Benefits of Using One Institution

The simplicity of having all your financial accounts at one institution is reason enough for many. However, there are other perks that can often be overlooked, including:

• Money Management. When all your accounts and loans are in one place, it’s easier to keep track of everything. From your savings and spending to the monthly bills coming out of your account, the ability to monitor everything from a single location saves time and provides peace of mind.

• Transferring Funds. While our digital world makes transferring money simple, it’s even quicker and easier when it’s between accounts at the same institution. You can make loan payments, transfer money from your savings to checking, and more with just a few quick clicks.

• Organization. Whether you’re applying for a loan, doing your taxes, or researching an error on your credit report, when all your statements and histories are in one place, the process becomes so much easier.

• Relationship Building. The more services you utilize at a financial institution, the more knowledgeable you become about all the tools and capabilities available to you. Likewise, that financial institution has a much better picture of where you stand financially, which can aid you when you apply for loans in the future.

Switching Your Accounts to the Credit Union

While switching your accounts to the credit union does require some work on your end, the steps are actually quite simple to complete. Below is a list of what you’ll need to do in order to streamline the process of switching your accounts over.

Savings & Investment Accounts

If you plan to transfer your savings or investment accounts (money market or certificate accounts) to the credit union, you simply need to withdraw this money from your existing account. An easy way to complete this is to ask your current institution for a cashier’s check. Then, stop by the credit union to open your account(s) and deposit the money.

It’s important to note that certificate accounts are typically locked in for a specific period of time. Therefore, you may not be able to withdraw these funds from your current account without a penalty  until the term expires.

Checking Account

Your checking account is typically your most important account since it’s used regularly. First, you want to stop by the credit union and open your account. Like your savings and investment accounts, you can request a cashier’s check to withdraw your funds and deposit it into your credit union checking account.

While this process seems straightforward, there is one aspect you cannot overlook when transferring your checking account – automated payments. Many people have expenses that regularly come out of their checking account, be it utility bills or car payments. It’s best to keep some money in your current account for a month or so to ensure none of these recurring payments still hit your account.

Automated Payments

Many consumers use auto-payments for a variety of bills, from their streaming subscriptions to loan payments. If you’re using automatic payments, you want to make sure that you set these up immediately in your credit union account. To do so, simply log into your account at each business and change your billing information.

As mentioned previously, it’s best to leave some money in your old checking account just in case you forget to switch a bill or the vendor already initiated the payment.

Direct Deposit

Direct deposit is a convenient way to have your paycheck sent directly to your credit union account electronically. When you switch your checking account to the credit union, one of the first things you’ll want to do is to update your direct deposit information.

You can do so by contacting the accounting or payroll department of your employer to provide them with the following:

• Your credit union account number.
• Routing number of the credit union.

Usually, the process is pretty quick for your employer to initiate; however, it may take one payment cycle to take effect.

Bill Pay

Online Bill Pay is a convenient platform for paying all your bills electronically. You can set your payments to come out of your account each month automatically, or you can manually make the payments online. To switch your bills to your credit union account, you’ll need each vendor’s account number and address. Once entered, you’re ready to start making payments.

Vehicle Loans

Switching your auto loan to the credit union not only makes it easier to maintain, but you’re also likely to save money as well. Credit unions usually offer better interest rates than banks, along with great term options. All you will need to do is bring in your current auto loan paperwork, and the credit union will handle the rest!

Credit Cards

You may have credit cards through your current bank that you want to switch over to the credit union and take advantage of lower interest rates. This is pretty easy to complete. First, you’ll need to apply for a credit card. Then, once approved, request your current balance be transferred over to the credit union. The credit union can usually complete this task for you.

Other Loans

If you have other loans you want to transfer to the credit union, you need to simply bring in the current paperwork and apply. However, it’s worth noting that not all loans are easy or worth transferring. For example, your mortgage will likely require you to refinance and possibly pay closing costs. Therefore, it’s best to meet with the credit union and review your options. In many cases, refinancing may save you a significant amount of money. Other times, it may be best to keep your current mortgage. Our team will be able to help you make the right financial decisions for your unique situation.

We’re Here to Help!

Members of the credit union experience a variety of financial perks, such as lower loan rates, higher savings yields, and many services provided at no cost. As a not-for-profit financial institution, our goal is to help you make the right decisions to ensure your long-term financial success.

If you have questions about switching your accounts or loans over to your credit union account, we’re ready to help. Please stop by any of our convenient branch locations or call (949) 588-9400, and a representative will gladly help you along the way. 

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Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.