These days we can switch to anything new. All you have to do is find the alternative that you can use. This simple formula works for the bank or bank accounts as well. If you want to switch to a new bank. Then this is the only guide you will have to ready today. After reading this guide completely you will be able to switch to a new bank very easily. There are different types of banks operating in every country. Every type of bank has a different story to tell its customers so you have to choose the bank very carefully.
While switching to a new bank you have to consider many things. Like the account keeping fees, annual charges of the debit card, interest rate they offer to you on your savings, and many other things. So after reading everything about the rates and rules you can continue your process to switch your bank.
Steps to Switch to a New Bank
The steps are very easy. So there is no need to worry about that. But you have to keep in mind that you should not hold multiple bank accounts if you don’t require them all. If you have multiple unused bank accounts then your new bank might not be very comfortable in giving you an account.
1. Decide Which Type of Bank You Want
As I have already mentioned there are different types of banks that are operating in every country. So you have to choose the right type. For example, if you take the Indian banking system into account. Then we have public sector banks, private sector banks, regional rural banks, etc. All of these are banks that accept your deposits and keep them secure. But the environment you find in every type of bank is very different. Some of the banks will be processing the request of the customers very fast.
And in the case of some banks, they just take too long to process the request. So to be on the safer side you have to decide which type of bank you want to hold your bank account with. In most of the cases according to my observation, people find private banks a better choice. But the trust factor is more when the public sector banks come into the picture.
2. Choose Your New Bank
Ok, so now you have decided on the type of bank. The next thing is to choose your new bank. For this, you have to check out the offerings of all the banks. And then you have to select the best bank for you. This process is nothing to selecting the one out of many banks operating in your country.
While choosing the bank people take into consideration factors like the distance from their place to the bank, the interest rate they are offering, how trustworthy the bank is, etc. Even you can pick these things and consider them while choosing your new bank.
3. Approach and Open the Account
As of now, you have selected the type of bank you want and also the bank in which you want to open the bank account. So the next thing is to open the account with them. For this, you have to approach the bank and tell them that you wish to open a bank account with them.
The bank will be more than happy to have you as their customer. The bank will tell you the complete process of opening the account with them. Make a point of all the documents they ask from you. Collect all those documents, complete the process and you are done you have opened a new account in a new bank for you.
4. Close Your Old Bank Account
As already mentioned you should not keep multiple bank accounts. Your task is not complete once you have opened a new bank account in a new bank. But instead, you should think of closing your unused bank account (old account) if you are no more going to use it. One very important thing you should note. Your old bank account should not be closed until you have successfully opened a new bank account for you. Just like the process of opening a bank account. There is a process to close the account as well.
Some banks even charge to close the bank account. For the exact information, you have to contact your old bank. They will tell you the complete process that you have to follow to close the account. Follow those and you have done it. You have successfully switched to a new bank with a new bank account for yourself.