I recently opened a new account with a credit union and would really like to stop doing business with my current bank (BMO Harris), but before I do, I'm curious if there are any important things to consider. I do also have an account with Chase that I was only planning to keep open for another 6 months or so (to keep the sign-on bonus), but I may end up keeping that one longer if it simplifies this.
Things I've considered so far:
- ATM access - credit union has a smaller network. Not a big deal as I don't normally deal in cash and can put up with a $4 out-of-network ATM charge if I really do need cash.
- I do still have an auto-loan with BMO, but it's not really tied tightly to my BMO account (and I've considered refinancing that with my credit union anyway).
- Not really considering any new loans/mortgages/etc., and the credit union rates tend to be better than BMO's anyway.
- I used to have investments tied to M&I/BMO with a linked account, but that has already been changed, so I don't need to do any more business with them there.
- Are there any 'loyalty' type programs where you get any bonus for being a customer for a long time? I was with M&I before BMO bought them out. I don't recall ever hearing any bank-loyalty programs, but I figure it's worth consideration.
Edit: I didn't mention initially that it was a checking account, but in reading jmort253's answer, I remembered some of the research I'd done in preparing to switch banks, and verifying that all checks written had been cashed or destroyed was certainly an important part of the process - I wouldn't want a check to bounce after closing the account.