Modern Woodmen Bank makes it easy for you to utilize your new account.
Just follow these five simple steps. For added convenience, print the prewritten letters and forms that will help you complete the change.
- Establish your new account(s) at Modern Woodmen Bank while you temporarily maintain your existing account(s).
- Send a written notice to your direct deposit payees regarding your change in financial institution. Examples of these payees would be your payroll from your employer, Social Security or retirement payments. Use the Authorization Agreement for Direct Deposit form to provide this notification.
- Send a written notice to businesses that automatically withdraw payments from your existing account(s) of the change in financial institution. Examples of these businesses would be utility companies, insurance companies, internet service providers and other financial institutions. Use the Cancellation of Automatic Payment Authorization letter to provide this notification to each business.
- Send new account information to businesses that you want to continue to automatically withdraw payments from your new account(s) at Modern Woodmen Bank. Use the Authorization to Transfer Automatic Payment letter and Automatic Payment Authorization form to provide this information. You can also use the Automatic Payment Authorization form to start a new automatic payment with a business.
- After all your direct deposits and automatic payments have been changed and all your checks have cleared, send the Account Closing Request form to your existing bank or credit union to notify it that you are closing your existing account(s).
Click on the links below to download and print the following forms: