Author Topic: Tips for switching banks  (Read 951 times)

Andrew928

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Tips for switching banks
« on: January 01, 2020, 09:19:37 AM »
Hello,

One of my resolutions is to ditch Wells Fargo. I have already opened up an account with the online bank Simple, I am trying to figure out how to smoothly transition without having insufficient funds and things bouncing. Currently my plan is to move my 4K in savings from Ally to Simple and just using that money for all my bills while keeping my normal funds in Wells Fargo for a month or two. I think this would be the best way so I can have enough money in both accounts at all times until everything has been settled in Simple.

Is this a good plan? Anyone have any other tips?(Hope I explained that well)

Sibley

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Re: Tips for switching banks
« Reply #1 on: January 01, 2020, 08:00:52 PM »
Yes, that should work. Key is to make sure you end up with the full amount back into savings when you're done.

It's also a good idea to cancel ALL automatic payments (make a list of what they are so you don't forget to set it back up later) and pay manually for a month, then setup the auto payments again. I've found that's helpful to me to make sure I didn't miss anything, but it's probably overkill.

Don't forget things like amazon, paypal, etc that you may have linked your bank account to.