Considering changing banks? Here’s what you need to know

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Changing banks may not be as difficult as you would expect

If you’re wondering, ‘how do I change banks?’ mostly likely you are considering changing banking providers due to three reasons:

  1. You’re paying too much in fees
  2. The account you’re using pays little to no interest
  3. You’re unhappy with the level of customer service

Here is all the useful information you need to help you make the easy transition to a better bank.

Finding a new account

With so many different account types, this could be a little time-intensive. Regardless, the research you do now could pay-off in the long-run as you may end up with a banking product you’ll be happier with, and better financial benefits. However, considerthese points when searching for a new and better account:

  • No monthly fees
  • No withdrawal fees
  • No EFTPOS transaction fees
  • Convenient access to your money

Interested to see if you can get a better deal? Find out more about IMB Bank accounts here.

Opening a new bank account

If you’re opening a new bank account, one of the easiest ways you can do so is online. With IMB, it is easy as A.B.C.

  1. Navigate to the account information page and select an option that best suits you
  2. Click the account you want to open and hit the ‘Apply Now’ button
  3. Follow the prompts and ensure you have your identification handy such as two of the following; your driver’s license, your passport or your Medicare card.

It’s that easy! However, you may have to visit a local IMB branch and submit further identification if you don’t have all the required documents to submit online.

Transferring automatic payments

If you have set-up a new account, it is a good idea to transfer any automatic payments from your old account to your new one. To make things easier, getin touch with your current bank and request a list of automatic transactions and apply these to your new account1. Not all payments such as manual payments or authorised third party direct debits may be able to be included in this list so there may still be some manual work in changing automatic payments. Have a think about some transactions such as your salary, gym membership, subscriptions or utility payments.

Sound like too much hard work? Remember why you’re transferring banks. You'll get peace-of-mind and save both time and money long-term.

Check-list: closing your old account

It's easy toclose a bank account.

Firstly, double check that you have transferred all your direct debits and credits to your new account. This will ensure there are no late payment fees. You also have the option of leaving the old account open for a while with some spare funds (just in case). Although, be mindful that you could still be charged account fees while you have the old account open.

Secondly, if you have a list of all your merchants from your previous account, then consider getting in touch with them to provide your new banking details such as your debit card number or account number.

Lastly, ring your old bank and find out what you need to do to close your account. You may need to go to a branch and close the account in person. If this is the case, then make sure you have all the appropriate identification with you.

Switching bank accounts is easier than you think and can generally be done in less than a few days. Don't feel as though you have to stay with the old bank just because you've always been with them. There are plenty of accounts to choose from that may better suit your needs.


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