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Moving, and Moving Accounts

How do you transfer your accounts and funds from one bank to another in a different state?

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Contact the new bank where you want to open the account, assuming it is a different bank than you are with now. If it is not, just ask the bank to move your account to the branch that will now be local to you. Ask if they offer a "switch kit."

A switch kit often includes all the specific information you'll need to move from bank A to bank B. In a nutshell, you'll want to move any automatic debits from the old account to the new with an effective date that allows you to have those funds in your new account. Calculate any outstanding checks and bank fees you'll have to pay and leave that amount in the old account. Wire the remaining balance from the old account to the new, or write a check or get a cashier's check if you want to move the funds that way. After all the checks should have cleared the old account, ensure you close it to avoid any other fees from being billed.

Published on BankingQuestions.com 12/18/08