4 Easy Steps to Changing Banks
Banking is becoming more complicated than borrowing. Banks charge so many hidden fees it’s outrageous. The online payday loan industry gets a bad rap for fees and interest, even though they advertise these amounts up front and on the first page. Meanwhile, banks have become experts in hiding their fees in the fine print and getting away with it. Visit an online cash loan website to see for yourself and while your there check out the great no fax payday loan options available. On the loan document page you will find the exact APR, the annual percentage rate, how much your borrowing and exactly how much you will be paying back all based on the amount borrowed and how long you have the loan out. Fees and interest rates are discussed in website blogs, articles, and on other website pages in bold clear print. Visit your banks website, and you won’t find even a mention of fees until you look at the fine print. Although no fax payday loans are a great short-term temporary financial fix, banking is still necessary. Consumers still need a place to keep and save their money. Not all banks or credit unions are bad, but it’s up to you to read the fine print. When you’ve had enough of your bank’s hefty fees, make the move to a better bank by simply changing banks. By changing banks to the better bank we are casting a clear vote for the better bank!
Here are four steps to changing banks and moving on to a better bank:
1. Find a better bank or credit union
If you are tired of your bank’s fees, than it’s time to follow the steps to changing banks and make a switch. Before closing your bank account, take the time to do your research. Before opening any new account, read the fine print. If you visit the bank or credit union’s website, you can find out what charges are associated with new accounts. Banks will charge certain monthly fees for checking accounts that differentiate from ebanking accounts and savings account. These fees can be waved under certain circumstances. For example, Bank of America waves certain fees if you sign up for direct deposit or their keep the change program. If you are leaving your bank because you are tired of fees, look into switching to a credit union.
2. Open a new account while leaving the other open
The last thing you want is to be charged fees from institutions you owe money to. Your gym, loan lender, and landlord all want to be paid on time. If they attempt to automatically deduct payment without success, they will most likely charge you a late fee. To avoid late fees, open up your new account and inform all bill collectors of your new account number.
3. Redirect all automatic payments & direct deposit
Don’t forget to inform your payroll department of your new bank account. They will probably need a voided check and routing numbers from your new account. This will ensure that you get direct deposit into your new checking account. Setting up direct deposit will also usually help you avoid any monthly fees associated with your new bank accounts. Once again, make sure that all bill collectors are informed of your new bank account. All automatic payments should be redirected to your new bank or credit union account.
4. Close your old account
Removing all of the funds from your account will not delete or deactivate your account with the bank. In fact removing all of your funds is simply giving the bank another way to charge you a fee. Banks will charge you a monthly fee if your balance falls below a certain amount. In order to completely close your account you should write a handwritten letter to the bank including the date, asking that the bank close your account. You could also visit a bank teller, and have them do so.
See Changing Banks Is Not so Difficult
National Cash Credit – 4 Easy Steps to Changing Banks – No Fax Payday Loan Fees