Do You Need to Switch Banks When You Move?

August 17, 2018

You finally landed that dream job, but it means moving across the country. There’s a lot to think about to make it a smooth transition. While you’re stressing about selling your old home, securing a new one, and dealing with the movers, it’s easy to overlook something as basic as your bank. But it’s important to consider whether you’ll have easy access to your funds after your move, or if a bank switch is in order.

If you’re banking with a nationwide or international bank, you’re probably good to go, but you should still check to ensure that there are branches or ATMs near your new home that you’ll have easy access to. However, if you’re currently banking with a local community bank or credit union, or a financial institution with a limited regional footprint, there’s a good chance you’ll have to open new accounts in your new location in order to access your money as conveniently as before.

One way to avoid having to uproot your funds every time you move is to bank with an online bank. With an online bank there are typically no branches, so you don’t need to worry about finding a new bank when you move. You can keep the same bank accounts wherever you go. At Bank5 Connect, our customers can access their money, free of charge, from any ATM within the SUM Network (, and if they use an ATM outside of the SUM Network and are charged a fee, we reimburse them up to $15 per statement cycle.

Here are some other advantages of using an online bank:

  • You can bank anywhere there is an internet connection. On online bank is open 24 hours a day (unless of course, the bank’s website is undergoing maintenance, which typically doesn’t last very long and is done during off-hours). And, in the event that internet service isn’t available, most online banks can be contacted by phone.
  • You have access to real-time account information, such as balances, deposits, and withdrawals, with just a few keyboard clicks. This provides for ease of access and lets you stay on top of activity in your account.
  • You could get higher rates. Since online banks don’t have infrastructure such as physical branches and overhead costs tied to them, they can usually offer higher interest rates on savings and checking accounts. For online banks with lending capabilities, those lower overhead costs can translate into more attractive loan rates for customers as well.
  • It’s easier to spot and fix problems with your account. For instance, you don’t have to wait for a printed bank statement to review your account activity.
  • You can pay bills using online banking. No more envelopes and stamps and questioning yourself about whether you remembered to sign the check before sending off the bill. With online bill pay, everything can be done electronically with an online record you can refer back to if necessary.
  • Transferring money from one account to another is a breeze using online banking. You save yourself time by bypassing a trip to the bank or going through a complicated process by phone.
  • Mobile apps are available from virtually all online banks to give you even more flexibility. With most online banking mobile apps you can take photos of checks and deposit them into your account, you can pay bills, and you can check your account activity on the go. It’s important, however, to avoid using public Wi-Fi (such as the networks available in coffee shops, hotels, and restaurants) when conducting online banking transactions, as these networks are not secure.

To learn more about making the switch to an online bank like Bank5 Connect, visit our website today!

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