How to Make the Switch to a Local Bank or Credit Union
April is Community Banking Month, where we take the opportunity to celebrate Arizona's local banks and credit unions and encourage consumers and business owners to make the switch!
When your money is deposited in locally owned and operated community banks and credit unions, it's quickly recycled back into our local economy. Currently only 4% of Arizona's total deposits are in Arizona-owned banks and credit unions, which means that most of our money is controlled by global banks that don't have a connection to our community.
You can help us to increase local control of our investments and deposits by making the switch this month to a local bank or credit union! We've outlined how to make the switch in three simple steps:
STEP 1: Define Your Needs & Do Your Research
You actually have quite a few options to choose from in selecting a local bank or credit union! Determine what your banking needs are before you start your search. Are you looking for personal banking or business banking? Are you interested in financing or investing options?
STEP 2: Contact & Meet with a Representative
Once you've decided on some options that you think would fit well with your needs, start contacting these banks and credit unions to set up appointments to meet with the appropriate representatives. A face-to-face conversation will allow you to determine which local bank or credit union is the right fit for you.
You can meet directly with representatives of some of the best local banks and credit unions at our upcoming Phoenix and Tucson events!
STEP 3: Make a Decision and Move Your Money!
Once you've made your decision, the rest of the process is straightforward. Contact the local bank or credit union that you want to switch to and they will give you direct instructions for how to move your money and complete the switch!
Important Things to Consider When Making the Switch
[column width="47%" padding="6%"]What direct deposits go into your account?
- Social Security
What automatic payments come out of your account?
- Rent/Mortgage Payments
- Insurance Payments
- Credit Card Payments
- Utility Payments
- Phone/Internet/Cable Payments
- Loan Payments
[column width="47%" padding="0"]Does the bank or credit union provide...
- Free online banking and statements?
- Free checking account?
- Shared branching/accessible locations?
- Surcharge free ATMs?
- My required level of technology?
When closing your old account:
- Verify all of your checks have cleared.
- Destroy all the old check/card/deposit slips, etc.
- Request that any remaining balance be sent to you.[end_columns]