Thread by @globeandmail

🏦Changing banks can be quick and relatively painless – or time-consuming and complex. It all depends on your approach. Here are some things to consider if you want to unwind your bank accounts. ​​tgam.ca/32Lu38D

🏦First, shop around and decide where you are taking your business. Open a personal chequing or savings account at your new financial institution before closing your current account. tgam.ca/32Lu38D

🏦Credit cards and bank accounts are not connected: You can have a credit card with one institution and a bank account elsewhere. There’s no fee to close a credit-card account. But you still have to pay the outstanding balance plus any associated fees. tgam.ca/32Lu38D

🏦If you have loans, you will first need to decide which new product you want and apply for it through your new lender. Once you've qualified, notify your current lender and pay the balance plus interest either by cheque or debit at the time of closing. tgam.ca/32Lu38D

🏦If you have a conventional mortgage, it's a good idea to wait until the mortgage term matures to avoid paying penalties. But you should look for a new mortgage before your term ends.
tgam.ca/32Lu38D

🏦For the whole rundown of tips to break up with your bank, click here: tgam.ca/32Lu38D