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Congratulations on choosing Rivermark Community Credit Union! Changing checking accounts can be a time-consuming process. You want to ensure that your automatic payments and deposits show up where you need them to. This switch kit is designed to make this process as simple as possible -- Just follow these simple steps to start enjoying the great benefits of Rivermark!
It can be overwhelming when you are trying to switch over to a new checking account. Quite a few steps need to happen in order for the process to go smoothly!
Here are 6 important steps you'll need to take to make your transition as easy and smooth as possible:
If you haven't already, open a new Rivermark checking account online or at any local Rivermark branch. Once established, you may view your account and routing numbers in Online Banking. This will be helpful when completing the next steps.
Make sure you deposit enough funds to cover the next 30 days worth of expenses so you can begin switching over automatic payments and Bill Pay accounts.
It's recommended you keep 15-30 days worth of expenses in your old account as well until you know for sure all automatic payments and Bill Pay accounts are transferred to the new account and active.
Contact your employer and/or government benefits provider that you receive income and provide your new account information to ensure all future direct deposit payments are routed to your Rivermark account.
Keep in mind that some companies and government agencies are faster than others. A good rule of thumb is to expect a 30-day transition period to give the company or agency time to successfully update their records. The 30-day estimate could be much shorter or even longer, so be aware of this.
You’ll need a routing number and ACH number to set up a direct deposit, ACH transfer, or transfer from another Financial institution. There are two ways you can and your Rivermark ACH number.
Rivermark’s routing number is 323076012.
Option 1: Within Online Banking
1. Log in to online banking.
2. Click on your account name in the My Accounts dashboard.
3. Click Account Details on the left side of the page.
4. You will find your ACH number in the dropdown menu.
Option 2: On Your Checks
You can also find your ACH number listed on your checks.
Analyze your old checking account records, noticing regular bills and expenses that are automatically deducted by your bank or credit union through their Bill Pay service or by auto-debit transactions from individual companies.
Keep track of all payments you have automatically deducted from your account. This includes mortgage or rent payments, water bills, gas bills, internet bills, gym membership charges, streaming services, credit card payments, and anything else you have on a regular basis.
Make sure you review your monthly expenses each month in detail for the past 12 months to ensure any upcoming annual renewal expenses are accounted for. Once you have reviewed the last year's worth of expenses and created the list of action items, the next step is putting that list to work.
Now it's time to take the list you've created and start transferring the payments and Bill Pay accounts. This is the largest time commitment, but it's well worth the work. Block out a few hours of time to get this done, or break it up into multiple sessions so you don't burn yourself out.
As you go down the list, identify if it's a payment directed by the company or by the Bill Pay feature on your old account. Once you identify the type of transaction, then go ahead and change out the old information with your new Rivermark account information or debit card information, or use the Rivermark Bill Pay setup and delete the old account version.
Once all transactions have been updated, you can start tracking each change as they charge to the new account throughout the month. After all transactions have gone through on the new Rivermark account, you can begin to move more of your money from your old account to the new one.
We would recommend keeping at least a couple hundred dollars in the old account until the account is closed. See the next steps for more on this.
If you have any questions or need assistance switching your account to Rivermark don't hesitate to reach out to a Rivermark representative at 800.452.8502.
While it might not seem ideal to keep track of two accounts, we highly recommend you don't close the old account until at least 60 days after your transactions have all cleared on your new account. This gives you time to make certain there are no lingering accounts or odd accounts that don't charge every month.
If your old bank charges monthly maintenance fees, make sure you have enough money in the account to cover these as well.
The last step is to close the old account and fully embrace the new Rivermark Checking account and membership!
Use your brand new debit card with chip technology and tap to pay features. Also, take advantage of our mobile banking app with other state-of-the-art features.
That's all! Enjoy your new checking account!
