In my column about changing banks for your company's well-being, "Do You Need to Divorce Your Bank?" I talked about why to make a switch and how to make that switch. Cher Przelomski of The Planning Factory, an events company, finally switched banks. Why are some women hesitant to switch banks?

"Besides the agony of filling out paperwork and making the many adjustments involved with a new banking system, it's not easy to 'reveal' yourself and your company's inside track to someone new," Przelomski says. "I need a bank that understands how our business works, not anyone else's. I didn't want to be compared to what the 'norm' is. What is that, anyway? I need a person who trusts that the business of special events and meeting planning is a valid business--and that her or she values and wants my business.

When Przelomski needed a larger credit line to grow a new line of business, she couldn't accept no for an answer. She thought, "Someone out there wants my business and will understand my needs. I need to be with that bank."

Przelomski actually returned to a local, smaller and stable bank where she had done business years earlier. She had left the smaller bank for the perceived "perks" of a bigger, chain-type bank. She noticed an ad campaign her former bank was running and decided to get back in touch. Her former banker not only was happy to hear from her, but--based on the strength of the numbers she e-mailed him and her company's reputation--he granted the credit line she was looking for in 10 minutes. Making the switch was easy, and her new bank was attentive to her needs during that transition.
The bottom line, according to Przelomski, is that you will be making the bank money.

"Interview them for your needs. This is a two-way relationship, and both partners need to get what they want out of it."

Last year, I blogged about switching banks for my Entrereneur Mom blog, and the advice I received from Maria Coyne, executive vice president at Key4Women, Key Bank's women in business program, is worth repeating here:

Step 1: Open new account(s) at your new bank.

Step 2: Print out a checklist to help guide you, if your new bank has one available.

Step 3: "Money out." First, cancel ACH payments--or the money that comes out of your old account automatically based on a predetermined payment schedule. That might include loan payments, utility payments, insurance payments, etc. Then re-establish the ability to pay these entities via automatic payment deductions (ACH) from your new account. Provide written instructions to these providers with your new account information.

Step 4: "Money in." Transfer or establish direct deposits--or the "money in"--to your new account. If you are an individual employed by a company, authorize the transfer of your payroll check direct deposit or other income from the old to your new checking or savings account by signing a direct-deposit form. This form also authorizes direct deposit of government checks (i.e., Social Security).

Step 5: If you have a credit relationship with your old bank, authorize the bank in writing to pay off your credit card, loan or line of credit balances with funds you designate, and then close those account(s). You do this by signing a credit payoff form. Both you and the bank will have a written copy of the payoff to keep for future reference.

Step 6: After everything has cleared, including all checks written and any payments coming out of your old account, close the account by signing an account closure request form. This form provides notice and authorization to your financial institution to close your account(s) and issue you a check for the remaining balances.

Step 7: Transfer other accounts. Contact your local branch or call the 1-800 number to talk to a banker about transferring retirement and other accounts to your new bank. Having a full relationship with your new bank will make managing accounts easier for you, and it will help the bank get to know you better.

Easy enough, right?

What have you experienced when switching banks, and why did you make the switch? Or if you need to but haven't yet, why not?