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Switch Kit

Online Banking

Switching Your Bank Accounts

Whether you’re new to the area or you’re just ready to switch banks, Select Bank is here to make the transition easier. Using these simple steps, you can open a new deposit account at Select Bank and we’ll provide you with the forms to close out the account at your old bank.

Step 1: Open An Account at Select Bank

You can open an account by visiting one of our offices or by applying online with our convenient application. Your new account will be active as soon as your funds have cleared, at which point you should stop using your old account.

Step 2: Set Up Direct Deposit

First, you’ll need to authorize Select Bank to set up Direct Deposit for your account. Next, you have to inform your employer. This will need to be done through your office’s human resources department. You’ll need to provide them with information about your new account, including a copy of a voided check, deposit information and authorization. Any other regular payments, including Social Security funds, will also need to be transferred to your new account. Direct deposit can take up to 30 days to change over.

Step 3: Set Up Automatic Payment

Select Bank offers Online Bill Pay services for customers, but you must remember to switch those payments over from your old account. This means you’ll have to contact all the payees you are currently paying with automatic billing and cancel that service from your old account. These payments may include:

  • Mortgage
  • Utilities
  • Cable service
  • Home phone
  • Mobile phone
  • Insurance
  • Internet service provider
  • Automatic transfers to savings or investment accounts
  • Auto loan payments
  • Student loan payments
  • Membership accounts (clubs, gyms, etc.)

Your old bank is a great place to find a list of all your current payments. To set up automatic payment with Select Bank, please fill out this form.

Step 4: Close Your Old Accounts

Once you’ve canceled your direct deposit and automatic payment services with your former bank and given yourself enough time to ensure outstanding checks and payments have cleared, it’s time to close your account. You’ll need to stop using all checks, debit cards and ATM cards associated with your old accounts, as well. To make the process easier, fill out this form to speed up the process of closing your old account.

Switch Your Accounts Today

If you have questions about switching your accounts to Select Bank, a member of our staff is ready to help you. Stop in at one of our offices or call us at 434-455-1700 to get your questions answered.

 

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