Monroe Bank & Trust Switch Kit
Switch Your Accounts Today
What you need to get started: For security, we do not allow you to save the switch forms, so please make sure you have all the appropriate information up front. The Worksheet Checklist is a great place to start.
Step 1 – Open your new account at Monroe Bank & Trust.
If you don’t have an Monroe Bank & Trust account you will need to open one before switching. If you have both a checking and a savings account you will have the option to select which account your Direct Deposits, Electronic Payments, and Payroll funds are transferred to.
Step 2 – Complete the necessary forms and mail to the appropriate parties.
1. Direct Deposit Change Request Form (PDF)
This form transfers your direct deposits from your former financial institution to your Monroe Bank & Trust bank account. Please complete this form and give it to your employer. Some common uses of Direct Deposit include payroll, taxes, retirement and pension plan accounts, or expense reimbursements. Social Security customers need to call the Social Security Administration at 800-772-1213 or go to www.ssa.gov. If you have Direct Deposits through the military, visit myPay.
2. Automatic Payment Transfer Form (PDF)
This form is for your regular automatic withdrawals from your account. This includes automatic debits (ACH) or automatic charges to your debit and/or credit cards. Common uses of automatic debits include rent/mortgage, utilities, phone and cable bills.
3. Account Closure Form (PDF)
Deliver a written notice to the financial institution that you are closing the account. Allow time for any outstanding checks, final direct deposits and/or automatic withdrawals to clear, and make certain enough money is available in your account to fund these transactions.
Note for Electronic Payments (Online Bill Pay): If you use an online bill pay service at your previous financial institution, be sure to cancel each payee and add them to your Online Bill Pay list. If you have additional questions click here for a list of frequently asked questions, send us an e-mail, or give us a call at 800-321-0032.
Monroe makes it easy for you to switch your automatic payments and direct deposits from one financial institution to Monroe Bank & Trust with the Free Switch Kit. Just print off the documents to notify companies of your account switch.
Switch Kit FAQ
A Switch Kit is a free service that allows you to close an account with another financial institution and transfer the funds to a new account (this account must already be set up). You can also switch any direct deposits and automatic payments (ACH) from your old account(s) over to your new account(s). The Switch Kit contains a series of easy to follow steps, along with the necessary forms to fill out and mail to all respective parties.
Anyone who wants to switch their personal or business accounts from one financial institution to another financial institution.
• Your current account number – where you are transferring the funds from.
• Your new account number – where you are transferring the funds to.
• Name, Address, Account Number of Direct Deposit and Automatic Payment (ACH) companies that you currently are using. Please refer to the Worksheet Checklist to help you get started
The forms are displayed in Adobe PDF format. You can download a free version of this application in order to view the forms.
Fill out the Direct Deposit Change form and give it to your employer with a voided MBT check. (Your company may require you to fill out additional forms.) It usually takes 2 to 3 cycles for bi-weekly, and 1 cycle to start new monthly direct deposits.
You can verify that your payments have been made by logging onto your online account statement, or checking your monthly account statement. You may also want to verify with the billing company by calling their customer service center. Generally, it takes 2 to 3 billing cycles for your transaction to get switched over or started.
Use copies of the Automatic Payment Transfer form to notify companies making automatic payments that you want to change your payment instructions. Some companies may ask for a voided check before initializing an automatic payment.
Fill out the Account Closure form, then send it to your former financial institution. You can request to have the remaining balance sent to your new Monroe Bank & Trust account, or ask to be sent a check. Some financial institutions may require you to fill out additional paperwork.
Please contact your old bank directly. And, don’t forget to cancel any future payments that you may have already established.
On the authorization forms, your contacts are requested to notify you if they need additional information.
Your account number is located at the bottom of your check. The routing number is the first number listed and it is 9 digits. The second set of numbers is your account number which is normally 9 digits. The last number listed is the actual check number.