Where you bank might seem like a small decision (all financials are more or less the same, right?). But the truth is that choosing the right financial partner can have a big impact on your overall financial well-being – and there really are some big differences from one financial to the next.
For instance, choose Summit and you’ll get a great overall package of competitive rates, lower fees and exceptional service and, sometimes, even extra cash (keep reading to learn more about that).
When does it make sense to switch?
There’s no one right answer. Some people switch because they’ve heard good things about the service at a particular financial institution. Others switch because they know they can get reasonable rates on their loans or savings.
Those things are both true at Summit – great service and competitive rates. But we also have two other great things that set us apart:
- We’re a credit union, not a bank. If you’re not familiar with the difference between the two, here are some key things to know:
- A credit union is a financial cooperative owned by its members, whereas a bank is a for-profit corporation. At Summit, our “customers” are also our member-owners, which means that everything we do is with our members’ best interests in mind. At banks, their ultimate customers are the shareholders who have invested in them.
- Credit unions can give their members a great overall package of competitive rates, lower fees and exceptional service because they’re not bound to shareholder interests the way banks are.
- Credit union members vote to decide who serves on the board of directors. (And you can even volunteer yourself.)
- Cash Boomerang* – our member cash give-back program. Yes, it really can pay to do your banking at Summit!
Sound like banking you can get behind? Ready to make a switch?
Here’s what to do next
First, take a quick inventory of everything that’s connected to your current bank account—these are the things you’ll have to update when you switch. Here are some items that might be on your list:
- Direct deposits
- Household bills (rent or mortgage, utilities)
- Recurring payments (student loans, car payments, credit cards)
- Insurance (auto, home, health)
- Family and wellness services (childcare, gym membership)
- Subscription services (like Netflix)
- Online and mobile banking tools
- Other income sources, like investment earnings or Social Security benefits
How to change banks in 5 easy steps
- Summit makes it easy peasy. Just click on the link and walk through the process – we're always here to help too!
- A couple tips:
- Leave your old account open for six weeks, so you have enough time to transition all your payments and services. Keep enough cash in this account to cover any automatic payments that might go through before your new account is all set up. Overdrafts can be expensive!
- Put enough money in your new account so can start using it for some of your recurring payments. At Summit, we try hard to protect you from overdrafts and difficult money situations but it’s always good to double-check that you’ve covered your automatic payments.
2. Link your old account to your new account.
This makes it easy to move money over to your new account. Linking the accounts involves making a transfer to an external account, which you should be able to do through online banking. Under “External transfers” look for something like “Add new” and enter the following details about your new bank or credit union:
- Institution name
- ABA routing number
- Account number
3. Transfer your direct deposits, automatic payments and other services to your new account.
- Talk to your employer ahead of time about getting your paycheck deposited into your new account. We suggest doing this as soon as possible so you don’t have any problems with your next direct deposit. You’ll also need to go to the website for each of your other deposits/payments to add your new account information.
4. Confirm all your payments are being made from the new account.
- Again, don’t close your old account too quickly – wait until the next cycle of bills and deposits goes through to make sure everything is functioning correctly. There’s always a chance there could be a hiccup in the process or something you forgot, so it’s nice to keep some cash in the old account just in case.
5. Close your old account.
- But first, transfer any remaining money from your old account into your new one. Just make sure this won’t create fees – some accounts require you to maintain a minimum balance.
- Some financials will let you close your account online; others might require you to call, visit a local branch or submit a written request. Check with your financial institution to find out which is true for them.
- You should receive written confirmation (letter or email) that your account is closed. When you’ve got this in hand, shred your old credit and debit cards.
- Changing financials can feel like a chore. But think of the upside! You’ll have a financial partner you can trust, one that cares if you succeed. So worth it!
*No minimum balances are required to be eligible for the program. Any fees/charges applied to an account will reduce the account balance and result in less dividends earned. A checking account must be open as of 9/30 of year of payment to be eligible for the program. Only members in good standing at the date of the payout will receive a payout as long as the Cash Boomerang computes to $10 or more, with a maximum of $1,000. Cash Boomerang is not guaranteed. Cash Boomerang is a dividend and subject to tax reporting.