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All You Need To Know About Changing Banks When Moving Out Of State

Moving to a new house is a massive work. There are a thousand things to take care of, before, during, and after the move.

Even after finding a house, there is the cleaning of both the houses to be done, besides packing and unpacking all your furniture and fixtures are also involved. You also have to change addresses for the services you are subscribing to or canceling. All this takes a lot of time.

You must create new utility accounts, and also find and sign up contracts for services like cable, internet, etc. And, you must do all this even before you get the time to get acquainted with your new locality and neighbors.

Changing banks needs to be one of the first things you tick off from your to-do list, and it is crucial to find the right bank.

Do Some Research Based on Your Banking Needs

We often get so habituated with one bank, that we become unwilling to make any change. Even if we are unable to get the most of the services from the banks, we tend to stick to them. Moving from the state gives us a great opportunity to change banks.

Are you looking for a bank that has services where you can do your transaction by the mobile app? Or do you need one that gives you better interest on savings? Opt for a bank that has a branch close to your work or home or one where you can open your account for free.

Find a bank that fulfills all your banking needs. Your bank might have a branch in that state, so talk to your bank for a location shift.

Open an Account in Your New Bank

After deciding on a bank, now you need to open an account. Some banks have the option of opening an account online, or you may need to visit their branch. Try to do that ahead of your final shift, to make it easier for you.

You need to provide the bank with some personal information, like your government identification card and your social security number.

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You might need to make a starting deposit, the amount will vary depending on your bank’s requirement. You can even find banks that require no opening fee or starting deposit.

KeyBank has branches in Twentynine states. To reduce the hassle of shifting banks every time you move, check out KeyBank near me.

Moving Banks

After opening an account on another bank, you need to deal with your old one too. First, check whether there are outstanding bills to be paid or transactions that need to be completed. Once all the outstanding payments have been made, transfer the remaining funds to your new bank.

Keep track of every bank account you have in that state. Make sure they are all clear of debt and outstanding payments. Close all the accounts because if you do not do so, you may have to pay extra fees.

You need to contact your bank and tell them that you are moving away, hence you need to close your account. If your funds can’t be transferred directly, ask for a cashier’s check.

Ask Your New Bank to Issue a Debit Card

After moving out of state, you will need money for daily expenses. The easiest way to do that is by a debit card. After opening an account, ask the bank to issue a debit card, so that you can use your own funds.

However, getting a debit card can take a while. Try to do this before moving, so that you can pick it up once you have settled down in your new place. Issuing a debit card can take up to two weeks, so do it ahead of time and save yourself from unnecessary hassle.

Setting Up Automatic Withdrawals and Payments

Once you move to your new house, you will have to pay mortgages, bills, or service providers. When you have the appropriate amount of funds in your bank, you can set automatic withdrawals for paying regular merchants, so that you do not have to deal with it yourself every time.

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The same goes for bill payments. You can schedule your monthly payments so that these are taken care of automatically. This will give you one less thing to worry about each month.

However, make sure you inform your bank if you unsubscribe or your due payment has concluded. Otherwise, you will end up losing money for nothing.

Setting Up Automatic Deposits

If you are changing jobs or moving to a new company, you must set up automatic deposits so that your employer can directly send your paycheck to the bank. You need to contact the bank and your employer so that the arrangement for automatic paycheck deposits can be set up for you.

Consider Opening a Savings Account

Since you are starting fresh, you should consider opening a savings account. Having a saving account is important for creating a safer, more secure future for you and your family.

Shifting and changing banks gives you a fresh start to dealing with your finances. Opting for a savings account will help you create a pool of funds to secure your future.

Some banks have the arrangement to automatically transfer a  small portion of your paycheck from your current account to a savings account. There are other similar arrangements available, so talk to your bank and see what they have. Like some banks pay better interests than others, so take all this into account before choosing a new bank.

Final Thoughts

Even though moving out of states can be troublesome, having a fresh start is always good. After the initial hassle, you get to embark on a new beginning. You can use this opportunity to make better financial decisions for yourself.

Find a better bank, and do so before making your move so that when you finally do shift out of state, it will make the move more comfortable.

Moving away from your friends and family is difficult, but know that new opportunities and connections are yet to be experienced. Take this chance and create a better life for yourself.

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