Change the bank: This is how you do it

There are many reasons why you might want to change banks. Perhaps you are dissatisfied with the advice, do not get along with the employees, or the fees are too high for you? It is no longer a difficult task to choose a new bank.

Change bank - it's that easy

Switching banks is not very difficult. You need some information about this and should make sure to clarify the conditions for a change at your bank in advance. In principle, however, the bank cannot deny you a change.

• According to a law that was passed in September 2016, banks must support you with a change. This includes all banks that are based in Germany. All banks are therefore obliged to switch accounts. However, ask beforehand what exactly this will cost.
• You can control and carry out the bank change via your new bank. This usually works with a form in which you give the new bank the authorization to make the change. Then you yourself have no great moving work.
• The new bank will then request lists from your old bank within two working days, which provide information about existing standing orders, direct debits, incoming transfers from the last 13 months and direct debits from the last 13 months.
• In return, the previous bank is obliged to send the requested documents to you and the new bank within a 5-day period. The 5 days mean working or business days, weekends are therefore excluded.
• As of a specified date, required direct debits and incoming transfers will be rejected. The same applies to all withdrawals, deposits and standing orders.

Change bank - the last steps

Once the first steps have been taken, it is no longer a difficult task to complete the bank switch completely. Now there are only a few things left to do.

• The remaining balance of your previous account will be transferred to the new one. This usually happens within 1 - 2 working days. The old account will then be closed by your bank, while the new one is now ready for use.
• It is important that the new bank reacts quickly and brings the change together with you quickly. First, you should then set up new standing orders and, for example, inform your employer about the change so that the salary ends up in the new account in the future.
• Cash recipients by direct debit should be informed about the change of account so that the new account can be withdrawn in the future. You can request a sample letter from your new bank, on which you only have to add a few points and send it to the appropriate address. Many banks offer this service free of charge.

CHIP comparison online banking

At the end of the month, after the holiday or around Christmas, you may have spent more money than you previously planned. It is then important to know what happens to direct debits and payments if the account is not funded.