FDIC-Insured – Backed by the full faith and credit of the U.S. Government
Worried about switching banks? Don’t sweat it. Here at Chesapeake Bank, we’ve got you covered. We’re well-versed in this stuff and can answer any questions that might pop up. All the paperwork? We’ve got it ready for you.
Making the switch checklist
Give the Old Accounts a Rest
✅ Confirm all transactions have cleared
No pending checks or deposits hanging in limbo.
✅ Balance your account
Know your final amount down to the last penny.
✅ Double-check everything’s cleared
No surprises after you’ve said goodbye.
✅ Destroy unused items
Shred those leftover checks, deposit slips, ATM cards, and debit cards. You won’t need them anymore!
✅ Cut ties with confidence
Once everything’s settled, you’re free to ride off into the financial sunset.
Switch Your Recurring Payment Activity and Online Bill Pay
Automatic payments (typically ACH transactions) are a convenient way to receive and send funds, and you will need to redirect them to your new Chesapeake Bank account. If you banked online with your previous financial institution, print out a list of payees and their information before you close your old account. Then set up Chesapeake Bank’s Online Banking with Free Bill Pay.
✅ Incoming Deposits
- Compile a list of vendors and merchants who send you automatic payments.
- Notify each one of your new Chesapeake Bank account details.
- Notify your Payroll Processor and Merchant Card Processor
✅ Outgoing Payments
- Identify all automatic debits (e.g., utilities, subscriptions, vendor payments).
- Update payment info for each to reflect your new account.
- Common examples to check:
- Rent or mortgage
- Power, water, sewer, and telephone bills
- Property and income taxes
- Insurance payments
- Credit card bills
- Loan payments
✅ Wire / ACH Transfers
- Make a list of vendors you send or receive wires from.
- Provide your new account info to companies that wire funds to you.
- Keep a record of vendors you pay via wire/ACH to ensure a smooth transition.
Notify Your Key Professional Service Providers
Inform your key consultants: accountant, bookkeeper, attorney, insurance agent, etc.
Changing A Federal Benefits Direct Deposit
The feds say all their payments, like your Social Security check, gotta be electronic now. You’ll want to get in touch with your federal agency to sort that out.
