Moving your accounts to a new bank takes two to four weeks, but you can keep both accounts open during the switch so you never lose access to your money
The process breaks into three parts: setting up the new account, moving your direct deposits and automatic payments, and closing the old account once everything has moved. You do not have to do this all at once. Most people keep both accounts running for a month to catch any payments they forgot about, then close the old one.
The main risk is missing a payment because it still goes to the old bank. The main time cost is updating your employer, creditors, and subscription services with your new account number. You can do this yourself or ask your new bank to handle some of it — many banks offer a service that contacts your payroll department and major billers for you.
Key Takeaways
- Open your new account before you close the old one, and keep both running for at least two weeks so you catch any payments that still go to the old bank.
- Your new bank can usually transfer your old account history and set up automatic forwarding of checks deposited to the old account, but you must request this.
- You need to update your direct deposit with your employer and notify any company that pulls money from your account (utilities, insurance, subscriptions, loan servicers).
- Closing the old account is free, but do it only after you have confirmed that no payments are still going there.
- If you have a mortgage, auto loan, or credit card with the old bank, you do not need to move those — you can keep them open while banking elsewhere.
Open a new account before you close the old one
Visit the new bank in person or online and open a checking account, savings account, or both. You will need a government ID, proof of address (a recent utility bill or lease works), and your Social Security number. The account is usually active within one business day, though some banks take up to five business days.
Do not close your old account yet. You need both running at the same time so that any payment that still goes to the old bank does not bounce. Most people keep both open for two to four weeks.
Transfer your old account history and set up check forwarding
Ask your new bank whether it offers check forwarding — a service that intercepts checks sent to your old account and deposits them to the new one. Not all banks offer this, but many do at no cost. If your new bank provides it, they will contact your old bank on your behalf.
You can also ask your new bank to pull your transaction history from the old account so you have a complete record. This is different from moving money; it is just a copy of what you spent and received. Ask about this when you open the account, because some banks need a few days to set it up.
Move your direct deposit to the new account
Contact your employer's payroll or HR department and ask them to change your direct deposit to your new bank account. You will need to give them your new account number and your new bank's routing number. Both are printed on your new checks or available in your online banking portal.
Ask payroll when the change will take effect — it usually happens on the next pay cycle, but some employers need a pay period or two to process the change. Until then, your paycheck will still go to the old account.
Update automatic payments and subscriptions
Make a list of every company that pulls money from your old account. This includes utilities, insurance, mortgage or loan payments, credit card payments, gym memberships, streaming services, and any other recurring charge. Log into each account and update the payment method to your new bank account number and routing number.
Do this over the course of a week or two rather than all at once, so you can confirm each one went through. If you miss one, the payment will bounce when it tries to pull from the old account, and you may face a late fee or service interruption.
Some companies allow you to update online; others require a phone call. If you are unsure whether you have caught everything, log into your old bank account online and look at the past three months of transactions. Any recurring charge you see should be updated.
Keep both accounts open for two to four weeks
After you have moved your direct deposit and updated your automatic payments, wait at least two weeks before closing the old account. During this time, watch both accounts to make sure money is going where it should.
Check that your paycheck arrives in the new account and that your regular bills are pulling from the new account, not the old one. If you see a payment still going to the old account, update it immediately. Once you are confident that nothing is still using the old account, you can close it.
Close the old account
Contact your old bank by phone, in person, or through their online portal and ask to close the account. Make sure the account balance is zero — if there is money left, ask the bank to transfer it to your new account or send you a check. Closing is free and usually happens within one to five business days.
Ask the bank to confirm in writing that the account is closed. Keep this confirmation in case a payment tries to go through after closure and you need to dispute it.
What to do if you have loans or credit cards at the old bank
You do not have to move a mortgage, auto loan, or credit card to a new bank. You can keep those accounts open where they are and simply bank elsewhere. The loan or card will continue to work normally, and you can make payments from your new bank account.
If you want to move a loan or credit card, that is a separate process and usually requires refinancing or applying for a new card. For most people, it is simpler to leave them where they are.
Frequently Asked Questions
What if a payment bounces because it went to my old account?
Contact the company that tried to charge you and explain that you switched banks. Ask them to resubmit the payment to your new account. Most will do this at no cost. If you were charged a late fee or overdraft fee by your old bank, call the bank and ask them to reverse it — many will as a courtesy if you explain the situation.
Can I keep my old account open even after I switch banks?
Yes. You can keep a checking or savings account at your old bank open indefinitely, even if you do not use it. Some people do this as a backup or to keep a long account history. There is no penalty for having accounts at multiple banks.
How long does it take for direct deposit to start at the new bank?
Usually one to two pay cycles after you submit the change to payroll. If your employer pays weekly, expect your first deposit in the new account within one to two weeks. If they pay monthly, it could take up to a month. Confirm the timeline with your payroll department when you submit the change.
Do I need to update my credit cards if I switch banks?
No. Your credit card is separate from your checking account. You can keep a credit card at your old bank and use it while banking at a new bank. You only need to update the payment method if you have automatic payments set up — change those to pull from your new account.
What if my new bank does not offer check forwarding?
Ask anyone who sends you checks to use your new address and account number. For checks that still arrive at the old address, you can deposit them yourself using mobile check deposit (most banks offer this through their app) or take them to a branch. Once you close the old account, any checks sent there will be returned to the sender.