Thinking of switching banks in Alberta?

Thinking of switching banks in Alberta? Here’s everything you need to know

By ATB Financial 13 September 2024 4 min read

Your bank is a big part of your life. Your hard-earned money ends up there. It’s also a place that’ll see you through major life milestones like getting a mortgage or opening an RESP for your baby.

But just because you started with one bank doesn’t mean you need to stay with them. Maybe you ended up at your current bank because your parents are long-time customers and took you there to set up your first account. Or you’re just ready for something new.

Whatever the reason, here’s what to do if you’re thinking of switching banks in Alberta. It takes some preparation and patience, but it’s worth it to find the right fit.

Step 1: Define Your Banking Needs and Wants

Everyone needs something different from their bank because we all have different goals and financial needs. When it comes to your money, there are so many factors to consider, especially when it comes to choosing a bank. If you already have accounts set up, you may wonder if switching is worth it. These thoughts though, are actually the perfect place to start.

Next, make a list of your must-haves, like reward options, lower fees for multiple transactions, Apple Pay functionality, chequing accounts options, interest rates or the availability of personal finance and investing advice.

Maybe you’re getting ready to open up a joint account with a partner. If you’ve just retired, you’re probably looking for ways to reduce the fees you pay on your everyday account.

Beyond the products offered at your financial institution, you may be interested in their investment in the communities they serve or their physical footprint within the province you live in (For example, ATB has 280 locations in Alberta!).

Here are some features you may look for in a bank:

Fees and charges: Are they transparent and reasonable?
Account types and services: Do they meet your needs (e.g., chequing, savings, credit card)?
Interest rates: Are they competitive for savings and loans?
Online and mobile banking: Is it user-friendly, includes the features you need and easy to find support?
Customer service: Is it responsive, helpful and local?
Fraud and security: Is the bank proactive in protecting you and your account against fraud? Are your funds and personal information protected and safe?
Financial health of the bank: Is it stable and reputable?
Special features: What is the bank's community presence and local expertise?
Personalization and flexibility: Can you customize your banking experience? Do you receive proactive advice?
Ethical and social responsibility: Does the bank align with your values?

Step 2: Explore and Compare Your Options

You’ve made that list of must-haves. As you explore your banking options, cross reference the features, benefits, and perks offered by each institution (and each account) with your list. As you explore options, consider the type of bank as well.

For example, national banks offer a wide variety of services and extensive branch networks, but you may receive less personalized service. A local bank or credit union may focus on community involvement and personalized service, but have limited branch networks and online services. You may find a regional bank strikes a balance between the two, offering a good range of services and more personalized attention.

You can browse websites or set up an appointment with a bank advisor.

When you’ve made your choice, go ahead and open your new account. But don’t close your old one—yet.

Step 3: Review your bank statements and update automatic payments and deposits

One of the biggest parts of switching your day-to-day banking account is updating the most common direct deposits, like payroll and Canada Revenue Agency payments.

There are also pre-authorized bill payments like your mortgage, phone bill, car insurance and investment contributions, recurring email money transfers and international money transfers. You’ll have to update your bank account details for each of these.

Here’s a checklist of the most common direct deposits and pre-authorized payments.

This needs to happen before you close your old account so just in case you miss a step, keep your old account open for at least a month. That will give your payroll department and other providers—Internet, utilities etc.— time to update your account information.

When transferring funds between accounts, using an email money transfer or bank draft (for any non register funds) is the fastest and safest way to switch.

Step 4: Set up security measures with your new account

Make sure you’re signed up for online and mobile banking. Usually this is set up when you open your account, but if you've never used a digital banking platform, you will need to request login credentials from your home branch or your financial institution's customer care phone line. Ask for any help you need setting up or navigating digital banking—the convenience and comfort you'll experience will be worth it.

Set up Passkey, a digital security measure to keep your account safe (check out our Good Advice articles for more information on protecting your information and your funds).

Pick up your new debit card. If you open a new account or switch accounts in-branch, you'll get your card right away. If you open a new account online, you may have to request a card before you can pick up your card in-branch or have it mailed to you.

In order to stay aware of all your financial activity and avoid paying unnecessary fees, remember to empty and close any accounts that you'll no longer be using.

Step 5: Use your account—and enjoy.

You’re all done.

View Terms and Conditions

Chequing Account Offer

The cash payout will be made into the eligible Unlimited Account ($300.00) or the eligible ATB Advantage Account ($400.00) by 11:59pm MT on March 14, 2025 if all of the following qualifying requirements are fulfilled:

1. Client must open the new Unlimited Account or ATB Advantage Account and set up a monthly direct deposit during the offer period September 16 - October 31, 2024. Client must maintain the direct deposit for a minimum of 3 months.

