Four steps to switching bank accounts

Many people do not switch banks because they think it is too hard. Direct debits make switching accounts difficult for many so the key is not to close your old account before setting up the new account. Leave your old account open with some money in it to cover any automatic payments to be made during the change.

Ask your current financial institution for a list of your regular direct debits and credits. This service may cost a small fee. You can also find the information in your account statements.

Take the list to your new institution. They will help you re-establish the payments on the new account. When all automatic payments have been updated to your new account, close your old account.

Source: Sydney Morning Herald

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