into the new account.
Step 7. Once the transfer clears in your new account, follow the procedures for closing an account at your old

financial institution. Make sure to obtain written confirmation that your account is closed.

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