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Anyone who has ever moved knows that it’s no small feat. Your days are filled with finding a new home, arranging financing, investigating school districts and finally packing up your belongings in anticipation of the big moving day.

But don’t forget! The personal belongings in your home aren’t the only things you need to move.
Your financial family should be an important part of your plans as well.

Organization Is the Key

As the time nears for your moving day, take a few minutes to make an inventory of your accounts and who provides them. You’ll need to include:

  • Checking and savings accounts
  • Holiday club accounts
  • Certificates of deposit
  • Safe deposit boxes
  • Stocks, bonds and other investments
  • 401(k) plans
  • Credit cards
  • Outstanding loans and lines of credit

Contact the providers of these services and let them know you’re moving. If you’re planning to maintain any financial relationships be sure to inform them of your new address in advance. Otherwise, make arrangements to close your accounts or transfer them to your new financial institution.

In addition, you may want to contact your accountant, attorney and financial advisor to let them know that you’re moving. Be sure to get copies of your tax returns and any other files that they may have from previous years and keep them in a safe place.

Plan Ahead

Notify all sources of income of your plans at least three months in advance of your effective move in date (especially government income, such as social security).  This will help ensure that your money is sent to the right place.

If you have any payments that are automatically deducted from your bank account, be sure to make arrangements well in advance for the funds to be deducted from your new bank account.

Give special attention to tax-deferred funds such as 401(k) plans and IRAs. When moving these types of funds, be aware that there are strict rules governing the transfer of these funds. Ask your financial advisor for more details.

Looking Toward the Future

Choosing new financial partners is the final step in moving your financial family. There’s much to consider before making a firm decision. So, it pays to shop around! Are the hours and locations convenient for you? Do the types of accounts and services meet your needs? Are you pleased with the way you’re treated? Is this a bank that supports your community and its institutions? 

Most people find it inconvenient to switch financial institutions. As you select a new financial institution, think of it as establishing a long lasting relationship.

In this case, the more business you bring to a bank, then the more special features you may receive. For example, some banks offer advantages according to the balance on your savings, checking or loan accounts. Others give you discounts on loans when your monthly payments are automatically deducted from one of their checking accounts. Your goal is to get the most out of your relationship with your new bank by making sure your accounts are a part of your total financial package and reflect your everyday needs.

As you shop for a new financial institution, check into automated services that can make your life easier.

Online and Mobile App Banking Options

Most banks offer options such as telephone, online, mobile app and text message banking services that allow you to conveniently, view your personal account information or activity, transfer funds and 

pay bills 24/7 from anywhere. Also consider the strength of online encryption the bank has implemented for your security. Some banks also offer an app that sends you an alert and allows you to decide when you want your debit and credit card available for use.

By using online and mobile app banking options, you can also easily pre-authorize your regular monthly bills, such as a car or mortgage payment, so that they are always paid without worry. This way, your monthly bills are taken care of in a safe and timely manner while you are in transit or still trying to get settled in with the move.

Of course, you still will need to verify your bank statements and bills each month and make sure that your finances are in good order. 

Direct Deposit

Try direct deposit to avoid worrying about paychecks getting lost or not being forwarded to you in the mail. If your employer offers direct deposit, take advantage of this valuable service and have your paycheck deposited directly into your bank account. Check with any other income sources (e.g., social security benefits or investment dividends) to see if they offer direct deposit. 

Keep in mind that this information is only a general guideline to help you with your moving experience. Your personal financial family may require more (or less) planning than what is discussed here. Seeking the advice of your financial advisor and planning ahead can help to ensure that your move goes smoothly and according to schedule.

Article provided by Dollar Bank. mg