Kelly says the operative word is "stickiness."
"You do have to get a new doctor and a new dentist probably when you move, but you may not have to get a new bank," he says. "What we want is to have the chance to save a customer."
Switch kits come in particularly handy when one bank takes over another.
"In a takeover, depositors usually have a couple options: Come and get your money out or open up a new account with the bank that's taking over," says Kaplan. "Fortunately that doesn't happen too often, but when it does, a switch kit would certainly make that easier."
Although switch kits may seem tailored to young, mobile depositors already comfortable with online banking, Kaplan says the real target may be the older, wealthier demographic.
"Those people who have been with a bank for 50 years often have a lot of assets," she says. "Those are the people for whom switching banks can be most difficult because they have so many different accounts and automatic payments and direct deposits.
"I think the older you are, the more likely it is that you have more complicated finances, greater assets, and all of that makes switching banks more cumbersome. Having these kits makes that easier."
Switch kits can help you change banks with less fuss. However, they don't ensure a smooth transition on their own.
Here are some switching steps to take in addition to filling out the switch kit.
Steps to switching banks:
- Analyze your reasons for switching banks, then contact your current bank. It may be able to accommodate your requests so you won't have to move on.
- Open an account at your new bank before closing your old account(s). This enables you to write checks, use the ATM and make deposits and withdrawals during the transition.
- Keep open your old direct deposit and auto bill-paying account(s) until those recurring transactions have been successfully redirected and appear on your new account statement.
- Be sure to leave sufficient funds in your old account to cover automatic payments in case the changeover takes more than one billing cycle.
- Don't close your checking account until all outstanding checks have cleared.
- Be prepared to provide account and bank routing numbers for your old and new accounts when canceling, establishing or redirecting direct deposits and auto payments.
- Have your old bank verify in writing that all accounts, including debit and credit cards if applicable, have been closed at your request with no balance outstanding
- Keep all closing statements for your records.
- Don't forget to empty your safe-deposit box, turn in the key and collect your deposit, if any.
Jay MacDonald is a contributing editor based in Texas.