When you choose your new bank, you will want to consider many different options. The biggest should be the fees and interest that is involved with the bank. You may also consider convenience and how easy it is to visit your bank. You should make sure your bank is insured by the FDIC, which will protect your funds if there are any issues. Generally, you can just change the information with your Human Resources department. However, if you receive payments from things like PayPal or other income sources, it is important to remember to include them, even if the payments are sporadic. You may not remember to make the change if it only happens once a year. It helps to keep a list of businesses that you receive direct deposits from. Many of the changes you can make online. Some may require you to call or go in to the business to make the changes. Set aside about an hour to take care of this. As you do this make a list that you can use if you need to make the changes again. This can save you time in the future because it can help streamline the process. Another option is to do an online transfer to cover the payment or you can stop in on payday to move the money into the old account. You may decide that the savings is not worth the effort, but you should be aware that if the interest rate goes up, so will your monthly payments. You may be able to make the transfer automatic which can make it easier. However, it is important to allow enough time for the transfer to go through and allow for things like weekends and banking holidays. You can close your account by going into the bank in person and requesting that the bank closes the account. You will receive a check for any remaining balances on your account. Another option is to write them a letter that lists all of the account numbers that you want to close, and that you would like the remaining balances mailed to your home address. When you do this be sure that you close your overdraft account too.
