- First, don’t close out your existing bank account(s) right away. You may have pending payments (via Bill Pay or automatic payments), so hold off for a bit. Make sure you have the available funds in your existing account to pay all your bills.
- Begin to move your money by opening an ILWU Credit Union Account. All you need is $6. $5 for your share in the credit union and a one-time $1 membership fee. Note: The $5 share means that all members (together) have a voice and say in the credit union, so our shareholders consist of you – the members.
- Keep a minimum balance in your new account. For us, this means $5 in your savings account and $0 in your checking account. By the way, we do offer free checking!
- Add Direct Deposit. You save time and visits to the branch, and your PMA paycheck is available Thursday morning.
- Make a list of all automated payments or bill pay payees and/or gather your current bills/statements. Now you can do one of two things: You can bring your current statements/bills into our office and one of our Member Services representatives will assist you, step by step. We can sign you up for Home Banking, Bill Pay and set-up all necessary automatic payments for you. You also have the option to do this on your own, from the comfort of your home.
- Wait 4 to 6 weeks for everything to transition from your old bank to your new credit union.
- Close your old bank account. You will most likely have to visit your local branch to do this. Make sure you obtain a receipt or other document indicating that your accounts are officially closed. You have broken up with your bank – congratulations!
- Do a happy dance (completely optional).
- Stop by and say hello! We want to get to know all our members so stop by, let us know what your financial plans are and we’ll do our best to match you up with products that make sense to your lifestyle.
- Last but not least, enjoy the fee-free environment and don’t forget to stay connected by liking our Facebook page and subscribing to our blog.
So, have you moved your money? If you have, what other tips would you share?
[Image credit: Andrew Magill]