Friday, September 11, 2015

How To Transfer A Bank Account – Process To Switch Your Bank Account

How to Transfer A Bank Account

Did you recently move from one city to another or if you are unhappy with the service you are getting from your bank? Now, you can easily switch to a new bank or get your bank account transferred to a nearby branch in the new city while retaining your old account number. How to Transfer A Bank Account? Transfer of accounts are done by two ways i.e. one branch to another and one bank to another.

How to Transfer A Bank Account

Now you can freely transfer or switch your bank account without any restrictions. To simplify things, here's a step-by-step process to help you tie up all the loose ends that can come with while switching your bank account.

How to Transfer A Bank Account

Follow the key steps below if you need to transfer or switch a bank account.

One branch to another
  • The transferee of it will have to submit an application to the branch manager where he holds it i.e. home branch. The details which should be mentioned in the application are: name of the transferee, account number, the branch name where he wishes to transfer his account.
  • The issued books will have to be submitted back to the home branch i.e. cheque book. Pass book, unused cheque leaves.
  • The account number will remain the same only the branch of the bank will change.
  • The details of new address, contact no. will have to be submitted in the new branch.
  • No extra fee is charged for transfer of account.
  • The money will shift from old to new and the previous branch account will close.

Bank to Bank
  • Open the new account with another bank before closing the old one.
  • Before switching to the new financial institution, clear all the payments due of your old account.
  • Mistakes takes place when you switch banks but in order to minimize mistakes and damages try to keep few funds.
  • Try to keep it open as long as you can afford because atleast it will take a month for you to inform everybody about the switching.
  • Then, you can easily close old one with moving all the remained funds.
  • Tell bank officially that finally you are moving so that they can stop sending statements and paying interest.

Therefore you can easily get your bank account transfer by following the above discussed procedure. Though the shifting or moving of this may take time but it has become very simple and flexible without much paper work but you should complete all the KYC (know your customer) details so that the transfer could be made in minimum time.  

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