Is it possible to convert a savings into a checking account?
February 23, 2008 by admin
Filed under Questions and Answers
Jane K asked:
Hello, I am wondering if it’s possible to change a savings account into a checking account or would I have to open a separate account for that?
Hello, I am wondering if it’s possible to change a savings account into a checking account or would I have to open a separate account for that?
If it is possible, would there be a fee?
Thanks in advance.
Content
chatsplas@sbcglobal.net on Sun, 24th Feb 2008 2:40 am
You have to open a new account and transfer funds from the savings to the checking account. Generally no fees involved.
Joe C on Wed, 27th Feb 2008 8:35 am
You will need to open a new account, but your bank should take care of that and the transfer at no charge.
RantingLover on Thu, 28th Feb 2008 9:42 am
Different banks are able to do different things. I banked with PNC and they were able to change my savings into a checking but not vice versa.
Call and ask, your bank will be able to give you a better idea of what they can do and how much it costs.
bud68 on Sun, 2nd Mar 2008 1:36 pm
Separate account.
STEVEN F on Tue, 4th Mar 2008 8:20 pm
The bank will probably allow use to transfer the money to a checking account, and can probably open one and do the transfer at the counter with minimal paperwork. Most banks assign account numbers in a manner that your savings account number would not be a valid checking account number. At my bank, they would open the checking account under the existing customer file, print a signature card to be signed, and you would be set.
terribrooke on Fri, 7th Mar 2008 2:13 pm
No, you can’t just convert an account. You could keep the savings account and open a checking account or you could close the savings account and open a checking account. That choice is yours.