How To Move Your Money To GHS Federal Credit Union (Banking Switch Kit)
GHS Federal Union is a not-for-profit organization that really cares about its members. If you're dissatisfied with your current financial institution, why not move your money to a place where you'll get better rates and personal service?
Wherever you are in your financial journey, a banking switch kit gives you all the information you need to start fresh. Read on to find out how you can make the move today.
1. OPEN YOUR NEW GHS FEDERAL CREDIT UNION ACCOUNTS
Opening a new account is simple and you can choose the most convenient way to do it.
Stop by your local branch and one of our knowledgeable and supportive staff members will be happy to listen to what you want and take care of your needs. Alternatively, you can become a member online or by calling 800-732-4447.
Take the time to explore all the new products and services we offer and take advantage of the ways we can help you grow your money and access the credit you want.
Read More: 5 Benefits of a Credit Union Membership
2. CHECK ALL YOUR TRANSACTION RECORDS
It's a good idea to make a list of all your incoming and outgoing transactions, then make sure all your transactions have been processed before you close your account.
Transaction categories may include:
Checks that have yet to clear
Automatic payments, such as your mortgage and insurance
Utility bill payments, such as electric and internet
Loan payments, such as an auto loan or personal loan
Subscriptions to various media, apps, and more
Pending debit card, credit card, and ATM withdrawals
Direct deposits due to come in from your employer, pension, or Social Security
Note: GHS will switch over your Bill Pay for you!
3. TRANSFER YOUR DIRECT DEPOSITS
Take your list of direct deposits and contact the relevant people and businesses so they'll know to put your money into your new account. Your first stop might be your employer's Human Resources department.
You may need to fill out a new direct deposit authorization form for each party. These forms need to be filled out with your employer or the individual or company you want to directly deposit funds into your account.
If you receive Social Security payments, be sure to contact the Administration and let them know about your change. You could do this online or by phone, and a GHS FCU staff member will be happy to help you.
4. TRANSFER YOUR AUTOMATIC PAYMENTS
It's important to go over all your automatic payments and take steps to make sure the money will all go through from your new account the next time your bills are due.
You can set up automatic payments via Bill Pay online, through the mobile app, or by contacting us directly. Bill Pay is a free service offered to our members.
Make sure you've allowed enough time for the transfers to take effect before your next due date. If you're not sure about processing times, a member service representative will be happy to guide you.
As mentioned, If you already use the Bill Pay service with your current financial institution, GHS FCU will switch over your Bill Pay payees so everything's ready to go. Just like before, you can decide if you want to make these payments automatic or pay a bill yourself when it comes due.
5. CLOSE YOUR OLD ACCOUNTS
The last step is to reach out to your old financial institution(s) and close all your accounts. You can use a Close Account form from the financial institution(s) to let them know you're moving.
Be sure to withdraw all your money and shut down any credit cards that might accumulate annual fees or other charges – even if you leave them in a drawer. And, again, check that you've received all your deposits before you close your accounts!
Finally, it's a good idea to destroy all your old checks, deposit slips, and debit and credit cards.
BEST PRACTICES FOR USING YOUR NEW ACCOUNTS
Once you've followed each step in this banking switch kit, you should have a smooth experience moving your money to your friendly local credit union.
Opening a new financial account also provides a great opportunity to review the way you've been handling your money in person and online – and see if there are ways to make you and your family safer.
From avoiding common scams to thinking twice about what services you use on public Wi-Fi, GHS Federal Union has got you covered. Click below for more!