Bank Switching Step-by-Step n Standard Forms Made Easy

8/3/2019 Bank Switching Step-by-Step n Standard Forms Made Easy

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Table of Content

Pages 1-2) Website links on searching for Credit Unions near you.

Page 3) Step-by-step guide from Consumer Union on bank switching

Page 4) Switch Kit To Do List

Page 5) Standard Form: Initiate/Switch My Automatic Payment Letter

Page 6) Standard Form: Initiate/Swich My Payroll Direct Deposit Letter

Page 7) Standard Form: Bank Account Closing Letter

Money-saving tip 1: If you need to buy Cashiers Check or Money Order, try US PostOffices Money Order. Avoid the highway robbery charges at the Big Banks ($10 or more).It costs less than $2 to buy US Postal Money Order in value up to $1,000. The fee is only$4.45 for International Money Order that can be cashed in 29 countries (see list in the USPSwebsite). For example, if you need to buy $2,000 Domestic Money Order, you only pay$1.55 x 2 = $3.10 in fee for US Postal Money Order. See this USPS website about theirPostal Money Order: https://www.usps.com/shop/money-orders.htm

The Los Angeles Times reported on March 1, 2012 that more than 1.3 million Americanshave switched their money to Credit Unions in 2011 in response to the increasingfees at the Big Banks. This compares to nearly 600,000 people switching to CreditUnions in 2010. Expect the number of American switching to increase in 2012 with evenmore fees coming.http://www.latimes.com/business/la-fi-bank-fees-complaints-20120302,0,7970213.story
http://ny121asil.wordpress.com/2012/03/05/how-to-guide-on-bank-switching-search-for-credit-unions-automatic-bill-pay-direct-deposit-advice/http://ny121asil.wordpress.com/2012/03/05/how-to-guide-on-bank-switching-search-for-credit-unions-automatic-bill-pay-direct-deposit-advice/https://www.usps.com/shop/money-orders.htmhttps://www.usps.com/shop/money-orders.htmhttp://www.latimes.com/business/la-fi-bank-fees-complaints-20120302%2C0%2C7970213.storyhttp://www.latimes.com/business/la-fi-bank-fees-complaints-20120302%2C0%2C7970213.storyhttp://www.latimes.com/business/la-fi-bank-fees-complaints-20120302%2C0%2C7970213.storyhttps://www.usps.com/shop/money-orders.htmhttp://ny121asil.wordpress.com/2012/03/05/how-to-guide-on-bank-switching-search-for-credit-unions-automatic-bill-pay-direct-deposit-advice/http://ny121asil.wordpress.com/2012/03/05/how-to-guide-on-bank-switching-search-for-credit-unions-automatic-bill-pay-direct-deposit-advice/


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Website links on searching for & learning about Credit Unions

1) Read this 7 Ways Credit Unions are Better than Banks here-http://goo.gl/Iw7fX- Credit Union Makes You a Priority: read details in the website link above ----^

- Low or Minimum Balance Requirement on Accounts

- Lower Fees on Banking Products

- Lower Interest Rates on Loans (Mortgage, Credit Cards, Auto & Personal Loans)

- Secure Funds: look for CU that are members ofNCUA insuring up to $250K deposit

- Bonus Checks: Credit Union share profits with members For real, they do!- If Youve Been Denied Credit at banks, Credit Unions are Less Restrictive about Credit

Eligibility Requirements.

2) Think Credit Unions are inconvenient? Learn 3 things about your Credit Union inthis news article: http://goo.gl/Svhqx Ask Credit Union about (1) Over 28,000Surcharge-Free CO-OP network ATM nationwide (including surcharge-free ATMs at 7-Eleven, McDonalds and many more), (2) Ask about Thousands of Shared branchesnationwide (aka: CU Service Center)if you have moved from Chicago to Miami, youcan use human-tellers (as well as ATM) at THE OTHER Credit Unions in Miami for deposit &withdrawals as though you are still in Chicago no need to close Credit Union accounts if

you move to another town or state, (3) Online Banking & Account Access (4) Some CUoffer Deposit via Smartphones or Scanners

3) ASmarter Choice to help you find Credit Union, see website link below:http://www.asmarterchoice.org/Marketing_Spotlights__News_98.html

Another website: Find a Credit Union: http://www.findacreditunion.com/

Write down your banking habits: frequently use your Debit Card, or want tomaintain lower balance on checking accounts?Ask the prospective Credit Unionsabout their fee schedules, their rules to avoid fees, if they are on the CO-OPnetwork or the All-Point Network (how many Free ATM nationwide), if they aremember of Shared Branch network (aka: CU Service Center). Shop around for theCredit Unions that fit your needs, compare Interests on Loans & Deposits.

