Changing banks can cause a lot of anxiety—which is understandable given the amount of time and research involved in making the switch. If you’ve been with your current bank for a long time, you may have gotten used to their policies and fees and have already-established automatic payments or transfers. However, there are a lot of reasons to consider changing banks.

Perhaps your needs have changed significantly since you first opened your current account, or maybe major life events such as purchasing a home, relocating, or planning for retirement have had an impact on what you value most in a bank. Keep reading to find out what to do and look for when changing financial institutions.

Electronic Banking

Technology has transformed our everyday lives, particularly when it comes to banking tasks. Electronic banking encompasses everything from mobile banking apps to debit card use to ATM access. When you’re looking for a new bank, it’s important to understand the new capabilities of banking technology.

A 2015 Federal Reserve survey reported that 22 percent of mobile phone owners regularly use mobile payments through their banking app. If you are accustomed to conducting much of your business from your smartphone, your new bank should have an accompanying mobile app or an easy way to log in from the web on a mobile device. Many people also look for easy ways to electronically move money, either between their personal accounts or to other individuals.

Electronic banking also includes direct deposit, which gives you the flexibility to authorize your employer or other sources to add funds to your account. Direct deposit funds are typically available immediately, giving you the option to pay bills and make debit card transactions with ease.

Bill Pay

For those who are looking for convenience, choosing a new bank account that allows you to pay bills electronically is an important feature. Most modern banks offer electronic bill pay, letting you easily import payees and bill amounts to make sure everything is paid on time. In most cases, electronic bill pay is a completely free feature of your new bank account. Many people take advantage of this helpful feature because it saves them both time and money (since there is no need to purchase stamps and physically mail off each bill).

Saving and Budgeting Tools

If you are actively saving or would like to grow your savings, look for a bank that offers handy saving and budgeting tools. This can include expense tracking tools and budget calculators, which can help you to see where your money is going and give you helpful tips on growing your savings.

Make sure to research any fees associated with the accounts you are considering, and compare these with any fees you may be currently paying. You might be able to save money on fees alone.

Closing out with Your Old Bank

When you switch over to a new bank, it is important to make the transition as seamless and easy as possible. If you have automatic deposits or payments scheduled through your old bank, gather all of the important details and notify anyone who has account access.

For example, if you have set up an automatic withdrawal every month for an insurance payment, not only will you need to revoke access through your current bank, but you should also contact the insurance company and advise them of your new account information. Similarly, if you have monthly recurring subscription payments such as those for TV or music streaming, visit that company’s website and update your info in the settings.

An easy way to make sure you do not miss any recurring payments is to take a look at your most recent bank statement. Your statement should show you when each recurring payment was deducted so you won’t have to worry about anything going unpaid once you switch over.

When you change banks, make sure you don’t miss closing out direct deposit, automatic bill payments, and linked accounts, as well as any connected monthly, quarterly, or annual subscriptions.

If you signed up for account alerts through your old bank, always be sure to opt-out so you do not continue to receive their text messages or e-mails. You will also want to go into your online bill pay and delete any information associated with your payees. Some banks will reopen a closed account if an automatic payment is attempting to withdraw from it, so it’s best to be thorough when switching everything over. In some cases, it may be a good idea just to keep some money in your old account to take care of any outstanding payments that have not yet been reconciled.

Do Your Research

When opening a new account, always weigh your options and choose a new bank based on what you value most in an account. Many banks will entice new account holders with special incentives like merchandise on account credits—but be sure to read the fine print. Always verify that your new account will meet your financial needs in the long term.