At Varo, we believe everyone deserves a great bank account—fee free.
We want to help you get there.
It can be time-consuming to switch bank accounts but it’s an important relationship to get right.
Moving to the right bank account may not only save you money with lower fees, it can also offer you peace of mind by saving you time with convenience and great customer service.
Think of finding a bank account like finding a great assistant to work for the company of YOU. Your company is small and you need something reliable, that never lets you down.
Here are some key features to look for:
Take a look around and read the reviews about your potential new bank account. Call customer service and have a chat. This is an important job you’re hiring for.
Great job—you’ve decided to make an offer to your new assistant also known as your new bank account.
You’ll likely want to open your new bank account before closing your existing bank account. It typically takes only a few minutes to apply for a bank account.
To open most bank accounts you’ll need:
For a Varo Bank Account, applicants must also be a U.S. citizen or have permanent resident status in the United States and the District of Columbia.
Take a moment to review income and bills connected to your old bank account.
You might take a screenshot of your statement to create a checklist. Make sure you don’t leave out any bills that are billed quarterly or annually.
Your checklist could include the following:
Depending on your new bank account, there will be options for funding it whether that’s electronically or with a cash or check.
Some banks require you to make a deposit to open your account and others do not. (Varo does not require a deposit to open a bank account.)
A few ways to electronically move money into your new bank account:
Depending on your new bank account, you’ll want to check with the company on methods of funding. You can read more about funding a Varo Bank Account in our FAQ.
Read more: Getting Started with Your Varo Account
Once you have money in your new bank account, you can start moving over the bills that are on automatic payment.
Go back to the checklist you made in Step 3. Some of these bills may be connected to your debit card number and others may be connected to your bank account number.
Typically, service providers that are connected via your debit card are ones like your mobile, cable/internet, Netflix, Hulu, Uber, Lyft, etc. Log into these service providers and update the connected debit card with your new information.
Utilities, credit card companies, and lenders typically connect directly to your bank account. Log into these service providers and update your connected bank account number and routing number with your new information.
Spend an extra minute to double check you have entered all the right numbers with your billers.
You got this!
Now it’s time to politely terminate your old bank account—no need to get emotional.
Simply call the customer service of your existing bank account and tell them you would like to close the account.
If you have not already emptied the bank account, ask for a paper check to be sent to you.
You may also want to follow up with a letter or email clearly stating the name and bank account number you would like to close.
Congratulations! You have switched bank accounts.