MoveYourMoney-SwitchKit-CMCU

MAKING THE SWITCH!

Tips for Switching Your Accounts and Services to the Credit Union

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INFO SHARE

We will need information about the outgoing financial institution and the accounts you will be closing and switching to the Credit Union account(s).

Routing Number of the financial institution you're switching away from. The financial institution’s routing number can be found at the bottom of a personal check from the institution (see illustration below).
Account Numbers for the accounts you wish to switch. Your account numbers can be found on your most recent account statement.
Your ID. A government issued photo identification is required. We will need to keep a copy.

You may want to contact your current financial institution to confirm the information you gather.

Other helpful documents may include: Account Statements, Credit Card Statements, and any current Loan Payment Booklets you may have.

THE APPLICATION PROCESS

Click the highlighted text here to access our membership and deposit account applications.

If you are a new member, then you must complete our membership application. There are several ways this can be done:

You may complete our online application on your own, using a computer. If you complete the online version, then you will need to print it out to sign it. Then, bring it with you to our branch to complete the application process in person.
You may visit the branch and fill out the application with assistance from a branch representative.
NO APPOINTMENT IS NECESSARY!
Additional forms may be necessary to fully complete your application.

FOR YOUR INFORMATION

We operate as a division of Self-Help Credit Union. Therefore, you will see frequent references to Self-Help Credit Union on our forms and in much of our other member services documentation and public communications. Please click on the highlighted text here to link to the Self-Help Credit Union website for more information.

SWITCHING SPECIFIC ACCOUNT SERVICES

DIRECT DEPOSIT

Two common sources of direct deposit (direct depositors) are 1.) employee wage payments by your employer, and 2.) government benefit payments.

YOUR EMPLOYER

If your employer deposits your wages directly into an account at the financial institution that you are switching away from, then you will need to work with your employer’s HR department to have your wage payments re-directed to the Credit Union.

GOVERNMENT BENEFIT PAYMENTS

If you receive government benefit payments, then you will need to have those payments re-directed to the Credit Union.

FORMS
DIRECT DEPOSIT AUTHORIZATION FORM	Submit a completed authorization form to your employer. Access our form by clicking on the highlighted heading.
GO DIRECT	The Go Direct website of the U.S. Treasury Department contains current information about U.S. federal government benefit payments. Access the Go Direct website by clicking on the highlighted heading.

TIPS

Switch your direct deposits after you establish your Credit Union account(s). This is because you will need to provide the direct depositor with information about where to re-direct your future direct deposits.

When making the switch, present a voided check from your Credit Union checking account or Money Market account to the direct depositor to identify the account to be utilized and to show proof of Credit Union account ownership. You may be asked to fill out additional forms by the direct depositor.

Be sure to confirm with your direct depositor(s) the effective date(s) of the first direct deposit into your Credit Union account(s) before discontinuing your automatic payments at the outgoing financial institution.

OTHER SERVICES TO SWITCH
AUTOMATIC PAYMENTS	You will need to work with your outgoing financial institution to discontinue any fund transfer authorizations currently in place with them, and you will need to work with us to establish new fund transfer arrangements using your Credit Union accounts. Fund transfer arrangements vary widely, and there are specific forms for specific authorizations. Therefore, we ask that you first contact our branch to speak with a representative about your automatic payment and/or Bill Pay requirements before initiating a switch of your fund transfer arrangements. As with your direct deposit switch, you may be asked to present a voided check to re-arrange your automatic payments.
BILL PAY	Cancel your outgoing Bill Pay service and establish Bill Pay with us. Our Bill Pay service allows you to make your arrangements completely on your own. A simple enrollment procedure with one of our branch representatives is the only thing you need to do to get started. And, Bill Pay is free when you have certain other electronic services that we offer!
DEBIT CARD	Any automatic payments authorizing the use of a debit card issued by your outgoing financial institution will need to be stopped and re-directed to your new Credit Union debit card once you have received it from us.

CLOSING YOUR ACCOUNT(S)

Account Activity and Balances

Review your records of all deposits (credits) coming into, and withdrawals (debits) going out of, the accounts over the past 4-6 months. Go back far enough to capture monthly, as well as quarterly, account activity.
Leave sufficient funds in the outgoing accounts to cover all outstanding checks or pending payments.
Close the accounts once you confirm that all outstanding payments have cleared the account, and no additional withdrawals or deposits are scheduled.
Please feel free to use our account closure form to close your account(s) at your outgoing financial institution. Closing these accounts, and not just leaving them open with little or no money in them, will keep you from incurring unnecessary inactivity fees or other account charges.
Destroy any unused checks, debit/ATM cards, and deposit slips associated with the accounts you are closing.

We Thank You For Your Interest In Our Credit Union. We Look Forward To Serving You As A Member!

Deposits in Self-Help Credit Union are insured up to at least $250,000 by the National Credit Union Administration (NCUA).

We operate as a division of Self-Help Credit Union.