Once you’ve chosen a new bank, it’s time to start making the transition. Here’s your step-by-step guide to a complete transfer of assets: 1. Make a list of your automatic and tied payments First, review your current bank accounts and note all automatic withdrawals and deposits. Make a list — there may be more than you realize. Look for monthly, bimonthly, and annual tied payments. These may include bills, subscription and membership accounts, direct deposits, recurring transfers, and any other regular transaction that will need to switch over to the new accounts. 2. Open your new bank accounts To open a new bank account, you will usually need to provide proof of identity (such as a driver’s license, passport, or state ID). You may also need to supply additional personal information, such as your Social Security Number or address. Some banks require you to make an initial deposit when you open the account. Once these requirements are met, you should be able to get your new bank accounts up and running. Be sure to take advantage of any new account bonus offers. Many banks, including Laurel Road, will allow you to open an account online, though some may require you to visit a branch or set up an in-person appointment. 3. Update and link your new bank accounts Once the account is open, sign up for any programs you used at your old bank – or are looking forward to – such as: Mobile banking Paperless enrollment Link your checking or savings account Download your new bank’s app and note how long you’ll need to wait for debit cards to arrive (often 7 business days from account opening). Sign into your new bank account and note where to find any routing and account numbers in the future. Next, address that list of automatic and tied payments and switch all your information to the new bank. Start with the direct deposits, which may include your paycheck, government benefit payments, and any other deposits you have linked to your accounts. Be sure to update your paycheck direct deposit with your employer. (Check with your employer if you have questions on how to make this switch to your new account.) Once you’ve set up direct deposit and your account is funded, you can update bill payments and transfers in online banking or using the app. This can also be a good time to set up any automated or recurring transfers, such as deposits from your checking to your savings account. 4. Close your old bank accounts While this part shouldn’t be tricky, read the fine print to avoid fees – some banks don’t make this easy because they want to keep you as a client. If you have sufficient funds to meet the minimum balance requirements, it may be wise to keep both sets of accounts open for a full billing cycle to ensure all automatic payments transfer appropriately. When you’ve confirmed that all your direct deposits, payments, and transfers have switched over, you can stop using or close your old bank account. Use an ACH transfer (or personal check) to move any remaining funds to your new accounts, and be sure to securely dispose your old checks, deposit slips, and debit cards.