umziehen-nach-seattle-von-ostkueste
umziehen-nach-seattle-von-ostkueste
umziehen-nach-seattle-von-ostkueste
Moving without stress: How to inform your bank and others via email!
Moving house is exciting, but it also involves a lot of organisation. To ensure your banking transactions continue smoothly, it's important to inform your bank and other relevant places about your new address in good time. Find out here how best to do this via email and which templates can assist you. Need assistance with the entire moving process? Contact us for personalised advice!
The topic short and concise
Moving house is exciting, but it also involves a lot of organisation. To ensure your banking transactions continue smoothly, it's important to inform your bank and other relevant places about your new address in good time. Find out here how best to do this via email and which templates can assist you. Need assistance with the entire moving process? Contact us for personalised advice!
Moving house is exciting, but it also involves a lot of organisation. To ensure your banking transactions continue smoothly, it's important to inform your bank and other relevant places about your new address in good time. Find out here how best to do this via email and which templates can assist you. Need assistance with the entire moving process? Contact us for personalised advice!
Moving house is exciting, but it also involves a lot of organisation. To ensure your banking transactions continue smoothly, it's important to inform your bank and other relevant places about your new address in good time. Find out here how best to do this via email and which templates can assist you. Need assistance with the entire moving process? Contact us for personalised advice!
Planning a move? Don't forget to inform your bank and other important parties! We'll show you how to do this easily and quickly by email to avoid unnecessary stress.
A move is often associated with a lot of stress. Besides packing, transporting, and setting up the new home, you should also not forget your banking matters. Informing your bank and other key parties in time can save you a lot of hassle. At GoMovin, we help you make this process as smooth as possible.
In this article, we show you how to inform your bank and others easily and quickly via email. We provide you with a checklist and templates so that your move in terms of your finances goes smoothly. We also address the legal obligations of banks regarding account switching so you can understand and make use of your rights.
The Payment Accounts Act (ZKG) has required banks since September 2016 to support you in switching accounts. This includes the transfer of direct debits and standing orders. The new bank must request a list of existing standing orders, direct debit mandates, and incoming transactions from the last 13 months from the old bank within two business days. The old bank then has five business days to provide this information to both the new bank and you. More information on this can be found on the Consumer Advice Centre website.
Change address online: Save time and fees
A change of address with your bank is an important step to ensure you continue to receive all relevant information and account statements. There are various ways to inform your bank of the new address. The simplest and quickest method is usually the online change via your online banking portal. Here, you can log in with your credentials and enter the new address yourself.
Alternatively, you can also undertake the change of address traditionally by post, telephone, or at a branch. However, please note that these methods may incur fees. To change your address, you will generally need the following information: the bank address, your old and new address, your account number, and the date of address change. Don't forget to sign the notification.
There are no strict deadlines for the change of address, but it is advisable to inform the bank immediately after moving. This way, you avoid important mail being sent to the old address and getting lost. The online change of address is often free of charge, whereas other methods may incur fees. Check your bank's fee schedule to avoid unexpected costs.
Account switch: Smoothly possible thanks to ZKG
The Payment Accounts Act (ZKG) has significantly simplified the account switching process. Since September 2016, you have had a legal entitlement to assistance with account switching. This means your new bank is obliged to help you transfer your account. Banks offer what is known as the account switching service for this purpose.
The account switching service can be carried out either automatically or manually. With automated account switching, the new bank takes over most of the tasks for you, such as transferring data from your old account, notifying your payment partners, and closing your account with the old institution. With manual account switching, you have to perform most steps yourself, but you are supported by the bank. Many banks use partners like Qwist for the automated service to digitalise and speed up the process.
In addition to the statutory account switching service, there is also the voluntary account switching service, which often runs digitally and automatically. This service is generally faster but requires careful checking of the transferred data. If you are unsure which payment partners you have, you should opt for the legally required service. The Volksbank Raiffeisenbanken, for example, offer both options.
Switching accounts in 4 steps: Here's how
A well-planned account switch is crucial for a smooth transition. Here is a step-by-step guide to help you manage the process efficiently.
Preparing for the Account Switch
Start by analysing your bank statements for the last 13 months. Identify all payment partners that regularly debit money from your account or transfer money to it. Make a list of all entities you need to notify, such as employers, authorities, insurances, and subscriptions. This is an important step to ensure no payments are overlooked.
The Actual Account Switch
Commission the account switch service of your new bank. The bank will handle the data transfer from your old account. Pay attention to the deadlines for data transfer stipulated in the Payment Accounts Act. The new bank must request the data within two working days, and the old bank has five working days to provide the data. Inform your payment partners of your new bank details. This can be done either automatically through the account switch service or manually.
After the Account Switch
Run your old and new accounts in parallel for about 2-3 months. This ensures that all payments have been correctly switched and no unexpected debits or credits land in the old account. Close your old account only when you are sure that all payments are going through the new account. ING recommends not closing the old account immediately to avoid potential errors.
Inform Payment Partners: How to Avoid Problems
Timely informing your payment partners is crucial to avoid payment defaults and late fees. Here is a list of the key places you should notify:
Employers and clients: Inform your employer and clients (especially if self-employed) promptly about your new bank account details to ensure salary payments and fees continue to be received correctly.
