How to switch from a bank to a credit union

Posted by Lone Star CU on 04/26/2021

Switch to a CU blog header-01

Perhaps you’ve heard how great credit union services are, how much lower their fees are, and how they offer much better interest rates than banks. But the idea of moving your accounts from your current bank sounds daunting. Well, it’s really not that hard. Follow these simple steps to switch to a credit union and start reaping the benefits of membership:

  1. Check out credit unions in your area. Use Your Money Further to help you find a credit union.
  2. Open a new account at the credit union. You’ll need a form of identification, like a driver’s license, passport, or state ID, as well as provide your Social Security number, and a check or cash to deposit into the new account.
  3. Get the products or services your new credit union offers. Sign up for a debit and/or credit card, set up their mobile banking app, etc.
  4. Link your bank account to your credit union account. This will make transferring money easier. Most credit unions will let you do this online, but if you need help, simply call or stop in to have someone help you set this up.
  5. Switch your direct deposit and automatic bill payments to your credit union account.
  6. Make sure to leave enough money in your current bank account to cover any outstanding checks or automatic payments.
  7. Once your direct deposits and automatic payments are coming and going through your credit union and the last of your bank checks have cleared, close your bank account.

Then, explore the ways your credit union can help your money go further!