Changing Banks Can Be Simple

Changing Banks Can Be Simple

Bank Safe Combination © by Todd Ehlers




Have you ever been frustrated at your bank? Ever thought of switching banks but didn’t want the hassle or headaches? Did you know it is easier than ever to switch financial institutions?

“A new, national survey conducted by FirstOntario Credit Union, one of Canada’s leading member-owned financial cooperatives, reveals that the average Canadian has been with the same bank for more than 15 years, yet more than 40 per cent of those surveyed are unhappy with the high service fees their bank charges them. “ They asked 2500 hundred Canadians this question and this is what they found.

Canadians like me are so very tired of bank fees. We are all looking for ways to save, and reducing or even eliminating bank fees is on the mind of many. Most Canadians put up with the bank fees simply because they think it will a hassle to change banks.

Let me make it clear: changing banks can be very simple!

In that same survey 42% of Canadians said they weren’t happy with were they were. I think all the banks need to look at that figure. An other 10% said that even though they thought of switching they simply did not want the headache, or thought it would be too hard.

How wrong they are, switching banks here in Canada can be simple and painless.

First Ontario Credit Union today released 5 steps that you can use to switch banks, even if a credit union is not for you, it is a simple process.



There are serious misconceptions among Canadians about what is involved in switching financial institutions, and for many people even the thought of switching can be daunting. The reality is that switching is simple and straightforward and we can even help you switch. Here are five simple steps to get you started.





Any big decision requires a bit of planning and getting organized. Setting a date will give you time to plan according to a timeline that works for you.


There is nothing like a deadline to get most of us moving!





As simple as this might sound, it may surprise you how many people you know have actually switched banks or gone to a community-based credit union. Their experience may prove useful, and they can point out shortcuts or give you tips that could come in handy.


More than 10 million Canadians are members of an affiliated credit union or caisse populaire across Canada, drawn by lower banking fees and the ability to have a voice in how their financial institution is run.





Generally, you are able to open a new account with an initial deposit. Plus, at a credit union you will also become a member and co-owner at the same time.

At FirstOntario Credit Union, getting started is easy. Click here to find out how we can take care of most of the details – free of charge.





Ensure your new account is fully functioning:


* Order new cheques and a new credit card

* Reroute your direct debits – we can help! Click here to find out how.


* Reroute your direct deposits – ask the credit union for a direct deposit authorization form that includes your new account information. Give this form to your employer and anyone else who makes direct deposits to your account. It may take one or more pay cycles for the change to be made, so keep your old chequing account open and watch for the switch.


If you have direct deposits for payroll or government cheques, FirstOntario will also provide you with a form to assist you with switching over any incoming deposits you may have on the old account.



Online banking has become a standard offering by most financial institutions. FirstOntario provides Members with a number of easy, convenient ways to bank and access your money. You may even want to use more than one type of access, depending on your location, the time of day, and the type of service you need.


Now even if you are not thinking of a credit union, these steps will work no matter where you are thinking of.

I want to add an extra step here:


Find what is going to work best for you, and your money needs. Honestly, being with a credit union served me well for years but at this time it doesn’t work well, so I found a solution that did. The reason a credit union doesn’t work at this time, I can’t get face time with a teller close by. For me location was an important element in deciding.

*this is a paid post by First Ontario, and #myownbank. Even with it being a paid post, my opinions and thoughts remain my own. First Ontario is also the paid sponsor for the #cdnmoney chat on Jan. 11, 2012. They will not have input at the conversation, but will be watching the feed to see what thoughts real Canadians have about banking.


The nail polish tag

The nail polish tag

Workout Wednesday: 01-11-12