Moving homes is oftenexciting and stressful. But what if you’re moving across state lines?
Moving to a New State
About 7.5 million Americans move to a different state each year — that’s over 2% of the population! Banks know this, so many try to make the process as easy as possible. So while going through the admin might be a little annoying, it’s not a terribly complex process. You basically just have to update your address. However, you may want to switch banks.
Should You Switch Banks When You Switch States?
Just because you’re moving across state lines doesn’t mean you need a new bank. Many larger banks have locations in multiple states, so if there’s a branch near your new home, you can keep the same one. Furthermore, with the ubiquity of online banking, it’s worth asking how often you need to go to a branch. If you run your own business, the answer might be “often,” but many people might only need access to an ATM.
However, if your bank doesn’t have ATMs near your own home, you have a decision to make. You can use other banks’ ATMs, but there will likely be a surcharge. And these fees can add up. Plus, there are benefits to having a local bank. They’ll know your new state better and might have valuable guidance or streamlined processes for mortgages, loans or other financial transactions*.
Switching Banks in a Different State
If you decide to move your accounts to a bank that’s more prominent in your new state, or open up an additional account in a new bank, here’s what you can do:
Step 1: Organize All Your Automatic Transactions
Go through your bank records, note all your direct deposits and withdrawals, and decide which accounts you want associated with each. You may want everything to come in and out of your checking account, or you may want some deposits to go into a savings account.
Step 2: Pick a New Bank
It makes sense to choose a bank that’s headquartered in your new state or at least has a heavy presence there. You may want to keep a savings account with a national bank, but it makes sense to consider your new bank for everyday banking and mortgages.
Step 3: Open an Account With Your New Bank
Once you’ve chosen a new bank, open an account. There are benefits to going to a branch and doing it in person. There, you can ask any questions you want and build rapport with the staff at that branch.
Step 4: Transfer Money
You can move your money from one financial institution to another by doing one of the following:
- Withdraw your money in cash and deposit it into the new account.
- Request a check of your total funds and bring it to your new bank.
- Transfer the money online between the two accounts.
Ensure you have enough money in your old account to cover any upcoming automatic transactions. Then close the old account if you’re done with it.
Contact Vectra for More Tips
Want more advice on bank accounts? Contact a Vectra Bank professional today, and we’d be happy to help.
*Loans subject to credit approval. Terms and conditions apply. See banker for details.