Authorities: Notify relevant authorities such as the BAföG office, housing office (for housing benefits), family benefits office (for child benefits), the tax office, and customs. Include your file or customer number when notifying them to expedite processing.
Insurance and German Pension Insurance: Inform your insurance providers and the German Pension Insurance, so payouts and contributions can continue to be debited or credited correctly.
Subscriptions and memberships: Don’t forget to update your bank account details with subscriptions and memberships such as Amazon, iTunes, or streaming services.
The Sparkasse offers an automatic service to notify payment partners, which can save you a lot of work.
Manual Account Switch: Step by Step to Success
If you wish to carry out the account switch without the service of your bank, careful planning and execution are essential. Here is a detailed guide on how to proceed:
Reviewing Bank Statements
Analyse your bank statements from the last 13 months to identify all relevant payment partners. Take note of all entities that regularly debit or credit your account.
Manual Notification
Manually notify all payment partners about your new bank details. It is best to use an email template or form that you can find online. In the notification, provide your old and new bank details along with the date of the change.
Standing Orders and Transactions
Set up all standing orders in your new account and delete the corresponding standing orders in the old account. Monitor all transactions carefully to ensure that all payments are processed correctly. It is advisable to keep the old account running for a while in parallel to detect and rectify any errors.
Costs and Liability: Your Rights When Switching Accounts
When it comes to switching accounts, costs and liability play an important role. It is good to know what rights you have and what fees are permissible.
Fees for the account switching service
The basic rule is: fees for the account switching service are only permissible if they have been agreed upon and the fees are reasonable. However, data transfer and account closure must be free of charge. Make sure to check your bank's fee schedule to avoid unexpected costs.
Liability of banks
Banks are liable for errors and delays when switching accounts. According to § 25 ZKG, both the old and the new bank are jointly liable for financial losses you incur due to errors or delays. For example, if you incur reminder fees because a payment wasn't made on time due to an error, you can claim compensation. Finanztip provides helpful information on this.
Switch
A move to another city can raise the question of whether a bank change is worthwhile. Here are some considerations that can help you decide:
Branch Availability
Check whether your current bank has branches at your new place of residence. If this is not the case, a bank change could be sensible to continue receiving personal service.
Account and ATM Fees
Compare the account management fees and ATM charges of other banks at your new location. You might find a bank that offers better conditions. Also, bear in mind that some banks offer free cash withdrawals at certain ATMs.
Personal Preferences
Consider your personal preferences. For example, if you value online banking, you should choose a bank that offers a user-friendly online platform. If you prefer personal advice, on the other hand, you should choose a bank with easily accessible branches. Budenheld provides tips on when a bank change might make sense.
Stress-Free Move: Plan Banking Transactions Early
A move is an exciting but also demanding time. However, with careful planning and execution, you can ensure that your banking transactions go smoothly. Inform your bank in good time about your new address or use the account switching service to make the switch as easy as possible. We at GoMovin are happy to assist you in making your move as stress-free as possible.
Digitalisation and legal regulations have considerably simplified account switching in recent years. It is expected that digital banking services will continue to develop, and account switching will become even easier and faster in the future. Take advantage of the opportunities available to you to optimise your banking transactions.
Are you ready for your stress-free move? Contact us today for a personal consultation and let's plan your move together. We support you at every step, from planning to execution. Contact us now!
Further useful links
The Verbraucherzentrale provides information about your rights and the obligations of banks in account switching according to the Payment Accounts Act (ZKG).
The Volksbank Raiffeisenbanken offer information on the various options for account switching, both automated and manual.
ING provides a checklist and useful tips for a smooth account switch.
The Sparkasse offers an automatic service for notifying payment partners as part of the account switch.
Finanztip provides useful information about your rights and the liability of banks when switching accounts.
FAQ
What are the advantages of the account switching service when moving?
The account switching service significantly simplifies the account switch by handling the data transfer, notifying your payment partners, and closing the account at the old institution. This saves time and reduces administrative effort.
How do I easily notify my bank of my new address?
The easiest method is usually the online change via your online banking portal. Here, you can log in with your credentials and enter your new address independently. This is often free and quick.
What deadlines do I need to be aware of when changing my address?
There are no strict deadlines, but it is advisable to inform the bank immediately after the move. This way, you avoid important mail being sent to the old address and getting lost.
What is the Payment Accounts Act (ZKG) and how does it help with the account switch?
The Payment Accounts Act (ZKG), in effect since September 2016, obliges banks to support you with the account switch. This includes the transfer of direct debits and standing orders. Your new bank is required to assist you with this.
Which payment partners should I definitely inform about my new bank details?
You should notify your employer, authorities (such as the BAföG office, family benefits office, tax office), insurance companies, the German Pension Insurance, and all institutions where you have subscriptions or memberships.
What happens if I do not inform my payment partners in time?
If you do not inform your payment partners in time, it may lead to missed payments and reminder fees. This can cause unnecessary stress and additional costs.
Can I keep my old IBAN when switching banks?
As a rule, it is not possible to keep the old IBAN when switching banks. You will receive a new IBAN from your new bank.
What happens to my overdraft facility when switching accounts?
If your old account has an overdraft facility, it must be cleared before the account is closed. This can be done either with available funds or through a personal loan.
