If you’ve been following this blog, you may have suddenly realized that you want everyone in your family to become member-owners of the USC Credit Union. However, they might also be hesitant to make the switch. The process of closing one account and opening another appears daunting, but it is actually very easy! If you want to share the joy of lower fees, greater accessibility, and better resources with a loved one, just send this blog their way to clarify the process.
Step 1: Find a new bank or credit union (check)
Identifying which institution you want to switch to allows for an easy and clean switch.
Step 2: Find out what your new bank requires
Gain an understanding of the institution’s minimum balances or monthly service fees. At the USC Credit Union, students under the age of 25 bank completely free of monthly fees. Their student checking account will automatically maintain a minimum of $1. Member-owners above the age of 25 can avoid a $3 monthly service fee in two simple ways. You can either keep a combined minimum of $100 balance in your account, or you can deposit a minimum of $25 per month into your account. Either of these two strategies will allow you to bank free with the USCCU.
Step 3: Open an account with your new bank
To open an account with the credit union, students will need to pay a one-time $9 membership fee in addition to a $1 initial deposit. Then you can bank fee-free for life! You can do this in our Flower Street branch just off of campus or in our Campus Center branch in the center of campus, both open from 9am to 5pm. Within your comfort zone, transfer as much of your savings as possible to this newly opened account.
Step 4: Stop activity with your current bank
Next, you will want to transfer your direct deposits to your new account with the credit union. We recommend that you find a time of the month in which there is a sufficient break in between bill payments. This will allow the new transfers to clear and ensure a smooth transition! Avoid using this bank account for any withdrawals or transactions. Instead, rely on your brand new credit union account!
You will also want to pause any auto bill pays that are associated with this account.
Step 5: Update Automatic Account Info
Google is awesome, and automatic suggestions save so much time when online shopping. However, make sure that you take a moment to update all of this stored information!! Go into your automated accounts to ensure that all of your bases are covered. Here are some places to check:
Google, Amazon, PayPal, Venmo, Spotify, Netflix, Hulu, Apple ID, gym memberships,
Step 6: Close Your Old Account
Once you’re sure everything has cleared and you are fully reliant on your new account, go ahead and close your old account! And enjoy your experience as a member-owner of the USC Credit Union—where you're a member for life!