The basic steps to move your accounts to a new bank

Changing banks means closing or transferring accounts at your current bank and opening new ones elsewhere. The process takes two to four weeks if you move money gradually, or one to two weeks if you move everything at once. You will need to update your direct deposits, automatic bill payments, and any services tied to your old account — this is where most people run into trouble, not the account transfer itself.

The safest approach is to keep your old account open for at least 30 days after you switch. This gives you time to catch any payments or deposits still hitting the old account, and to fix them before closing. Many banks will let you keep a checking account open with a zero balance, so there is no cost to waiting.

Key Takeaways

  • Open your new account before closing the old one, and keep the old account open for at least 30 days to catch stray payments.
  • You must manually update direct deposits (paycheck, benefits, tax refunds) and automatic bill payments at your new bank — the banks do not do this for you.
  • Transfer your existing balance using an ACH transfer or wire, which takes one to three business days depending on the banks involved.
  • Check your old account weekly during the transition period to catch any deposits or charges you missed, then close it once you confirm everything has moved.

Opening a new account at your new bank

You can open an account online, by phone, or in person at a branch. Online takes 10 to 20 minutes. You will need a government-issued ID, your Social Security number, and proof of address (a recent utility bill, lease, or bank statement). Some banks also ask for your employment information, though this is optional for most checking accounts.

When you open the account, ask the bank representative for the account number and routing number immediately — you will need both to set up direct deposits and bill payments. Write these down or take a photo. Do not wait until you are home to look for them; get them before you leave the branch or close the online session.

Moving money from your old account to your new one

The most common method is an ACH transfer (Automated Clearing House). You log into your new bank's website or app, select "transfer money," choose "from another bank," and enter your old bank's routing number and your old account number. The transfer usually takes one to three business days. There is no cost, and you can transfer as much as you want.

If you need the money faster, you can do a wire transfer, which moves money the same day or next business day. Wire transfers cost $15 to $30 and are usually done in person or by phone at a branch. Use this only if you have bills due before an ACH transfer would clear.

A third option is to withdraw cash from your old bank and deposit it at your new one, but this is risky — you lose the paper trail, and large cash deposits may trigger reporting requirements. Use this only for small amounts.

Updating direct deposits and automatic payments

This is the step most people skip, and it is the one that causes problems. Your employer, benefits administrator, or other payer will not automatically send your money to your new account. You have to tell them.

For direct deposits (paychecks, Social Security, tax refunds, unemployment), contact your employer's payroll department or the benefits program directly. Ask them for a form or tell them you need to change your banking information. Provide your new bank's routing number and your new account number. Ask them to confirm the change in writing or via email. This usually takes one to two pay periods to take effect, so do it as soon as you open your new account.

For automatic bill payments, log into each biller's website (your electric company, phone company, credit card, loan servicer, insurance company, etc.) and update your bank account information there. Do not rely on your bank to update billers — that does not happen automatically. If you have automatic payments set up through your old bank's bill pay service, you will need to set them up again at your new bank.

Make a list of every automatic payment and direct deposit you have, and check them off as you update each one. This takes an hour or two but prevents missed payments and lost deposits.

Closing your old account

Wait at least 30 days after you move your money before closing your old account. During this time, check the old account weekly online or by phone to make sure no new deposits or charges are hitting it. If you find a stray payment, contact that payer immediately and give them your new account information.

Once you are confident everything has moved, contact your old bank and ask to close the account. You can do this online, by phone, or in person. The bank will ask if you want to close just the checking account or all your accounts with them. Be clear about which accounts you are closing. Ask for written confirmation of the closure.

If your old account has a negative balance (you owe the bank money), you must pay it before closing. If there is a positive balance still in the account, the bank will send you a check or transfer it to another account you have with them.

What to do if you miss updating a payment or deposit

If a direct deposit hits your old account after you have moved, contact the payer and ask them to re-send it to your new account. Most will do this within one business day at no cost. Keep your old account open long enough to catch this.

If an automatic bill payment fails because you did not update it in time, contact the biller immediately. Explain that you changed banks and ask them to reprocess the payment. Most will waive any late fees if you contact them within a few days. This is why updating payments before you move money is safer than updating them after.

Frequently Asked Questions

Can I keep my old account open after I switch banks?

Yes. Most banks let you keep a checking or savings account open with a zero balance at no cost. This is actually recommended — keep it open for 30 days after you move to catch any stray deposits or payments, then close it once you confirm everything has transferred.

Will my debit card number change when I switch banks?

Yes. Your new bank will issue you a new debit card with a new number. Update any recurring charges (subscriptions, online shopping sites, etc.) that are tied to your old card number. You have 30 to 60 days to do this before your old card stops working.

What if my new bank is online-only and does not have branches?

You can still transfer money via ACH or wire. You can deposit checks using your phone's camera (mobile deposit). For cash deposits, some online banks partner with ATM networks or convenience stores. Ask your new bank which options they offer before you switch.

How long does it take to close a bank account?

Closing takes a few minutes on the phone or in person. The bank may take one to five business days to process the closure and send any remaining balance. You will receive written confirmation once it is closed.

Do I need to update my address at my new bank?

Yes, if you have moved. Update your address in your account settings online or ask a bank representative to do it. This ensures statements and cards are mailed to the correct address and helps with fraud prevention.