(boring) Simplest to recreate a re-formulated bank account?

Oscar101

We have long had a personal savings account at a local community bank. At the outset it was a psychological thing (e.g. modest emergency stash), but (20 years later) the bank has the savings account wrapped so tight as to be annoying. So we asked them to change the savings account into a checking account (leaving the current savings balance in the revised account) .. <snip, snip>. All done. OSU stopped working, of course. The "new" account has its own bank numbering. I don't think I'll need the savings data … but that balance travelled from another bank account on the other side of town and I'm wary about just pulling it up by the roots. And, of course, Quicken's magic identity bits are at risk of getting terribly confused by the new account number.

So … procedural check. I figure that the least confusing path is to leave the savings account in place but hidden (for entry lists, reports etc) but not yet closed … and then create a new checking account starting with the "current" savings balance and run OS for the new account.

I presume I won't be shooting myself in the foot. Any thoughts?

TIA … Oscar

splasher

You will want to make a Quicken transfer from the old savings (zeros it out) to the new checking (gives it the proper balance) versus just putting in a starting balance in the checking. The checking account should start with a $0 opening balance transaction and then the transfer.

Other than that, your process is sound.

Just MAKE A BACKUP first so that if things don't turn out the way you expected, you can do a restore and be back at square one. Also, do only this change after the backup, so that you don't add anything to complicate the move.