Changing / Merging Bank Accounts - Where to Begin?

Updated on March 16, 2013
A.B. asks from Pittsburgh, PA
4 answers

My husband and I have two accounts because when we got married, we had lived on our own for awhile and had most of our individual bills coming out (and paychecks coming in) via automatic draft and it seemed like more of a pain to transfer all that than to just go with it. We both have debit cards for both accounts and there is no secrecy, etc.

We're much happier with one bank than the other (pretty much no fees for anything) so at this point we'd like to consider merging the two accounts. Honestly, I feel like I don't know where to begin. There is so much coming and going out of each and I'm nervous about how to get the timing right so things aren't delayed or clear once the account is closed. I feel like this should be a fairly easy, everyday type of thing, but between my job, my toddler and being 33 weeks pregnant, I'm flat out of problem-solving brain space today. =)

What would be the best way to make this work?

Thanks, all!

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More Answers

C.C.

answers from San Francisco on

Well, the first thing to do is to change all of your automatic withdrawals to the new bank account. Then, submit a direct deposit form to your employer with the new bank account information. While you are waiting for the direct deposit to change over (sometimes 1-2 paychecks), you'll just have to withdraw the money from your old bank, and deposit to the new bank (or write a check from the old to the new, whatever's easier). It's a pain in the neck, but it will be overwith in a few weeks. :) Then, leave the old account open for a month or so, in case there are any outstanding charges. After the month is over, go in and close out the old account.

We had to do this a year ago, after being dissatisfied with our credit union. It wasn't actually as bad as I had anticipated!

8 moms found this helpful
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M.P.

answers from Portland on

I've done this. Choose which account you want to use. Stop using the other account. Send new account information to everyone that will need to stop using the one chosen to close. Then wait until everything clears and then close it. I waited a couple of months so that I'd be sure.

1 mom found this helpful

K.A.

answers from San Diego on

I would sit down and put in writing every auto payments etc that you have attached to the account you plan to close to make sure you don't miss something. Free up some time and go down your checklist and change them to the account you plan to keep. It can take a month or so for everything else to catch up.
When we did it after getting married we just stopped using the account we were closing so we knew everything cleared then closed it out. Of course at that time there weren't any auto payments or anything so it went by a lot faster.
But Hell on Heels and Marda P. are spot on.

1 mom found this helpful

A.M.

answers from Kansas City on

well first off, when we did this i was overwhelmed too - but i was so shocked at how easy it was to add my husband to my account. don't worry about that part - we met at the bank on our lunch breaks one day and it took about 10 minutes. super easy - he just had to sign something. (although i do use a credit union so i don't know if that matters.)

i would do that first. then as you get time and motivation, just tackle one bill at a time and switch them over until they're all done. baby steps might make it less intimidating! hth!

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