Switch Banks: Switch to Citibank
Posted November 20th, 2009
and last modified August 10th, 2010
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To switch to Citibank is an easy process. If for any reason you feel that your existing bank accounts do not serve your purposes, then you should not be put off by the whole prospect of switching them to another bank.
You shouldn’t feel any sense of loyalty to your existing bank just because you may have been with them for a number of years, or all your banking life. There may well be better options out there, and the process is actually very simple.
Step One – Apply for a Citibank account:
The first step to switch to Citibank is make contact with Citibank and request that a new account is set up for you. Once this is done, you must attend to your old account, and the activity that regularly takes place on it.
Step Two – Wind down your old bank account:
Bear in mind that your old account will need sufficient funds to allow for a smooth transition of any direct debits and payments, so you need to maintain a healthy balance in it to make sure that your commitments are still met until your Citibank account can take over.
Step Three – Transfer your wage payments:
It is likely that you have your wages paid into your bank account, so to switch to Citibank will require that you instruct your employer to switch your payments, using your new BSB and account number, or you can ask that Citibank do this for you.
Step Four – Transfer regular payments:
Contact your old bank and request that a copy of your “Direct Debit/Credit Arrangement List” be sent to you. This will list all the regular credits and debits that are set up on your bank account. These may include direct debts for utilities, loan repayments, or any type of insurance. Once you’ve received your list of direct debits and credits from your old bank, complete the switch form and return it to Citibank. Citibank will then contact the financial institution concerned, advising them of your new Citibank account details. If you prefer, you can contact these organisations yourself and give them your new bank account details. Note that this switching process does not apply to any direct debit, credit or periodic payments set up on your credit card or visa debit card. To set up any new payments from your Citibank account, log onto Citibank Online and select “Set up a standing order”.
Step Five – Close your old account:
Once all your payments and debits have been switched to your new account and you can see that your new Citibank account is now the one handling them, you can go ahead and close down your old bank account. Your old bank may accept written notice, or you may have to visit your local branch to do this in person.
If you are thinking you might switch to Citibank but are reticent because you don’t want to rock the boat, remember that people switch bank accounts every day. Banks are perfectly geared up for exactly this type of activity, and it is in their interest to make the whole process as smooth as possible for the new customer.
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