Dont be shy! Ask for help, most Credit Union employees are happy to help youwith the bankswitching process.

If you are Canadian or British, here are 2 websites that can help you search for CreditUnions in your countries. Ask fellow local citizens to learn more.CANADA: http://locator.cucentral.com/UK: http://www.findyourcreditunion.co.uk/

4) Check the credentials of the Credit Union at the NCUA website.http://www.ncua.gov/Default.aspx

NCUA is similar to the FDIC. The NCUA regulates member Credit Union and insuredepositors up to $250,000.

5) Read this very useful Q&A Everything You Need to Know About Credit Union tolearn more: http://goo.gl/zynJO

6) Ask the Credit Union for Switch Kit, some CU have employees working onSwitch Team to help you make seamless transition from Big Bank to CU . Thecheck-printing company Deluxe has just introduced a new software called SwitchAgent in
http://goo.gl/Iw7fXhttp://goo.gl/Iw7fXhttp://goo.gl/Svhqxhttp://goo.gl/Svhqxhttp://www.asmarterchoice.org/Marketing_Spotlights__News_98.htmlhttp://www.asmarterchoice.org/Marketing_Spotlights__News_98.htmlhttp://www.findacreditunion.com/http://locator.cucentral.com/http://locator.cucentral.com/http://www.findyourcreditunion.co.uk/http://www.findyourcreditunion.co.uk/http://www.ncua.gov/Default.aspxhttp://www.ncua.gov/Default.aspxhttp://goo.gl/zynJOhttp://goo.gl/zynJOhttp://goo.gl/zynJOhttp://www.ncua.gov/Default.aspxhttp://www.findyourcreditunion.co.uk/http://locator.cucentral.com/http://www.findacreditunion.com/http://www.asmarterchoice.org/Marketing_Spotlights__News_98.htmlhttp://goo.gl/Svhqxhttp://goo.gl/Iw7fX


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Oct 2011. The new software helps customers make seamless bank account switching.Askyour CU to use Switch Agent software from Deluxe. See the news article here:http://goo.gl/Svhqx

7) See this Daily Kos blog: http://goo.gl/3N3sD At least 2 church groups in San Jose, CAwithdrew more than $7 million from Wells Fargo and Bank of America, the churches aremoving their money to local Credit Unions that create local jobs & invest in localcommunities.

8) About 300 people in Colorado closed their Wells Fargo account in October. Read the news

here: http://goo.gl/3N3sD

Step-by-step guide from Consumer Union on BankSwitching

Consumers Union offers a host of tips on the websitehttp://www.defendyourdollars.org/2011/10/how_to_move_your_money_safely.html

Here's a condensed version.

Open your new checking account with a small deposit.

List all automatic payments and deposits at your old checking account. Go through your Bankstatements in the past few months to see if you have automatic bill payments that aremade on Bi-Annual basis (i.e. car insurance) or on Quarterly basis.

If you have Annual Payment (i.e. Annual Dues) or Direct Deposit of Income Tax Refundsetup annually, go through your Bank Statements beyond the past 6 months to coverall bases.

If you opted for electronic Statements, make sure to save prior Big Bank Statements asPDF files (at least the past 12 months), and save the Cancelled Checks images ascomputer files before you close your Big Bank account. You may need to checksomething later.

Ask your employer to reroute any direct-deposited paychecks to your new account.

Once you know when your direct deposits will transfer, reschedule each automatic payment ordebit to come out of your new account.

Leave some cash in your old account for at least a month to ensure payment should you happen

to forget something.

When you're certain all automatic payments and deposits are switched over, electronicallytransfer the final funds from your old account to the new one. Your new bank or credit unioncan help you with this.

