Oct 28th, 2012 | By | Category: Senior Finances

Tips for a Smooth Transition

Following our recent move, we decided to switch banks. The one we had been using in Texas was a small local bank, and there was no good way to keep the accounts there and have access to banking needs beyond what we can do on the Internet. So the search began, and we documented what we did so we could share it with other seniors in similar circumstances, or who just want to make the switch because they found a bank with fewer and lower fees.

For those seniors who use the Internet to do their banking, the following tips are based on our experience of the past 30 days;

  • We researched banking institutions in our new locale, and found one that offered $125 for opening a new account.  We already had a credit card from this company, so decided that we would transfer our checking and savings account to that institution.
  • Opening the new account was easy.  Just a short visit to the bank, making sure we had our picture IDs and Social Security numbers.  We received temporary checks to use until our new checks arrived, and made sure the new account was added to our Internet access page.
  • Then we made a list of all the automatic deposits, automatic payments, and any Internet website that we use to access funds in our accounts.  Our new bank has a system to request changing our Social Security check deposits every month; we just had to sign permission for them to make the request.  We began the arduous task of moving all these transactions, knowing we would likely forget more than one.  As the first month progressed, we took a look at the old account frequently to try to determine what we had missed.  When those transactions popped up in the old account, we immediately went into the new account to enter the information to transfer the transaction, and then deleted it from the old account.
  • We are now in the second month, and if our old account has no activity this month, we will feel comfortable closing that account.

Our debit card arrived for the new account, and the new checks should be here next week.  The transition was not difficult; it just took time and attention to detail.


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