How to switch banks

Yesterday the CBA announced a record profit of 6.1 billion dollars.
 
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01.How to switch

Switching_bank

1. Find a new account

You can get some ideas from:

2. Open the new account

You’ll need to provide identification and other details.

3. Contact your existing bank for a list of your automatic payments

Under the government’s bank account switching package, financial institutions must provide consumers with a list of their direct credit and debits for the previous 13 months, to make it easy to arrange for the new institution to set up those payments. You’ll also need to check for regular direct debit and “pay anyone” arrangements.

4. Set up regular payments in the new account

If you give the new institution a list of all your regular credit and debit payments it should help you to re-establish those payments on the new account with forms to advise each relevant organisation of your new account details.

Next steps:

  • You will also need to ask the new institution to set up other periodical payments. If you have direct debit arrangements with other merchants or utilities providers, for example, you will need to advise them of your new account or card number. If you use internet banking to make “pay anyone” transactions, you’ll need to set up those arrangements on the new account.
  • Lodge money to the new account - make sure there's at least enough money to cover upcoming scheduled payments.
  • Redirect your salary and other payments to the new account.
  • Leave the old account open with some money in it for a short time, to make sure no more payments are going in or out.

5. Close the old account

When everything is running smoothly with the new account, transfer any remaining balance to the new account, and close the old one. 

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