Changing your bank or credit union can feel like a big step. For many people, it’s something they put off – primarily because the process feels overwhelming and complicated. There are a lot of reasons why someone might need or want to change their banking.
Chances are you’re not alone as Canadians are increasingly switching financial institutions – a recent survey indicated that 24 per cent of Canadians moved to a new financial institution in 2025.[1] The good news is that switching financial institutions is often simpler than expected, especially when you take it one step at a time – all you need is a bit of preparation and the right support.
Before making a change, it’s worth reflecting on what matters most to you. Consider practical factors such as everyday account fees, access to branches or ATMs, digital banking tools, and service that meets your needs. Think, too, about your longer-term goals—saving, borrowing, or planning for the future—and whether your financial institution supports those goals in a way that feels right.
Many people are also asking deeper questions: How is my money used? Does this organization reflect my values? That’s where credit unions stand apart. Credit unions are member-owned financial cooperatives, built to serve members rather than shareholders. When you bank with a credit union, profits stay in the community. They are reinvested into members through profit shares, competitive rates, lower fees, and support for local wellbeing - helping communities grow stronger and more resilient. Choosing a credit union is not just about money; it’s about choosing a financial partner that reflects your values.
Once you’ve chosen a new financial institution, a little preparation goes a long way. Start by reviewing your current accounts and making a list of everything coming in and going out. This may include:
Having a clear picture of what flows in and out of your account will help ensure nothing is missed during the transition.
It’s also a good idea to download recent statements or transaction histories for your records before closing any accounts.
With your new account open, you can begin redirecting your financial activity. Update your employer, pension provider, or benefit administrator with your new banking details. Next, move your automatic payments and pre-authorized debits to your new account.
Keep your old account open for a short period while everything transitions. This overlap provides peace of mind and ensures any missed transactions can still be processed without disruption.
Once you’re confident that all deposits and payments are running smoothly, you can close your old account.
At Kindred Credit Union, we understand that changing financial institutions can feel daunting and we are here to help you every step of the way. Whether for personal or business, our team of experts will walk you through everything you need to know to smoothly switch to Kindred from start to end, until your old banking account is closed. Plus, we have self-serve tools available for those looking to handle the transition themselves.
ClickSWITCH is a tool available for personal members, that facilitates a simple, secure service designed to take the heavy lifting out of switching. ClickSWITCH is an online tool that helps you move some of your direct deposits and recurring payments, so you can focus less on paperwork and more on what matters most. For both personal and business, Kindred also has a Switch Kit that simplifies and condenses the most important information you need to know when switching to Kindred. Visit our website for more information on how we make switching easy.
To help you understand what account works best for you and to start the switch, visit a branch near you or book a meeting to speak with us in person, on video chat, or over the phone at your convenience.
[1] https://environics.ca/insights/news/financial-post-canadians-are-switching-banks-at-record-levels/