Once the transfer clears, follow the procedures for closing an account at your old financialinstitution. And make sure to obtain written confirmation that your old bank indeed has closed outthat account.
http://goo.gl/Svhqxhttp://goo.gl/3N3sDhttp://goo.gl/3N3sDhttp://goo.gl/3N3sDhttp://goo.gl/3N3sDhttp://www.defendyourdollars.org/2011/10/how_to_move_your_money_safely.htmlhttp://www.defendyourdollars.org/2011/10/how_to_move_your_money_safely.htmlhttp://www.defendyourdollars.org/2011/10/how_to_move_your_money_safely.htmlhttp://goo.gl/3N3sDhttp://goo.gl/3N3sDhttp://goo.gl/Svhqx


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Switch Kit To Do List

Well make it quick and easy to switch your accounts to Credit Union. Simply use thishandy to do checklist to help you make the switch!

1. Have your new Credit Union account number(s) ready when completing the authorizationforms in the switch kit:

Your New Account Number:Routing Number:

2. Switch direct deposits/automatic deposits using the Authorization To Change Direct Deposit:

q Employer deposit q Brokerage depositsq Government deposit q Child support or court-ordered depositsq Social Security Administration q Other

3. Switch automatic payments/withdrawals using the Authorization To Change AutomaticWithdrawal:

q Mortgage/Rent q Autoq Association Fees q Club/Membership Duesq Internet service q Cable TV/Satelliteq Investments q Credit Cardsq Utilities: Electric, Gas, Water q Phone/Cell Phoneq Online billing q Other

4. Close all other savings, checking & bill payment accounts using the Authorization To CloseAccount:Financial Institutions:

5. Transfer high-rate credit card balances to your Credit Union VISA using the BalanceTransfer Authorization:Credit Cards To Transfer:

6. Additional options to explore:

q Refinance your auto loan at the new Credit Union most CU offer lower interest ratesq Refinance your mortgage loan at the new Credit Union.q Tap your homes equity with one of the Credit Unions home equity services.

Share this HOW-TO Guide with your friends and family. Share the love!


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Initiate/Switch My Automatic Payment LetterAutomatic PBUSINESS NAME (PAYEE)

ADDRESS

RE: Initiate/Switch My Automatic PaymentATTENTION: Accounts Receivable/Accounting

I would like to initiate/switch my automatic payment with your company to my new bankaccount. If you have any questions regarding this request, please call me at the phonenumber listed below. Thank you for your prompt assistance in this matter.

Sincerely,

AUTHORIZED SIGNATURE DATE(Original signature required to authorize change)

Automatic Payment Information Circle One Option: Initiate Switch

Name Phone: Day / Evening (circle one)

Address City / State Zip Code

Amount to be Debited (write amount due for payments that vary each month)

For: On:

Payment or Reason Date of Payment

New CU/Bank Name CU/Bank Routing Number Your New CU/Bank Account Number

COMPLETE THIS SECTION IF SWITCHING BANKS

Old Bank Name (if switching) Old Routing Number Your Old Bank Account Number2008


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Initiate/Switch My Payroll Direct Deposit Letter

COMPANY NAME

ADDRESS

RE: Initiate/Switch My Payroll Direct DepositATTENTION: Payroll Department Manager

I would like to initiate/switch my direct deposit to my new bank account. If you have any questionsregarding this request, please call me at the phone number listed below. Thank you for yourprompt assistance in this matter.

Sincerely,

AUTHORIZED SIGNATURE DATE

(Original signature required to authorize change)

Direct Deposit Information Circle One: Initiate Switch

Name Social Security Number or Employee Number

Address City / State Zip Cod

Phone: Day / Evening (circle one)

New CU/Bank Name New CU/Bank Routing Number

Your New CU/Bank Account Number Amount to be Deposited (write total depositfor deposit amounts that vary each month)

Second Account Number Amount to be Deposited

COMPLETE THIS SECTION IF SWITCHING

Old Bank Name Old Bank Routing Number

Second Account Number Amount to be Deposited


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Account Closing Letter

BANK NAME

ADDRESS

RE: Close my accounts

ATTENTION: Account Maintenance

This letter is to inform you I am closing my accounts at your bank. Please close thefollowing account(s) listed below and send a check for the remaining balance(s) tomy address. If you have any questions regarding this request, please contact me inwriting or at the phone number listed below. Thank you for your prompt assistancein this matter.

Sincerely,

AUTHORIZED SIGNATURE DATE(Original signature required to authorize change)

Account Information

Checking Account Number Remaining Balance on the account

Savings Account Number Remaining Balance on the account

Name Phone: Day / Evening (circle one)

Address City / State Zip Code

Bank Switching Step-by-Step n Standard Forms Made Easy

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