Become a member of Founders by opening a Savings Account with an initial deposit of $5. Apply for our Free Checking Account1 with no minimum balance and no monthly service charges. Set up overdraft protection by opening a Personal Line of Credit.
2. Order New Checks and an ATM or Debit Card
Your printed checks typically arrive within 1 to 2 weeks. You will receive your free Debit Card when you open your account. Apply for a Platinum Credit Card and transfer existing credit card balances.
3. Ask Your Employer to Reroute Your Direct Deposit
Ask for a direct 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. Keep your old checking account open as it may take one or more pay cycles for the change to be complete.
4. Contact Companies that Automatically Draft Your Account
Compile a list of any businesses you have authorized to directly debit your account. Ask us for an automatic payments authorization form that includes your new account information. Send this to the businesses on your list.
5. Set Up Bill Pay for Your New Account
With Bill Pay you can set up recurring bills or automatic payments, determine the status of a payment or make changes to a payment.
6. Close Your Old Account
Once your direct deposit has been set up and you are sure
there are no outstanding checks or automatic debits that need to clear, close
your old account. It is important that you close the account and not just
withdaw all the money. Your bank may start charging you fees for having an
empty or inactive checking account.
7. Now Relax – You’re With Founders!
Once you have settled into your new financial relationship consider switching all your accounts to Founders.
1 Requires credit evaluation.
This article was published in Founders FCU CU Connect Newsletter (April 2013). Portions from MoveYourMoneyProject.org