People's desire to have all kinds of accounts in one place is getting bigger and bigger. And it is not the same to have to carry out a procedure, but to do it in three different banks than to be able to do it in just one. If you receive a payroll payment, be it biweekly or monthly, surely you had to have your payment in different banks, therefore, it is important that you know what is payroll portability and how to do this procedure.
This term has become popular lately, but in reality very few people really know how payroll portability works. Payroll portability is the process in which you will receive your payroll payments without the bank where you want them without having to close the account where they are currently receiving them. It sounds a bit complicated, but it is quite a useful procedure. There are many companies that are not so flexible about where you can receive your payments and, to make everything easier, your payments go directly to an account at the bank that you like the most.
Now, the million dollar question isHow do I switch my payroll to another bank?? And, as we mentioned above, it is something very simple to achieve.
To change your payroll to another bank you must
- Enter the application of the bank you want. This procedure can also be done in a branch, if you feel more confident that way.
- Once in the application, you should look for the option to "open an advanced account". These types of accounts have no cost.
- Then you must select "change payroll" and that's it. The application will tell you the remaining steps to finish the change.
You should consider that the first payment that arrives when you change your payroll can take up to 10 business days after you receive the payment, however, this is only with the first payment, the others arrive regularly each time you make your payment.
As we mentioned above, you should not cancel the account where you receive your payroll, since payments are still made to that same account, only now they are immediately transferred to your bank.
Doing a procedure like these is now easier. If you have any questions, do not hesitate to contact your advisor.
