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Switching From Your Bank As Easy as 1 ... 2 ... 3 ... 4

If you are like a lot of Oregonians, there is a fair chance you have considered switching from your big bank to a more local financial institution.

In fact, about one in five checking account holders considered moving to a different bank or credit union over the previous 12 months, according to a recent Consumer Union survey.

Interestingly, though, fewer than half actually made the switch.

Perhaps it is not surprising that one of the chief obstacles is the perceived “hassle” of switching. It prevents some from making the jump, even if they are among those who want to make the move from big bank to a local, Oregon-based institution such as SELCO Community Credit Union.

The worries certainly make sense, at least on the surface. Banking services such as automatic bill pay, direct deposit, and more, must be transferred to your new account. Some banks even try to retain customers by charging fees if a departing customer’s accounts haven’t been open long. All the details to consider can seem overwheming.

But here’s the good news. Perception is not always reality.

Switching from your current bank to SELCO Community Credit Union is actually quite easy, and can often be completed in just minutes from beginning to end.

In fact, switching to SELCO is so easy it can be done in just four simple steps:

Step 1. Open an Account

Applying for SELCO membership online or at the nearest branch takes about five minutes. Eligibility to become a SELCO member-owner is broad, and new members need only to live or work in any one of the 27 Oregon counties SELCO serves, or be an immediate family member of one who does.

As part of the membership application process, you will be asked to choose what type of accounts you would like to open: including personal checking and savings accounts, money markets, and share certificates. Once an account is opened, your Visa debit card is ordered on the spot, and if you open your account at a branch, SELCO will issue one instantly. Then, simply enroll in online banking and set up automatic payments and transfers.

In fact, switching to SELCO is so easy it can be done in just four simple steps.

Step 2. Update Your Direct Deposits

If you utilize direct deposits — either with your paychecks, Social Security checks, or other form of payment — you will want to redirect them to your new SELCO account.

This is simple, too. In most cases, you need only to fill out SELCO’s online direct deposit authorization form and submit it to your employer. For Social Security, PERS, or other similar payment deposits, use the links provided on the form to get started.

Step 3. Update Any Automatic Payment

Whether it’s a monthly subscription to Netflix or a mortgage payment, most of us have become accustomed to the convenience of automatic payments and withdrawals. To do this with your new account, identify each of those regular automatic payments from your old account and set up new recurring payments through SELCO’s online banking service. Just like that, you’re on the road to convenience.

Step 4. Close Your Old Account

Inform your old institution that you want to close your account. In all likelihood you’ll have to do this in writing or in person. Once that is done, transfer your remaining funds, which can typically be withdrawn or transferred electronically, to your SELCO account. Before taking this final step, though, ensure all checks and automatic payments have cleared. If you close your account before a transaction clears, your former bank may re-open your account and you could be hit with fees.

In just four easy steps, you’re free of your old account and ready to experience the difference being a SELCO member-owner can make.

For more information, call 800-445-4483. Let us know how we can help.

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