After researching the process of switching banks in Kansas City, you may feel overwhelmed. So much can be tied to your bank account一direct deposit, automatic payments… the list goes on. However, if you’re not happy with your bank anymore, it may be worth the effort to make a change.
Cornerstone Bank is locally owned and in-tune with our community. Every month, we bring you insights from our banking team on the best ways to manage your money, grow your wealth, and feel financially responsible. Read below for insider tips on how to manage the switch to a new bank!
The best time to switch banks in Kansas City
You may feel unhappy with your current bank, but is it enough to switch? Here are a few indicators that it may be time to switch to a new bank.
Recent merger or acquisition
Withstanding a bank merger is difficult for many, as there is often an exhaustive process involved, with that burden largely placed on the customer. If your bank has recently undergone a merger or acquisition, you might take the opportunity to explore your options elsewhere.
Read about recent bank mergers in Kansas City
A decline in customer service
Has your customer service experiences with your bank been less than ideal? Perhaps you have noticed impersonal service, poor hours, no drive-through teller lanes, or a cold branch atmosphere that leaves you feeling unconfident in how your assets are being handled. When you feel like just a number to your bank, it’s time to switch.
Lack of online and advanced features
With all the options available today for online banking, your bank should have all the features you need to effectively manage your finances from virtually anywhere. Some key online features include mobile check deposits, transfers, payments, blocking transactions, setting limits, tracking transactions, managing balances, and more. If you feel like your bank is behind the technology curve, it may be wise to find a bank that is more in-tune with your needs.
How to get started with switching banks in Kansas City
There are a lot of issues that can arise when switching banks or bank accounts. By following the below steps for switching banks in Kansas City, you will ensure your assets remain secure and that there will be no problems with any outside institutions.
Open an Account
The first step in switching banks in Kansas City is to open a high-interest account at your new bank. However, you’ll want to make sure your account is activated and ready to receive funds before closing any old accounts. This means opening a checking account, receiving a debit card, ordering checks, and setting up your online banking portal.
Learn about choosing a new bank account
Automate your account
Most of today’s transactions occur automatically. As convenient as this may be at times, when undergoing the process of switching banks in Kansas City, you’ll want to take great care to ensure these transactions remain functional through your transition. These recurring transactions are not linked with your bank’s services, but rather an individual account. You will want to manually check all of your outside accounts and update your information accordingly. This should include:
- Direct deposit
- Bills like rent, utilities, and cable
- Subscriptions like Amazon Prime, Spotify, and other paid services
- Any other premiums you pay, like insurance or loans
Take it slow
Don’t feel you have to close your old account immediately after switching banks in Kansas City. At Cornerstone Bank, we recommend keeping your old account open for a minimum of one month.
Leave enough money in the account just in case you have forgotten to switch a subscription or payment to your new account. This will ensure you don’t incur any late payments or overdraft fees.
Move forward with your new bank
Once you feel comfortable with managing your new account and how your finances have laid out over the last month—and there are no more charges coming from your old checking account—then you can think about closing it. This is the final step for switching banks in Kansas City and may come as a relief to many. However, there are some important regulations to be aware of when closing an account.
Legally, a bank may reopen your account without your consent if they notice a debit or credit transaction come through. To prevent overdraft fees or bounced checks, be sure to take care of these before officially closing the account.
You can ask your old bank for documentation that the account is closed for your own peace of mind. Additionally, you should also mention that you want restrictions placed on the account should a miscellaneous charge come through. This means that we will not allow the bank to reopen the account after you have officially switched banks in Kansas City. However, this also means you may be responsible for any bounced checks or unpaid bills.
Make switching banks in Kansas City easy – come to Cornerstone Bank today
Switching banks in Kansas City is easy when you’ve got Cornerstone Bank on your side. If you have any additional questions on navigating this process, give us a call, visit us in Overland Park today, or let us come to you.
Switch to Cornerstone Bank in Kansas City today and watch your money work for you!