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I've moved many times. Just keep your account open at your old bank so that you can write checks for the last bills that come in. Also, be sure to close any automatic payment accounts you have with the bank to pay your bills, Then open a new account in your new city. Have your old bank send you a cashier's check for the bulk of your checking account. Talk to a personal banker at your new bank, and set up a checking account, savings, etc. When CD's mature at your old bank, you can just transfer them. Also, be sure to eventually write a letter closing your checking account at your old bank. Otherwise, they continue to charge you fees. Enjoy your new city!
I still have accounts open and in use at 2 credit unions in states I no longer live in. With online banking and atm fee refunds being fairly typical these days I don't really see a need for a local bank unless you have a lot of cash deposits.
Thanks, everybody, for helping me sort it out. Maybe it seems obvious, but as you can imagine I have way too much on my mind and occasionally go blank.
Think about it less of transferring and more of opening a new and closing an old. I'd recommend going with a national one (e.g. CapitalOne Bank, BOA, Wells Fargo) to simplify it for future moves. So essentially you open up a new account with the new provider. Once you have everything set with your new account, new address, new checks, etc., you can transfer over the money and start writing from the new one. You can then close your old too. Good luck!
You can pay some bills with money orders for a week or two so you don't have uncashed checks at the time of your move. You won't have to wait for checks to clear. Then you can take all your money with you when you leave.
If you give your new address to service companies, they will send final bills to your new address and you can pay them from your new account. (I paid my final power bill from VA after I moved to MI.)
Depending on how much money you are closing out and how far you are going, you may not want to carry that much cash with you.
If it is the same bank chain (moving from Bank Of America to another Bank of America) then all you have to do is call them and change your address.
If you are moving to a new chain (moving from Bank of America to Wells Fargo) then you need to plan for a month or two transfer...
You need to:
Make a list of all the automatic debits and deposits to you current (old) account.
Open your new account
Transfer all your direct deposits to your new account
Start the transfer of all your old automatic debits from your old account and set them up for your new account.
Transfer most of your money to the new account.
Leave about two hundred dollars in your old account in case there are any debits to that account that you have forgotten.
Wait two months to be sure you have not forgotten any other debit. While waiting, check your old account frequently to see if any funds have been taken (debited) from your old account. If there have been any, transfer them to your new account.
Once two months (or long enough time has passed for you to be sure all your old debits are accounted for) close the old account and move the remaining moneys to your new account.
I still have accounts open and in use at 2 credit unions in states I no longer live in. With online banking and atm fee refunds being fairly typical these days I don't really see a need for a local bank unless you have a lot of cash deposits.
My take on it too. We moved to a new state and kept our accounts in our home state. Never was an issue, especially when a lot of financial institutions are part of a shared banking network. We ended up moving back home, so it worked out for the best that we never closed our accounts there.
If it is the same bank chain (moving from Bank Of America to another Bank of America) then all you have to do is call them and change your address.
If you are moving to a new chain (moving from Bank of America to Wells Fargo) then you need to plan for a month or two transfer...
You need to:
Make a list of all the automatic debits and deposits to you current (old) account.
Open your new account
Transfer all your direct deposits to your new account
Start the transfer of all your old automatic debits from your old account and set them up for your new account.
Transfer most of your money to the new account.
Leave about two hundred dollars in your old account in case there are any debits to that account that you have forgotten.
Wait two months to be sure you have not forgotten any other debit. While waiting, check your old account frequently to see if any funds have been taken (debited) from your old account. If there have been any, transfer them to your new account.
Once two months (or long enough time has passed for you to be sure all your old debits are accounted for) close the old account and move the remaining moneys to your new account.
There ya go; simple, detailed, and easy. However, regarding #7, your old bank may have a specific time span that you will have to follow. If so, don't argue, just do it their way. After the time limit expires (either yours or theirs, whichever is longer), empty the old account and close it.
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