Changing Banks During A Move

Changing Banks During A Move

Changing Banks During A Move

If you are moving home it may be necessary for you to change banks. For example, if your move is taking place over a great distance you may be informed that your current bank has no services available in the district you are moving to. If this is the case this can add further issues to your move. Changing banks during a move is not generally complex, and you can avoid any serious problems if you deal with this issue in advance of your move.

The initial step that you must take when moving over a long distance is to ask if you can still make use of your current bank from your new city or town. This is not something that you are likely to forget about, especially if you are paying rent or negotiating a mortgage. If you organize it that your rent is to be paid straight from your bank account, it will be necessary to check that there will be a branch of your bank near you, and the same is true if you must organize a mortgage. If you find that a change of bank is necessary there are certain things you must do.

Found a new bank

You should generally do your best not to just go with the first bank you find near your new address. It is always advisable to shop around and you could find an excellent deal if you take your time. From the time that you have found a new bank, it will be necessary for you to call your current bank so that you can discuss terminating your account. It is not recommended that you just close your account and take out your savings. If you organize things in advance you will be able to consult a member of the bank staff. Then you can ascertain what possibilities are available to you.

The most straightforward procedure when changing banks would be to have the contents of your existing account switched to your new one However various banks may not offer this service. Typically the only way to know is to first consult your current bank and then contact your new one. Outstanding loans or overdrafts can cause problems when it comes to account closure.

So you will need to contact your existing bank and discuss what options are available to you. Depending on the specific details of your situation they may have a number of options available to you. In some cases however your bank may not accept an account closure if it has a negative balance as a result of a loan or overdraft.

When old bank account has been shut down

Once your old bank account has been shut down you cannot rely on being able to issue any checks. This can be a considerable issue in the course of the move as you will have a number of bills and services to pay. Travelers checks can be used instead, however, as you can be sure that any checks of this type that you issue will be backed up at all times. If you are not changing banks during a move, it is imperative that you fill out a change of address form in your bank.