One step closer to bank portability


Have you moved your money away from the big banks yet?

Consumer Reports says one in five people considered moving accounts in the last year, but didn’t do so because it was perceived as being too much of a hassle.

The publication has called for full account portability like they have in Britain to ease the transition when you want to move from one bank to another. Just this week, a rule went into effect in England that automatically moves all your automatics — stuff like bill pay and monthly ACH debit — without you having to think about.

Wouldn’t it be great if we had that in the United States?

In the meantime, a lot of smaller banks and credit unions offer switch kits. Or you can get out your last 12 bank statements and see which drafts you have coming out of your account. Some drafts may only hit quarterly or once annually. Be sure to note them all.

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