Switching From a Bank to a Credit Union? Here's What To Do

Ready to make the switch from your bank to a local credit union? You’re not alone. According to the Washington Post, credit union membership has steadily risen over the last decade. As of 2014, over 100 million people trusted a credit union with their financial security. And it’s easy to see why. Credit unions provide premium customer service along with more favorable interest rates. Plus, they’re able to give you the local, personalized attention you deserve. Here’s how to make switching from a bank to a credit union as easy as possible.

Find a Reputable Credit Union

Before changing banks, you need to find a reputable credit union in your area. What should you look for in a credit union? Most will offer essentials like free checking accounts and savings accounts with high APY rates. It’s also worthwhile to contact the credit union to learn more about their current interest rates. Often, credit unions can offer more competitive rates than commercial banks.

If you’re in New Castle and Kent County, Delaware or Cecil County, Maryland, contact us to learn more about why we’re one of Delaware’s best credit unions.

Open Your New Account

After selecting the credit union you want to bank with, it’s time to open your new account. Many credit unions offer the convenience of applying online or calling to have an application sent to your home.

To open an account with DEXSTA, all you need is:

A $5 deposit
Two forms of ID
Proof of address (such as a utility bill or lease agreement)

Of course, a credit union like DEXSTA will also want to learn more about you and your banking needs. This allows us to make personalized service recommendations to ensure you’re reaching your financial goals.

Start Direct Deposit and Bill-Pay

Once you’ve opened your credit union account, it’s easy to start your direct deposits and bill-pay services. This complimentary service will help you ensure that you don’t miss making payments on their due dates. It also allows you to keep receiving your paycheck or other direct deposit into your account as scheduled.

Close Your Bank Account

Once your new credit union account is established and funded, it’s time to close your old bank account. Most banks require you to visit a branch and provide identification before completing closure paperwork. If there’s still money in the account you’re closing, you’ll have to decide what to do with it. You can choose to receive it in cash or accept a check that you can deposit into your new credit union account.

After you’ve shut down your account, be sure to shred any documents that you don’t need anymore. This can help you protect yourself from being the victim of identity theft.