most cases, you should be able open a checking account with an· initial deposit
of $25 to $100. At a credit union, you’ll also become a· member and co-owner at
the same time.
for a credit card from your new local bank or credit union at· the same time.
deposit authorization form that includes your new account· information. Give
this form to your employer and anyone else who makes· direct deposits to your
account. It may take one or more pay cycles for· the change to be made, so keep
your old checking account open and watch· for the switch.
authorized to directly debit your account. Ask your new bank or· credit union
for an automatic payments authorization form that includes· your new account
information. Send this to the businesses on your list.
account. Also, stop any automatic, recurring payments you have· established
through your old account.
sure that there are no outstanding checks or automatic debits· that need to
clear, close your old account. Warning: do· not just withdraw the last
dollar and assume the account will fade away· on its own. Your old big bank may
start charging you fees for having an· empty or inactive checking account.
Instead, follow the bank’s· procedure for closing out the account.
Initiative. Visit newrules.org/banking for articles,
graphs, studies, and more