2. Client is not eligible to qualify for this cash bonus if client has had an ATB Advantage, Unlimited, No-Fee All-In Digital, Basic, Freedom, Generation, Pay As You Go, or Students First (either individually or jointly) between September 15, 2023 - September 15, 2024.

3. Client must complete one of the two following eligible transactions to or from the new ATB Chequing Account and have the transaction appear in the ATB Chequing Account before February 28, 2025:

Set up a minimum of one pre-authorized debit(s) and maintain for a minimum of 3 months through ATB Personal Web or App (i.e. insurance, loan, mortgage, rent payments, etc.)
or

Pay one (or more) bill(s) per month for a minimum of 3 months through ATB Personal Web or App (i.e. phone bill, utility payment, etc.)
The ATB Chequing Account must remain active and be in good standing (i.e. your ATB Advantage or Unlimited Chequing Account must not be in an unauthorized overdraft or in delinquent status) at the time the cash bonus is paid. If you switch Chequing Accounts to a non-eligible ATB Chequing Account, you will no longer qualify for the Chequing Account Offer.

Mastercard Offer

The 10,000 welcome bonus points ($50 value) will be applied to the client’s ATB My Rewards account within 60 days after the first eligible purchase on the ATB Gold My Rewards Mastercard. Welcome bonus offer available on new ATB Gold My Rewards Mastercard accounts where the cardholder has not had a previous ATB Gold My Rewards Travel Mastercard. Client is eligible to apply for an ATB Gold My Rewards Mastercard if the client is a resident of Alberta, 18 years or older, has not declared personal bankruptcy in the past five years and the intent of the card is for personal use only. This offer is subject to change or withdrawal at any time and without notice. On approved credit, conditions apply. Review terms and conditions here.

The 40,000 welcome bonus points ($200 value) will be applied to the client’s ATB My Rewards account within 60 days after the first eligible purchase on the ATB World Elite Mastercard. Offer available on new ATB World Elite Mastercard accounts where the cardholder had no previous ATB World Elite Mastercard. Fee waiver applies to the 1st year only and is a $120 value. Client is eligible to apply for an ATB World Elite Mastercard Mastercard if the client is a resident of Alberta, 18 years or older, has not declared personal bankruptcy in the past five years, the intent of the card is for personal use only, and confirm one of the following: 1) have an annual personal income of $80,000 or more, 2) live in a household with a family income of $150,000 or more, 3) have $400,000 or more in assets under wealth management. This offer is subject to change or withdrawal at any time and without notice. On approved credit, conditions apply. Review terms and conditions here.

Savings Offer

To unlock the exclusive GIC offer, all of the following qualifying requirements must be fulfilled:

Client must open an ATB Advantage Account or Unlimited Account and/or ATB Gold My Rewards or World Elite Mastercard during the offer period September 16 - October 31, 2024 to receive the exclusive GIC offer (note: an ATB Chequing Account or ATB Mastercard is not required to open an ATB GIC Account)
Client must open the new ATB GIC Account during the offer period September 16 - October 31, 2024.
This offer is applicable on a 1, 2 or 3 year non registered Non-Redeemable GIC product only or a registered (TFSA and RRSP) 1, 2 or 3 year Non-Redeemable GIC product (the Promotional Product GIC is excluded from this offer). The GIC offer is available in branch and through our ATB Client Care team only.

Other

Must be 18+ years of age, resident of Alberta, non-ATB employee. Limit of one (1) Chequing Account Offer, one (1) Mastercard Offer, and one (1) exclusive GIC Account Offer per client. Meaning, no more than up to $720 in cash and bonuses can be earned, regardless of how many account holders are associated with the Chequing Account, Mastercard or GIC Account.

The cash payout will be made into the eligible Unlimited Account ($300.00) or the eligible ATB Advantage Account ($400.00) by 11:59pm MT on March 14, 2025 if all of the following qualifying requirements are fulfilled. Client has until 10:00am MT on March 26, 2025 to notify ATB if you believe you qualify for the Power Move Campaign Offer and have not received the cash and bonuses, so that we can verify your eligibility.

This Power Move Campaign Offer cannot be combined with the Adulting Essentials Campaign Offer.

ATB may change, extend or withdraw the Power Move Campaign Offer at any time without notice.

ATB reserves the right, at our sole discretion, to suspend, disqualify, limit or revoke the Offer(s) for any client we suspect of manipulating or abusing any of the offers included in the Power Move Campaign Offer.

Need help?

Our Client Care team will be happy to assist.

1-800-332-8383