# Any risk in changing your bank after changing job?



## Didou.uae (Dec 8, 2014)

Hi, 

I have just changed to a new job recently; I have a loan + credit card with my current bank.

For some admin reasons, I am thinking (not sure this is a good idea), to change to another bank, BUT continue paying the loan and credit card payments, until completed.

I have no intention of not paying, but I wonder : can my current bank do something, even if I continue paying off the debt and credit cards, but do not transfer salary to them ? any risks with this thought?


Thanks for helping out


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## Stevesolar (Dec 21, 2012)

Didou.uae said:


> Hi,
> 
> I have just changed to a new job recently; I have a loan + credit card with my current bank.
> 
> ...


Hi,
If your existing account is a salary transfer account and you have outstanding loans and credit cards - then your bank will be very upset if you start transferring your salary to a different bank.
They will probably try to cash your security cheques - and if these bounce, they would threaten you with a police case.
The normal way is to transfer all liabilities to the new bank account - including loans and cards.
Cheers
Steve


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## ThunderCat (Oct 28, 2015)

You cannot transfer your salary to another bank.

You can do a "buy out". Obtain a liability letter from your current bank directed to your new bank. The new bank will buy out all your outstanding loans/credit card balance.


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## assid (May 26, 2011)

Are you sure on this?
As far as I know, the main difference between the salary account atleast with no loans is you get 0 balance account. Otherwise its more or less similar to a standard checking account which requires around 3K-5K balance.

If you dont really owe anything, or anything major, I doubt there will be any problems, or just see if you change the account to a checking account.


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## Stevesolar (Dec 21, 2012)

assid said:


> Are you sure on this?
> As far as I know, the main difference between the salary account atleast with no loans is you get 0 balance account. Otherwise its more or less similar to a standard checking account which requires around 3K-5K balance.
> 
> If you dont really owe anything, or anything major, I doubt there will be any problems, or just see if you change the account to a checking account.


Except the original poster already stated that they have a loan and credit cards on their existing salary transfer account - so the original information is correct.


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