SAN FRANCISCO (KCBS)— The Occupy Wall Street movement spawned a day of action Saturday dubbed, ‘Bank Transfer Day’. Consumers and members of the so-called big banks were encouraged to make the switch from large corporate banks to either locally owned financial institutions or credit unions which are non-profit organizations.
But, according to consumer columnist David Lazarus, transferring bank accounts takes some planning.
KCBS’ Anna Duckworth Reports:
According to the Consumers Union, your first step is to research where to move and to keep in mind that most credit unions have eligibility requirements though Lazarus said they’re usually not tough to meet.
Lazarus added that you should keep in mind that banks deliberately make it tricky for you to pull away.
“The real trick with online bill pay is just getting all those account numbers and routing numbers set up in the new place correctly. It’s not impossible, it’s just a pain in the, you know what,” Lazarus explained.
Another important tip Lazarus had was to make sure you order checks, debit cards and transfer bill pay numbers before closing the old account and to ask your employer how quickly direct deposit can be changed over.
“You just want to make sure to contact your human resources department and that they know whatever the new checking account or savings account number is and all the relevant routing numbers,” Lazarus advised.
Other tips are to leave some cash in your old account for a few weeks to cover outstanding transactions and to get written confirmation when the old account is closed.
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