Moving to a new city in a new state is a time when many things will change for you – the place where you live, your surroundings, your postal address, and even your job. Your daily routine is likely to undergo certain transformations too and pretty soon you’ll be making new friends as well.
And when moving out of state, you may need to change your bank too.
The important thing to understand is that moving house does not mean that you need to switch banks. Rather, it means that it might make more sense for you to change your current bank after the relocation.
There are several reasons why you might consider switching banks when moving – you may need a bank that’s local or you may be looking for a banking institution that offers lower fees, better interest rates, and a better ATM network.
Either way, you’re going to need the correct information in order to switch banks when moving.
Here’s everything you need to know about how to change banks when moving out of state.
Do you have to switch banks when moving out of state?
The big question is should you switch banks when moving?
As said above, an interstate move doesn’t necessarily mean that you’ll have to switch banks. Nevertheless, you just must know your banking needs and banking options in order to make an informed decision.
Should you find out that your bank does not have a branch that’s near the new home you’re moving to, then what you should do before you move away is to go to the nearest branch of your current bank and have a conversation with them about your worries.
It may turn out that the lack of a physical bank branch in the new location is not a big problem because your current bank has the required online tools to satisfy your banking needs in the destination area.
Before the conversation with your bank, it’s a good idea to prepare a few essential questions that will help you figure out what your next steps should be:
Where is the closest bank branch to your new home?
How are you supposed to deposit checks if there’s no bank branch near your new address?
Are there any ATMs close to your new home that won’t charge you any fees when you withdraw money from them?
If you plan to go abroad, how can you exchange money without a physical bank branch?
The answers of your current bank can be satisfactory enough so that you won’t need to switch banks when moving to another state. However, in case your financial institution fails to meet your banking needs in the new state, then the best solution under the presented circumstances can be to change banks.
It can just make more sense to change banks when moving to another state.
As discussed above, you may not have to switch banks when moving out of state but the decision to do so can benefit you in certain cases.
You may find out that a new bank offers a wider range of features and benefits you need or it has lower bank fees. And what about better interest rates that will enable you to earn on your savings?
And because you’ll be living in a new area altogether, it’s quite possible that another bank has more convenient branches and ATM locations than your current one.
Ultimately, switching to a new bank when moving can definitely benefit you when
a new bank will offer you more banking features than your current financial institution;
a new bank will charge lower fees;
a new bank has more branch locations and a better ATM network than your current one;
a new bank will offer better interest rates on deposit accounts;
a new bank will charge you less if you wish to borrow money from it;
a new bank will offer you a good bonus for opening a new bank account with it.
Also, it’s possible that you may be rather dissatisfied with the customer service of your current bank, so the upcoming interstate move can be the perfect opportunity to switch banks. Generally speaking, if you do find a better deal with another bank, then nothing can stop you to change banks.
If changing banks makes more sense in your case, then that’s exactly what you’re going to have to do. Once you’ve made the decision to switch banks, you’re going to need some time to make it happen. Don’t worry too much, though – in most cases, you should be able to complete most of the required tasks in a few days.
Is it hard to switch banks when moving?
Not really.
The steps below will guide you throughout the process of changing banks when moving out of state:
Step 1. Select a new bank
You’ve made up your mind to change your bank because of the interstate move. So far, so good. But now you’re going to have to find a new bank that’s better than your soon-to-be old one.
Keep in mind that it may not be easy to choose a new bank when moving to a new state. Why? Nowadays there are many banking options so it can be a bit overwhelming to make the right choice.
A new bank can offer you the features and services that you need.
So, how do you choose a new bank?
Make a list of the bank features and services that are important to you. The idea is to compare various banks, so you will use the checklist of non-negotiable requirements that your new bank has to offer.
Remember that you’re looking for a bank that fits your banking needs and gives you the peace of mind that your money is in a secure place.
Here are a few key considerations when choosing a new bank in the destination state:
Branch and ATM locations;
Fees and charges;
Interest rates;
Minimum balance requirements;
Customer service;
Bank security;
Bank reputation;
Online banking and mobile banking;
Bonuses.
