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Old 07-15-2011, 11:39 AM   #1
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Best way to switch to another bank

So what is the best and hassel free way to switch to another bank.

I have a lot of direct deposit and pre-athorized payment set up ( Money in & out)

Loans and RRSP ..etc..

should I open up an account with the new bank and then transfer everything there item by item ?

Is there a process time between transfering ? can it be done within couple of hours ?
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Old 07-18-2011, 07:09 AM   #2
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I would think that this would take a little time. Write a cheque to the neww account to transfer a majority of the the funds over. Then one by one make the switches on the pre authorized payments. Then finally transfer the leftover amount that you have in the account.
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Old 07-18-2011, 07:38 AM   #3
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I think you can ask the new bank to cancel everything at the old bank on your behalf if you sign an authorization?
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Old 07-18-2011, 08:56 AM   #4
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RBC has something like Easy Switch
TD also offers something similar
not sure about BMO/Scotia
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Old 07-20-2011, 10:01 PM   #5
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There is Power Switch with bmo
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Old 07-23-2011, 11:50 PM   #6
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I'd definitely wait at least one billing cycle before you close your old account. Unfortunately, there's more than just the bank you have to deal with when switching to a new bank. Outside entities sometimes take a long time to process account changes. Verify that the changes (pre-authorized payments and withdrawls) you made have gone through on your new account before closing the old.

Just recently I switched from BMO to TD. Several things took a while to switch over:
*Paypal - you basically have to go through the account confirmation again with them. That took about a week.
*MSP - I sent in a new form for authorization of transfer for my MSP premiums and waited 2 weeks before I closed my account. Unfortunately, being a government entity, they're horribly inefficient and apparently 2 weeks isn't enough time for them to process the change. Nor will they send you a confirmation that the transfer is complete. As a result, I got dinged a $30 penalty because they couldn't get their money. In the end it took them about 5 weeks to complete the withdrawals from my new bank account.

Electronic bill pay will need to be set up again with your new bank as well. Not really a big problem as those are easy to do. The only other pain of switching to a new bank - you'll need to establish a new relationship with them and you'll be subjected to holds on your deposits - even if you've got enough cash in your bank account to cover it. It might be an issue for some if money is tight.
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