When did you open your first chequing account?
If you’re like most people, you’ve probably been with one financial institution for most of your life. But lately, you’re thinking about making a change.
Why should you switch to Cambrian?
Even if you aren’t happy with your current bank, you might be nervous about switching. Will it take a lot of time? What if you miss a payment during the switch? And is it really worth all the effort?
You’ve come to the right place - we’ve made the process straightforward from start to finish!
It’s never been easier to switch to Cambrian. Here’s a step-by-step guide on how to change financial institutions:
First question: What are you looking for in a financial institution?
While you have plenty of options to choose from, you want one that meets your unique needs. When you’re shopping around, keep the following in mind:
Through Unfee, Cambrian members bank for free. All you need is to set up a recurring monthly deposit (like your paycheque or retirement benefits), and your bank fees will be refunded on the first of every month.
Even though switching your accounts takes some time and effort, you’ll go from paying monthly fees to banking for free.
Think of it like paying yourself to switch—because you’ll save money every month!
Learn more about the difference between banks and credit unions.
Next up, it’s time to open your new Cambrian account.
To do so, you’ll need to provide a few pieces of ID (like your passport or your driver’s license), your address, and your social insurance number.
Make sure to set up online banking and download our mobile app, so you have your new information when you’re on the go.
At Cambrian, you can open a new account without stepping foot in a branch! Open your account online today.
It’s time to update any account that has your former banking information. This will be unique to your circumstances, but a few common bills include:
Once you’ve identified each recurring expense, you can update your payment information with your new Cambrian account.
Whether it’s the profits from your online business or the paycheque from your employer, make sure to change where your income is deposited. You’ll likely need to provide a void cheque.
At Cambrian, you can download a void cheque from our app or online banking.
Don’t forget to update your information with the CRA, too! Make sure all your automatic deposits are set up with your new account.
A few more things you might want to do:
Once all your deposits and expenses are accounted for, you’re free to close your old account.
You’ll need to transfer your money from your old account to your new one. To figure out how to do that, it’s best to contact us directly.
Before you close the old account, double-check that all your bills and direct deposits have been updated with your new information.
If you’re worried about missing payments, you can even leave your old account open for another month or two just to ensure everything’s been moved over.
Just like that, you’re on your way to banking with a more affordable, convenient, and community-based financial institution.
At Cambrian, we can help you get started with your new account! Contact us to start banking for free.
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
