Changing Bank Accounts

guide

You may be unhappy with your current bank or bank account, but the thought of changing to a new bank may fill you with more dread than joy. You may simply choose to stay with your current bank, as unhappy as you are, just to avoid the hassle. In most cases, as long as consumers continue to pay the high bank account charges, the banks will continue to charge them. However, with complaints about high banking fees and unsatisfactory service abounding, some banks are making it easier for you to change over.

 

The fact is though, that switching bank accounts still, in most cases, requires effort. You’ll have to provide identification, birth or marriage certificates, proof of residence and details of your existing banking accounts. Some banks may require a bank statement with your current direct debits and stop orders (your old bank is obliged to provide your new bank with details of your direct debits and standing orders to your new bank within a few days). Here are some steps to make the process of switching bank accounts as simple as it can be:

 

1. Shop around for bank accounts

 

Make sure the bank that you are switching to has lower banking fees, offers more value for your money, and that there are no hidden costs.

 

2. Make all the necessary arrangements

 

Start by providing all the institutions that debit money from your account with the full details of your new bank account. Don’t close your existing bank account until you are sure that all your debits have been transferred to ensure none of them bounce.

 

3. Change bank accounts at the beginning of the month

 

Rather switch your bank accounts at the beginning of the month to ensure that your new bank account will be active in the new month and that all your arrangements with your employers (to deposit your salary into your new account) and your debit orders has been arranged.

 

4. Confirm you have convenient access

 

Make sure you will still have convenient access to ATMs around where you live or work so that you do not end up losing all the money you thought you’d be saving from moving to a new bank and then paying exorbitant SASWITCH fees. Knowing that there is a bank account branch close by is also helpful if you have queries that cannot be addressed over the Internet or phone.

 

Ready to get started? Compare the best bank accounts in South Africa now. For unbiased information about the different banks and the service they provide, read our bank account reviews written by ThinkMoney customers. ThinkMoney takes the hassle out of shopping around for the best bank by allowing you to compare them all online and reading reviews about their banks from our customers.


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