New to Chicago? You’ll need a new driver’s license—and a new bank.

At least that was the case for me. When I made the move to Chicago, I quickly discovered that holding on to the local bank from back home was a bad financial move. The fees alone for using another bank’s ATM’s were enough reason to switch, not to mention that  mailing a check halfway across the country every time I needed to make a deposit wasn’t exactly timely.

If the unsolicited letters piling up in my mailbox are any indication, banks in Chicago are fighting for potential customers and offering huge incentives to win them.

Chase is offering customers a $100 credit to their account if they open a checking account with direct deposit. Chase says they will add the money to your account 4-6 weeks after it is opened. With a direct deposit checking account there are no minimum balances or monthly fees, but a regular account requires a $1,500 minimum balance or you’re charged a $10 fee. Chase also claims they have the highest number of ATM locations in Chicago.

Bank of America has a similar incentive but is only offering $25 after 90 days. The bank does, however, offer a $25 referral bonus for bringing in a friend. Their regular checking account requires a $750 minimum balance or you’re charged a $6-$7 monthly maintenance fee.

Your new bank should take wire transfers from your old bank, but often there are fees involved on both ends. The better thing to do is to withdraw the money from your old account into a money order or cashier’s check (unless you are setting up a direct deposit account) and bring it with you to deposit at the new bank. Most banks require a $50-$100 minimum to open a new account and two forms of identification.

But brick-and-mortar banks aren’t the only way to go these days. Online-only banks are gaining popularity among those who can’t seem to squeeze the trip into their schedules. A quick Google search for “online bank” will return several big-name businesses like Presidential Online, Wells Fargo and Netbank.

Online-only banks offer features you can’t find on site at you neighborhood bank, like viewing images of canceled checks, receiving e-mail alerts when funds are low and free online bill payment. They also have the luxury of low overhead, which means better interest rates for customer savings accounts—in many cases, the return is almost double. Also, many offer free personal finance software through their accounts, helping you take that extra step in controlling the budget.

Of course, the drawback of an online account is the deposits scheme. For those with direct deposit, adding money won’t be an issue. Others, though, will have to mail in their deposits or find an ATM that will accept them. ATM fees can be a drawback as well, but some online banks refund a portion of the fees to customers to help offset the cost. Others have their own ATM locations.

Before making the switch, it is important to remember to update or cancel your current online billing plans before you make the switch to a new bank—that is, unless you can manage without electricity or a cell phone. Also, leave a little money in your old account to cover any fees, charges or withdrawals you may have missed. Finally, leave your old bank a forwarding address in case they need to contact you.