Unloyalty: changing service providers

  1. Go and open your new account. Remember to take all your FICA documents with you. Ask the consultant about any assistance they offer with respect to moving debit orders across, etc.
  2. Deposit some money into the account and set up your internet banking, including your withdrawal limits and your beneficiaries, which you can basically copy over (one by one, unfortunately) from your previous internet banking as you still have access to it.
  3. Check that your ATM card works for transactions and for withdrawals at the ATM (you don’t want to be stuck without access to cash).
  4. Inform your employer of your new banking details for your salary. Give them good notice, not the day before pay day!
  5. Move your debit orders across (your new bank should assist with this).
  6. Try and have enough money in both your old bank account and your new bank account to handle the debit orders if your salary doesn’t come through for some reason.
  7. If your salary appears in your new account and the debit orders go off fine, you can transfer most of your balance from your old account to your new account. Leave a few hundred Rand in the old account to cover any fees that may still be pending.
  8. Finally, go to a branch of your old bank and tell them you want to close your account. It’s a very satisfying feeling, trust me. They will try and tempt you to stay, but you will hopefully not be tempted. They will close the account and give you a cheque for your balance, minus outstanding fees. Deposit that cheque in your new account and give yourself a pat on the back.
  1. When your contract is a couple of months away from ending, send the provider a letter of cancellation. Follow that up with a call just over a month before the day. Tell them in the letter and on the phone that you want the sim to become a prepaid sim.
  2. When the sim is prepaid (you should receive a notification of some sort), take it to the new cellular company and ask them to port it to prepaid on their network. This is quick and you should be up and running within a few hours.
  3. Load some credit so you can make calls. If you don’t want to stay on prepaid, you can go into a branch and ask them to upgrade your prepaid sim to a contract. That’s a done deal, super easy!
  1. After receiving a quote that you’re happy with, inform the new insurer that you would like to activate the insurance at the end of the month. They will send you your policy document with start date.
  2. Contact your current insurer and tell them to cancel your cover from the end of the month.

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Thoughts, observations and insights. About money, life and 22seven. Visit 22seven.com

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