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The difficultly, strike that. The complexity occurs when you have setup auto payments. One just has to handle it like any other transitional period. You open
by jrs235 11y ago
The difficultly, strike that. The complexity occurs when you have setup auto payments.
One just has to handle it like any other transitional period.
You open a new account with a new bank or credit union and start funding it. You watch your existing bank account for recurring or auto payments coming out and work to switch them over to the new bank account. You have to maintain some money in the old bank account and possibly keep it open for several months or a year.
Treat the old account as a temporary savings account with enough money to cover any checks or auto payments that might get drawn against it. After you are certain all auto payments have been transferred or you feel safe and confident then you close the account with the old bank.
I primarily use a credit union but I do have a checking account with a regional bank that I use strictly for auto payments, this makes it easy to make sure there's enough money in the account and to transition away in the future should the bank displease me.
- LordKano 11y agoI don't do automatic payments. I won't do automatic payments. It doesn't benefit me so I don't do it. They day after payday, I sit down and determine which bills are due and I pay them electronically. It doesn't matter which bank account I use because I handle them individually, every payday. I could switch banks today and my process wouldn't be interrupted at all.
- nucleardog 11y agoIf by "automatic payments" you mean ACH direct withdrawals, the benefit is "I don't have to remember to pay my bill." The disadvantage is "An outside entity can remove an arbitrary amount of money from my account at any time, keep it for an indeterminate amount of time, then return it without penalty." I could see have a charge automatically applied to a credit card (where you're able to dispute it, if necessary). I cannot imagine why anyone would ever want to set up direct withdrawals.
- LordKano 11y agoI want to remember. I want to verify the amount of ever withdrawal before it happens.