You can convert most regular checking accounts, but the process and what you end up with depends on your bank

Whether you can convert a regular checking account depends on what you mean by "quit." If you want to close the account entirely, yes—you can do that at any time by contacting your bank. If you want to switch to a different type of account at the same bank (like a money market account or high-yield checking), most banks let you do that without closing anything. If you want to move your money to a different bank altogether, you can do that too, though it takes a few extra steps.

The easiest path is usually converting within your current bank. You call or visit a branch, ask to switch account types, and the bank moves your balance over. No new application, no waiting for checks to clear. But if you want to leave the bank entirely, you'll need to set up a new account elsewhere, transfer your funds, and then close the old one—a process that typically takes one to three business days for the transfer itself.

Key Takeaways

  • Converting to a different account type at your current bank usually takes one business day and requires a phone call or branch visit.
  • Closing a checking account can happen immediately, but you must first move any automatic payments and direct deposits to a new account.
  • Transferring money to a different bank takes one to three business days for the funds to arrive, so plan ahead if you need access to the money.
  • Some banks charge a fee to close an account early if you opened it recently, so check your account agreement before you start the process.

Converting to a different account type at your current bank

If your bank offers a money market account, high-yield checking, or savings account and you want to switch to one of those, contact your bank's customer service or visit a branch. Tell them the account type you want and ask if you can convert your existing account. Most banks can do this in one business day without requiring a new application or credit check.

Your account number may change, or it may stay the same—this varies by bank. If it changes, you'll need to update any automatic bill payments or direct deposits that are tied to your old account number. Ask the bank for your new account number before you leave, and update your employer's payroll system and any billers within a few days to avoid missed payments or delayed deposits.

The balance in your account transfers automatically. You don't lose any money, and you don't have to wait for checks to clear. The only catch is that some account types have monthly fees, minimum balance requirements, or limits on how many times you can withdraw per month. Read the terms before you convert so you know what you're signing up for.

Closing your checking account entirely

You can close a checking account at any time by calling your bank or visiting a branch in person. The bank will ask you to confirm your identity and may ask why you're leaving. You don't have to give a reason, and the bank cannot force you to keep the account open.

Before you close, make sure you've handled three things: First, move any automatic bill payments to a new account or cancel them. If a payment tries to go through after the account is closed, it will bounce, and you may face late fees or damage to your credit. Second, update your employer's payroll system so your direct deposit goes to a new account instead. Third, withdraw or transfer any remaining balance, or ask the bank to send you a check.

Some banks charge a fee if you close an account within a certain period—often 90 days to six months after opening. Check your account agreement or ask the bank before you close. If there is a fee, ask if they'll waive it; some banks will if you explain your situation.

Moving your money to a different bank

If you want to switch to a completely different bank, open a new checking account there first. You can do this online, by phone, or in person. Most banks can open an account in minutes if you have your Social Security number, a government ID, and proof of address (like a recent utility bill or lease).

Once your new account is open, transfer your money from your old bank to the new one. You have two options: You can initiate an ACH transfer (Automated Clearing House), which is free and takes one to three business days. Or you can ask your old bank to do an outgoing wire transfer, which is faster (usually same-day or next-day) but may cost $15 to $30. For most people, ACH is the better choice because it's free.

To start an ACH transfer, log into your new bank's website or app and look for "Transfer Money" or "Link an Account." You'll enter your old bank's routing number and your old account number. The new bank will send two small deposits to your old account (usually $0.01 each) to verify you own it. Once you confirm those amounts, the transfer goes through. After the money arrives at your new bank, close your old account.

What happens to checks and debit cards when you close

If you have checks printed with your old account number, they will bounce after you close the account. Stop using them immediately. If you've already written checks that haven't cleared, contact your bank and ask them to hold the account open long enough for those checks to process, or contact the people you wrote checks to and ask them to wait for a new check.

Your debit card will stop working as soon as the account closes. If you have a new account open, your new debit card should arrive within five to ten business days. If you need to make purchases before then, ask your new bank for a temporary card number or use your online banking app to make payments.

Timing and what to expect

Converting within your bank takes one business day. Closing an account takes one business day once you've moved your money and updated your automatic payments. Transferring money to a different bank takes one to three business days via ACH, or same-day to next-day via wire transfer (at a cost).

Plan for the full process to take about a week if you're switching banks. Open your new account, initiate the transfer, wait for it to arrive, update your direct deposit and bill payments, and then close the old account. If you're in a hurry, use a wire transfer instead of ACH, but expect to pay a fee.

Frequently Asked Questions

Will closing my checking account hurt my credit?

No. Closing a checking account does not appear on your credit report and does not affect your credit score. Credit reports track credit accounts (credit cards, loans, lines of credit), not deposit accounts. You can close a checking account without any impact on your credit.

What if I have pending transactions when I close my account?

Pending transactions may still process after you close the account, and they will bounce if the account is closed. Contact your bank and ask them to hold the account open for a few more days, or contact the merchant and ask them to cancel the pending charge. Once you're sure all pending transactions have cleared, close the account.

Can I reopen a checking account I closed?

Most banks allow you to reopen a closed account within a certain period (often 30 to 90 days) without a new application. After that, you'll have to open a new account. Call your bank and ask if your old account can be reopened; if it can, they'll usually do it the same day.

Do I need to close my old account before opening a new one?

No. You can open a new account at a different bank while your old account is still open. In fact, it's safer to open the new account first, transfer your money, and confirm the transfer arrived before you close the old one. This way you always have access to your money.

What if my bank won't let me convert my account?

If your bank doesn't offer the account type you want, or if they won't convert your existing account, you'll have to open a new account elsewhere. This is rare, but it happens with smaller banks or credit unions that have limited account options. Ask your bank what alternatives they offer, or start the process of moving to a different bank.