Ready for a Fresh Start? How To Switch Banks the Right Way

Deciding to end a relationship is tough. It’s a process full of hurt feelings, evaluating what you want for the future and second-guessing yourself. Is it wrong to walk away? Are you asking ‌too much? Should you compromise more?

If the relationship is with your bank, then the answer is “no!” Romantic relationships can be difficult, but dealing with your bank shouldn’t be. If your bank isn’t meeting your needs, leave. 

Overcoming Inertia

“But switching banks is such a hassle,” you might say. Many of us are reluctant to upset our lives, even if it’s just switching banks. “Besides,” you might add, “aren’t all banks the same, anyway?”

The answer there is another resounding “no.” Here at Vectra, we work hard to make sure we meet the needs of families, individuals and businesses. And while we understand you’ve got important things in your life that demand your attention, the sooner you move away from a bank that’s not giving you what you need, the happier you’ll be.

What To Look for in a New Bank?

What can a new bank offer you that your current one doesn’t? When choosing a bank, don’t settle for less. Find one that provides:

• Different account options: Want a checking account? A savings account? A money market account? A business savings account? The right bank for you has the accounts you need now and options for the future.
• Security: A bank that can’t keep your money safe isn’t worth much. Look for a bank with a clean security history and that offers safety deposit boxes.
  
• Low fees: Yes, some fees are necessary so the bank can make money. But many banks go too far with their fees, hoping you won’t notice.
  
• Reasonable interest rates: Beware of “savings accounts” with meagre interest rates. Your savings should appreciate over time. On the other hand, you want a bank that offers mortgages and other loans with lower interest rates.
  
• Customer service: Perhaps the biggest complaint people have of their banks is they feel like just another number. You deserve a bank that will get to know you and your needs — and offer advice and services tailored to those needs.

How To Switch Banks

OK, you’ve found your new bank. Now what? Follow these steps:

1. Open your new account: Go to your bank of choice — hopefully they have physical branches in your state — and bring the ID you need, such as a driver’s license, Social Security number and proof of address.
2. Set up online banking: It’s the 2020s, so we’re basically living in the future. You should probably have online access to your bank account. Using the mobile app provides added convenience.
3. Update direct deposits and withdrawals: Notify your employer, the IRS and anybody else who directly deposits to or withdraws from your account. This includes any subscription services for which you use debit.
   
4. Say “buh bye” to your old bank: Simply withdraw or transfer all your funds to your new financial institution.

Can We Be Your New Bank?

We don’t take our customers for granted. Contact a Vectra Bank professional and discover what we can do for you, including our handy Switch Kit for moving your accounts to Vectra Bank.