Breaking up is hard, isn’t it? Especially when it comes to your banking relationship. If course, if you’re using the Infinite Banking Concept, (and why wouldn’t you be?) breaking up is EASY! But let’s be completely honest here. Even the most diehard IBC practitioner still needs a debit card for everyday transactions. And if that’s you, at least consider going with the lesser evil for your traditional banking needs – The Local Credit Union…There are a lot of reasons to consider breaking up with your bank and going with your local Credit Union. Here’s just a few:
However, when it comes to actually breaking up, things can get difficult. So today we’re going to go over everything you’ll want to know before you break up and all of the steps you’ll want to take to make a smooth transition.
Give a Warning
You’ll want to let your bank know before you run off with your new best friend. By telling your bank what’s coming, you’ll avoid fees that a fast transition might bring as well as give you some extra time to work out direct deposit and other paperwork and issues that might arise. Some banks offer a “switch kit” which will give you a list of everything you’ll need to change over.
There are lots of things your card is connected to that might slip your mind and lead to issues later. For instance, if your card is connected to your phone service and you have auto pay set up, but forget to transfer everything, or you may find yourself without cell service at a very inconvenient time.
It’s okay to take a transfer slowly. Wait thirty full business days without using the account at all, and then make your official transfer. This transfer can take three full business days, or five if you transfer on a Friday. Make sure that when you’re ready to close your account, you visit your home branch in person.
Move All of Your Accounts
If you have accounts other than your checking that you deposit money into, like a savings account, consider transferring those over as well. Especially if you aren’t getting a very good rate of interest.
Put your money where it can do some real good and not just sit there. Credit Unions are community minded and managed. What could be more convenient and more wonderful besides an IBC account?
If you’re still nervous about breaking up with your bank, just remember that you and your money always deserve better. If you’re sick of the customer service and interest rates and fees at your bank, it’s probably time to reconsider the relationship and send your old bank packing!