It’s a good idea to make a running list of your automatic transactions before opening your new account to see what you’re working with and evaluate your finances as a whole. You likely have automatic payments or direct deposits set up through your current bank to pay things, like bills or subscription services, or to put money into other accounts, like for investments or additional savings. When changing banks, it’s essential to make sure you properly switch over those transactions to your new accounts so nothing gets lost in the shuffle.
Make a list of all the direct deposits, automatic payments, and transfers scheduled on your old account, including the amounts and dates of the transactions, as you’ll need to set all these up in your new account.
It may help to review your last few bank statements to make sure you’re not missing any automatic transactions you make on a monthly basis. For a seamless transition to your new bank account, pull up a year’s worth of transaction history to find all of these payments. This may take some time, but in the end, it’ll be worth it!
There are even mobile applications to help you through the process that will compile a list for you, such as Monarch and Truebill. They can track your spending for you — all you have to do is link your bank account! Once you have that list together, it’s time for the next step.