It is pretty rare to find a bank these days that does not offer online banking in some capacity. Technology has changed the way we bank. It can be a huge convenience for those days when the last thing you want to do is run to the bank to deposit a check or transfer money. Not only does it save you time, but it can also save you money!
Online banking has leveled the playing field for banks both big and small. If you are continually getting hit by high checking fees at your current bank making the switch to a new bank is easier than you think.
First of all most banks offer a switch kit which is a checklist of forms you’ll need to open a new account. A kit helps you transition to a new bank when you decide to make a switch in banks. You can usually find it right on most bank websites.
Also more banks are adding the ability to open a new account through an online application. In Chicago over one-third of banks allow you to open a new account from the comfort of your own home. That number will only increase as more retail banks improve their online capabilities!
Banking Online in Chicago (2014)
- 97% Banks have a website
- 34% Banks offer online account opening
If you do decide to switch to a new bank there are a few things to remember. You should always leave some funds in your old account for a month or so to give yourself time to change any automatic debits or credits over to your new account. Once you are ready to close the account contact your bank to make sure it is officially closed and doesn’t receive any more charges.