Filed under: Banking, Consumer Ally, Family Money
Over the weekend, we heard from more than 1,300 DailyFinance readers who said they’re considering switching banks in light of increased fees at some of the nation’s largest financial institutions. As consumers, we do an increasing amount of our personal banking with debit cards, and many of us have an elaborate system of direct deposits and automated payments in place. So if your savings margin is thin, switching banks requires some forethought and planning to ensure that you are not placing yourself at risk of an overdraft while you migrate your account. Richard Barrington, a personal finance expert for MoneyRates.com, shared his expertise with this five-step process on how to handle a bank swap.