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Old 07-05-2019, 08:00 PM
Location: Silicon Valley
3,604 posts, read 1,622,110 times
Reputation: 6112


Originally Posted by LauraC View Post
I really have no problems now and have 2 accounts my bank but the thought of changing banks means a nightmare of other changes I would have to make regarding electronic deposits and bill pays but I'm really worried about the bank going under after a major event occurs for me in less than 2 years. I'm starting to think I shouldn't have all my money in the same place.

Your money should be fine so long as it remains in an FDIC insured account. As others have said, I would imagine the bank will make every effort to make this seamless....because this is when they potentially lose accounts.

Changing banks now is more difficult than it used to be. Those nice autopay options....all have to be switched and not every bill happens every month.

If you prefer to open a new account anyway, the best strategy is to open the new checking account first, but DON'T close the old one. As you get your bills for the month, begin transferring them to the new account. Now, you'll have to have enough money in both accounts, but if you keep track, you should be ok. After you've switched over what you know, just go through your old bank account statement every month. See which items you may have missed. You'll likely want to do this for a few months, and some may even go an entire year to catch things that may happen once a year (income taxes or property taxes). At some point, the old account will just sit there with no activity, then you know it's ok to close that account and move the remaining money over to your new account.
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