moving out of state, wondering if i should close my banks and open another later or to just transfer to different banks?
2006-12-02 09:01:36 · 6 answers · asked by kitty g 2 in Business & Finance ➔ Personal Finance
Depends on the bank. Due to varying banking laws in each state, many banks will require you to close the account and re-open in the new state. I would check with your bank first, but if they will allow it, go ahead and transfer as this will make your life easier and give you one less thing to worry about in an interstate move.
2006-12-02 09:11:56 · answer #1 · answered by denim 3 · 1⤊ 1⤋
Find out in advance if you can transfer. Some states do not allow inter-state transfers.
I was with a well-known, long established bank when I decided to change my state of residence. Without realizing that the state I was in did not allow such a procedure, I moved, thinking that I would transfer my account to a branch of the same bank (which was just 4 blocks away from my new home.) I was shocked to learn that it was not possible and we spent about three weeks on exceedingly short rations until my old branch issued and mailed a check for my balance to me.
Obviously, I would prefer to transfer, given the choice.
2006-12-02 17:27:20 · answer #2 · answered by pessimoptimist 5 · 0⤊ 0⤋
Contact your current bank and tell them that you are moving out of town. If they are a large bank they will be able to tell you if they have any branches in the state you going to. If at that time it looks like it will be convenient for you then you will be able to leave thing as is.
If you have an IRA with your current bank you will not be able to close it out without a penalty from the IRS. You can roll it over to your new bank once you open a new account and a new IRA.
Any long term CD may also get a penalty for cashing them in early. Another reason to see if your current bank has a branch in you new location.
2006-12-02 17:26:32 · answer #3 · answered by chuck m 2 · 0⤊ 0⤋
Depends on where your moving. You may have an account with a chain bank. You may have a local branch at where your moving to and you can just continue banking through that branch just as you were and you dont need to make any changes at all.
If your with some ghetto bank that I who have been in the credit business for 10 years have never heard of....you better rap it up.
Go to your bank website and look up locations to figure it out.
2006-12-02 17:08:05 · answer #4 · answered by smile4cobra 3 · 0⤊ 1⤋
If you are happy with the service provided by the bank, and they do have convenient locations near your new home, I would maintain that account. It makes it easier to get support from the bank if they see your banking history.
Of course, if it is not available, or not convenient, you will need to change banks. If this is true, ask your bank manager for recommendations in your new area.
2006-12-02 17:03:23 · answer #5 · answered by jpbofohio 6 · 0⤊ 1⤋
It's better to transfer as you don't want to take that risk and carry all that with you.
2006-12-02 17:03:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