How to Switch Your Bank Account to a Credit Union

A couple shakes hands with a financial advisor after transitioning their bank account to a credit union account.

We hear it all the time: “I hate my bank, but it seems like such a hassle to leave, I just put up with the lousy rates and second-rate service.” That’s why it’s always a thrill to see how excited new members are when we clue them in on just how easy it is to switch from their tired old bank to a friendly credit union.

Why are so many people switching to credit union accounts?

Lower fees paired with competitive rates on loans and better returns on savings is a pretty awesome combo. Throw in more personal service, a not-for-profit mission, and the purpose-driven nature of our financial cooperative and it’s no wonder credit union membership is so appealing — especially to younger professionals who want to partner with businesses and organizations that share their values.

It’s also kinda cool that we treat you like you own the place…because, as a member-owner, you kinda do!

Switching your bank account to a credit union is easy.

Fed up with just being a bank customer? Here’s your step-by-step guide for how to switch to a credit union account and start enjoying being a member-owner of your financial institution. After confirming that you meet the criteria for membership in your preferred credit union, you’re ready to go!

  1. Open and fund your credit union account. You can do this online, over the phone or by visiting a branch. You’ll need to provide some basic documentation to prove that you’re you, such as: Social Security number, your current address, and a valid ID such as driver’s license or passport.
  2. Enroll with the credit union’s online banking. This will greatly simplify and streamline the process of moving money and switching over your payments, and will allow you to get 24/7 access to your account right away.
  3. Change your direct deposit to your new credit union account. Be sure to connect with your employer ASAP to verify that your next paycheck will be deposited into your new account. Remember, they’ll need you to provide the credit union’s routing number and your new account number. NOTE: You’ll follow the same process for other income sources, such as Social Security, pension payments or investment distributions.
  4. Stop auto-payments on your old account and start them on your new account. Here are some of the types of recurring expenses you might need to stop on your old account and set up on the new account:
    • Rent or mortgage payments
    • Utilities and wireless services
    • Car and other loan payments
    • Insurance premiums
    • Subscription services, such as HuluTM or Netflix®
    • Gym memberships
  5. Wait one billing cycle (about six weeks), then close your old bank account. It’s smart to keep the old account open for a short while, with a reasonable cushion in case there’s a hiccup with your employer switching your direct deposit or you forget an auto-payment. You should also leave enough in the old account during the transition to ensure you don’t get dinged with any of those pesky fees banks are famous for! But once you can see it’s all smooth sailing, you’re ready to fully enjoy all that credit union membership has to offer!

Ready to break up with your bank?

Join BluPeak online or take a few minutes to learn more about the perks of BluPeak membership. Of course, you can always stop into a branch or reach out to us at 866.873.4968 or memberservice@blupeak.com. We’re here to help!

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Must meet membership and account criteria. Hulu is a trademark of Hulu, LLC. Netflix is a registered trademark of Netflix, Inc.

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