How to switch banks in 6 steps

Your bank account is where you place your money for safekeeping, bill paying, and saving for a rainy day. You want a bank that caters to your needs and is convenient. It’s your money, after all! At some point though, it might make sense to switch banks. Perhaps you’ve moved to a new city, had a big life change such as marriage or divorce, or you simply want a financial institution that you trust. If you’re ready to say goodbye to your current bank and opt for a new one, the process can seem daunting. But figuring out how to switch banks doesn’t have to be stressful. Follow these six steps to switch banks with ease.

Step 1: Research bank account options

If you’re thinking “How do I switch banks?” and wondering where to start, the first step is to research bank account options. A good thing to do before starting your research is to identify what you want out of your bank account and why your current bank account is no longer cutting it.

For example, maybe you have trouble finding ATMs in your new area, making it difficult to withdraw cash. Or perhaps you needed to fix an issue and you were less than impressed with the customer service at a branch or the digital banking options were not available or user-friendly on your bank’s website. To help you figure out what you need your bank to do better, write down instances where your bank failed you and keep them in mind as you do your research.

When you search for better bank account options, you may decide to try:

• A bank account with a financial institution
• An online bank account (no brick-and-mortar branches)
• A local credit union (which may have eligibility requirements you need to meet)

Some things you want to keep in mind while comparing bank account options:

• Is there a minimum deposit requirement?
• Is there a minimum balance requirement?
• Are there fees I should be aware of? (such as overdraft fees or maintenance fees)
• Do I earn interest on my savings?
• How convenient is it to find anATMin my area?
• Is mobile check deposit available?
• Is the mobile app or online account user-friendly and easy to navigate?
• What customer service options are available? (i.e., is it easy to talk to someone when you need to)

Keeping these things in mind can help in the research phase so you find a bank that works for your financial needs and lifestyle. After doing your research, write down your top contenders.

Did you know BMO offers checking accounts with access to more than 40,000 fee-free ATMs nationwide, mobile banking options¹ and customer support via phone, online, or in person?

Step 2: Select your new bank

After doing your research, it’s time to select your new bank. For convenience, you can pick one bank and open a checking and savings account. After choosing a bank, look at the eligibility requirements to make sure you qualify and review the terms and conditions. To help make switching bank accounts easier, find out the following:

• What documents do I need to provide?
• Do I need to go in person, or can I open an account online?
• Is there a minimum opening deposit required to open a new bank account?

BMO offers checking accounts, savings accounts, and other financial products to help you on your journey, like the BMO Smart Advantage™ Account and our Savings Builder account that helps you reach your financial goals faster with no monthly maintenance fee.

Step 3: Open a new bank account

After choosing a new bank, it’s time to open a new bank account. You may be able to open the new bank account from the comfort of your own home on your computer or smartphone in a matter of minutes, or you may need to go in person to a local branch.

To open a bank account, you need to provide some personal information including your full name, address, phone number, email, date of birth, Social Security Number (SSN) as well as routing and account numbers from your old bank so you can make a deposit. To verify this information, you will likely need to provide a government-issued I.D.

When opening a new bank account, you can typically transfer funds electronically from your old bank account. If you’re opening an account in person, you may be able to transfer funds with a check or a cash deposit.

Step 4: Take an inventory of transactions associated with your old bank and update info

Opening a new bank account isn’t hard — but updating where you receive deposits and make payments can take a bit more work. To make sure you don’t miss any payments that you receive or send, take an inventory of the transactions associated with your old bank account. These transactions can include:

• Direct deposit payments from your employer or clients

• Government assistance benefits

• Mortgage or rent payments

• Credit card or student loan payments

• Monthly subscriptions like a gym membership, a recurring donation, or Netflix

• Transfers to savings or investments

Once you have all these transactions listed, update your payment and deposit transactions with the new bank’s routing and account numbers. That way you won’t miss any important payments coming your way nor will you be behind on any recurring bills that get automatically paid. Make the transition to a new bank easy and seamless so you can stay on top of your finances.