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There can be different reasons that make you to close your old account and open a new one. For example, you are moving to another city, or let's say, just aren't satisfied with your bank because of this or that, which happens pretty often according to bank complaints that one without any difficulties can find in the Internet. Evidences just speak for themselves. The procedure you need to go through to change accounts isn't difficult. It is just necessary to do things in the correct order to avoid fees and other problems. Knowing the steps to take and the right moment to do that will help the switch to be as smooth as possible. First of all it is recommended to open a new account. Before closing their old account one should set up a checking account at their new bank. It is necessary to getting new checks and a new ATM or debit card to have access to money throughout the following transition. After setting the new account, one can stop using the old one. Any outstanding checks have to become clear which could take more than two weeks. This will prevent getting bouncing checks and incurring fees, and will make balancing a checkbook easier. One will be able to know if an old bank is paying the correct final amount from the old account. After reading bank complaints and reviews it becomes pretty clear how important this issue is. Not less important is to stop all of the direct deposits and automatic withdrawals from the old account. One shouldn't forget about any automatic payments which are intended for insurance premiums or contributions to individual retirement account, and so on. One should try to avoid being rushed and possibly forgetting about those bills. It is recommended to start moving all automatic payments to a new account one month before closing the old one. The next step is about cleaning out safe deposit box. It includes collecting all important documents or valuables that have been stored at your old bank and turn them in box keys. After that one can close the old account. For that it is better to go to the old bank in person. It is also possible to send a letter with a checking account number and require sending the money left in the account. Don't forget to give the bank a new address and telephone number if you are moving. It is recommended to control that the bank also closed any cash-reserve or overdraft-protection accounts that go along with the account. Afterward one should update all personal financial records to make sure that the checking account was closed. When you are done with all checks concerning your old account, you may destroy your old ATM or debit card. Thus no one will be able to get or steal those. The old or any unused checks must be shredded for the purpose you don't use those by mistake.
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