Finally, feel free to use your gut instinct when you’re left with only 2-3 bank candidates.
Step 2. Make a list of all automatic payments
Chances are that you have automatic payments and direct deposits set up through your current bank account to pay your household bills or various subscription services, or to put money into other bank accounts – for example, additional savings.
When you’re moving to another state and you’ve decided to switch banks as a result of the move, then you must make sure that such automatic transactions get properly switched over to the new bank account as well. Failure to do so could potentially cause extra headaches for you, or in the worst-case scenario – result in lost money.
So, make sure you create a detailed list of all automatic payments and direct deposits that are linked to your old bank account. You’ll need to know the amounts and exact dates of those automatic transactions so that you can set them up properly in the new bank account after the interstate move.
When unsure about the automatic transactions that are scheduled every month, get the transaction history of your account for the last 12 months to ensure nothing is missing. You can request the transaction history from your bank or do it online if you’re using online banking.
Step 3. Open an account with the new bank
Once you’re prepared the detailed list of automatic payments and direct deposits from your old account, it’s time to open an account with the new bank.
It’s time to open your new bank account.
The good news is that opening a new account with a bank of your choice should be a fairly easy process. In most cases, you’re going to have to visit the nearest branch of the bank you’ve selected and state your intention that you wish to open an account with them.
To become a new customer of the financial institution, you’ll need to fill out a new account application and present some personal information and accompanying documents:
Full name, postal address, and phone number;
Photo identification (driver’s license, U.S. passport, or military ID)
Social Security Number
Furthermore, most banks require a minimum amount of money for opening and maintaining a bank account. That amount will differ from bank to bank and from account to account so it’s a good idea to know in advance what that sum will be for your type of account to avoid unpleasant surprises at the bank branch.
Some banks offer bonuses for opening a new account so don’t forget to ask for your bonus, if applicable.
Step 4. Transfer the money to the new bank account
Your decision to switch banks when moving out of state means that you’re going to have to transfer all the money from the old bank account to the new one.
There are several ways to move your money from one financial institution to another.
Withdrawing your money in cash and depositing it in the new bank account;
Requesting a check of your total funds and bringing it to the new bank in the destination state;
Transferring the money online between the two accounts.
Double-check whether you have to leave some money in the old account to cover any upcoming automatic transactions.
Your new bank account is now open and your money has been transferred to it. So far, so good. The next step is to set up all the automatic payments you’ve enjoyed with the old account.
Review all those automatic payments and direct deposits to see if there are any services or subscriptions that you can do without. Taking the time to check the automatic payments and canceling the ones you no longer need can save you plenty of money in the long run.
When you know which transitions to keep and which ones to cancel, visit the payment centers of each service you use and update the account information by removing the old bank account and entering the new one whenever necessary.
Remember that this step is crucial for your savings – you can really save BIG if you cancel the services or subscriptions you really don’t need anymore.
Step 6. Close the old bank account
The final step to switching banks when moving out of state is to close your old bank account.
When switching banks after moving out of state, the last step is to close your old account.
This step looks easy enough but there are a few things you should be careful about when closing your old bank account.
You should check whether all your automatic transactions have been cleared with the new bank account you opened after the move.
You can close the old account over the phone, through a written request, or in person (unlikely since you’ll already be in the destination state).
Your old bank is likely to try to keep you as their customer but since you’ve decided not to work with it anymore, request written verification from the bank that your account has been closed successfully.
Be aware that your old bank may charge you an account closing fee.
When moving to another state, you’re likely to be overwhelmed with tons of tasks of varied priority. Switching banks when moving is not something you must do prior to moving away in order to guarantee a successful house move.
Thanks to the availability of a wide range of online banking tools and capabilities, your banking needs are probably going to be met from anywhere in the country through online and mobile banking.
However, if you’ve had enough of your current bank for one reason or another, your upcoming interstate move is the perfect opportunity to change banks.
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Great information helped alot