Change bank: You should pay attention to THESE things

Switching banks can create great uncertainty. When should I cancel my old account?? What do I have to think about? And what can go wrong? We'll tell you how the bank exchange works smoothly.

Account management costs, branch closings, low interest rates - many people are no longer satisfied with the terms of their bank and want to switch. But between canceling the old and opening the new current account - or vice versa, a lot can go wrong. So that the bank change works quickly and without problems, we have collected the best tips.

1. Choose the right bank

To decide for the right bank, you should ask yourself why you want to change. You are the account management costs too expensive? Is the customer service bad? Or do you want to move to a single supplier with a checking account, overnight money and share deposit of different banks?
Depending on what's particularly important to you, one or the other bank is better suited for you. Read all the conditions through, even if it is tedious. You meet a decision for a long time, so that should not happen.
Basically, it can be said that direct banks can perform better in customer satisfaction. This gave a recent survey of business consultancy McKinsey. They achieved the greatest advantage over the competition with 65 percent for checking accounts. So don't be afraid to give banks without stationary branches a chance.

2. Use the relocation service or change orders manually

It has been law since 2016: banks are obliged to help their customers move to another financial institution. They are allowed to charge fees for this, but this makes switching much easier.

You can request the following from the old bank: a list of all standing orders and direct debit mandates and a list of incoming transfers and direct debits from the past 13 months. The old bank sends this to the new bank. From a point in time specified by the customer, the old bank rejects direct debits and transfers, ends standing orders and transfers the remaining balance to the new account.
At the same time, the new bank has to set up the desired standing orders, accept direct debits and provide depositors with the new account details.

3. Change account details in online shops

When you have changed all direct debit procedures, standing orders and the like, you have the worst behind you.
As the next step, you should think about where you have given your account details - regardless of ongoing transactions.
Do you regularly order from online shops? Or do you watch paid films on Amazon Prime? Do you use apps in which you occasionally make payments? In order not to forget anything, you should look at the debits in your bank statements for the last 12 months and then make a list. Then you should go to these shops, apps & Co. change your account details.

4th. Inform employers and other sources of income

Despite the banks' relocation service, despite carefully kept lists: everything does not always go well when switching accounts. Maybe you slipped on the line or the system made a mistake.
In order to avoid small and large financial disasters, you should also inform your employer of the new bank details. You should also inform authorities that transfer money to you - for example the employment agency, the child benefit office or the pension authority.

5. To be on the safe side, run two accounts in parallel

Terminate the old account, open a new one - this order sounds logical. But it makes much more sense to proceed the other way round: First that Open a new account and continue to run the old account for another 3 months. Only then can you cancel your previous account and change the bank for good.
This way you can be sure that there are definitely no more transactions going on with the old account. If someone tries to withdraw funds from your canceled account, you will have to pay a fee. Just check regularly the account transactions at the old bank.

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