The fastest way to move your account is to let the new bank handle it
When you open an account at a new bank, ask them to do an ACH transfer or bank-to-bank transfer on your behalf. Most banks offer this service for free and handle the paperwork themselves. You give them your old bank's routing number and your old account number, they contact your old bank, and the money moves in one to three business days. You do not have to call your old bank or fill out forms there.
If your new bank does not offer this service, or if you want to move money before your new account is fully set up, you can start the transfer from your old bank instead. Log into your old bank's website or app, look for "Send Money" or "Transfer Funds", and enter your new bank's routing number and your new account number. The timeline is the same: one to three business days.
Do not close your old account until the money has landed in the new one and you have confirmed the balance is correct. Banks sometimes delay transfers, and if your old account is already closed, you may have trouble tracking down the money or having it sent back.
Key Takeaways
- Ask your new bank to initiate the transfer using ACH; they will contact your old bank and move the money without you having to do anything at the old bank.
- If your new bank cannot do it, log into your old bank and start the transfer yourself by entering the new bank's routing number and your new account number.
- Transfers take one to three business days, so keep your old account open until the money arrives and you have verified the balance.
- If money does not arrive within three business days, contact your old bank first to confirm the transfer was sent, then contact your new bank to confirm it was received.
What information you need before you start
Gather these details before you contact either bank. You will need your old bank's routing number (a nine-digit code that identifies your bank) and your old account number (usually 10 to 12 digits). You will also need your new bank's routing number and your new account number.
Find your old bank's routing number on the bottom left of any check, or log into your old bank's website and look for it in the account settings or help section. Find your new bank's routing number the same way. If you do not have checks yet, call the new bank and ask them to provide it.
Have your account numbers handy too. They appear on checks, in your online banking portal, or on statements. Write all four numbers down before you start, because you will need to enter them accurately. A wrong routing number or account number will send the money to the wrong place, and recovery can take weeks.
Transfers initiated by your new bank versus your old bank
| Route | Who starts it | Timeline | When to use it |
|---|---|---|---|
| New bank initiates | You ask your new bank; they contact your old bank | 1–3 business days | Your new account is open and you want the bank to handle everything |
| Old bank initiates | You log into your old bank and start the transfer | 1–3 business days | Your new bank does not offer the service, or you want to move money before your new account is fully set up |
| Wire transfer | You request it at your old bank (in person, by phone, or online) | Same day or next business day | You need the money urgently; costs $15–$50 |
What happens if the transfer goes to the wrong account
If you enter the wrong routing number or account number, the money will go to a different account at a different bank. This is rare but it happens. The receiving bank will see that the money arrived for an account that does not match the transfer details, and they will hold it or send it back to your old bank. Your old bank will then send it back to you, but this process can take two to four weeks.
To avoid this, double-check every number before you confirm the transfer. If you are not sure about a routing number, call the bank directly rather than trusting a number you found online. If the transfer does go wrong, contact your old bank immediately and ask them to trace it. They can see where the money went and may be able to recover it faster than waiting for it to bounce back on its own.
Moving money from a joint account or account with restrictions
If the account is joint, both owners usually have to consent to the transfer. Some banks require both signatures on a form; others allow either owner to start the transfer online. Call your old bank and ask what their policy is before you begin.
If your account has a hold on it—because of a recent large deposit, a dispute, or fraud concerns—the bank may not let you transfer the money out until the hold is lifted. Ask your old bank how long the hold will last. If it is longer than a few days, ask whether you can transfer the money once the hold is released, or whether you have to wait until the account is fully cleared.
If your account is overdrawn or has a negative balance, you cannot transfer money out. You will have to deposit money to bring the balance to zero or positive before the transfer can go through.
Closing your old account after the transfer is complete
Once the money has arrived at your new bank, you can close the old account. Call your old bank or visit a branch and ask them to close it. Some banks let you close an account online, but calling is faster because the bank can confirm the balance is zero and process the closure immediately.
Before you close it, make sure no automatic payments or direct deposits are still going to that account. If you have set up bill pay or automatic transfers from the old account, change those to your new account first. If a payment tries to post to a closed account, it will be rejected and you may face late fees or service interruptions.
Ask the bank whether they will charge a fee to close the account early. Most do not, but some have a minimum account age (usually 90 days) before you can close without a fee. If you are within that window, ask whether they will waive the fee anyway.
If the transfer does not arrive on time
ACH transfers take one to three business days. If three business days have passed and the money has not arrived, contact your old bank first. Ask them to confirm that the transfer was sent, and ask for a confirmation number or reference number. They can tell you the exact date and time it was sent and where it was supposed to go.
Then contact your new bank and ask whether they have received it. Give them the confirmation number from your old bank. If your new bank has received it but it has not posted to your account yet, ask how long the posting delay usually is. If they have not received it at all, ask them to trace it.
If the money has been lost or delayed beyond three business days, your old bank is responsible for finding it. They can file a trace with the ACH network, which will investigate where the transfer went. This process usually takes five to ten business days. Your old bank should refund you the amount while the trace is underway if you ask them to.
Frequently Asked Questions
Can I transfer money while my new account is still pending?
Most banks will not let you transfer money into an account that is not fully open yet. Wait until you receive confirmation that your new account is active. If you are in a hurry, ask your new bank whether you can start the transfer before the account is fully set up, or whether you should wait. Some banks can accept incoming transfers to pending accounts; others cannot.
What if I do not have checks from my old bank to find the routing number?
Log into your old bank's website and look in the account settings, help section, or FAQ for the routing number. You can also call the bank's customer service line and ask them to provide it. Do not guess or use a routing number from an online search without confirming it with the bank first.
Does it cost money to transfer between banks?
No. ACH transfers and bank-to-bank transfers are free. Wire transfers cost $15 to $50 and are faster (same day or next business day), but you should only use them if you need the money urgently. Ask your bank for the exact fee before you request a wire.
What if my old bank says they cannot send the money because of a fraud hold?
Fraud holds are temporary and usually last a few days to a week. Ask your old bank when the hold will be lifted, and ask whether you can transfer the money once it is released. If the hold is longer than a week, ask whether you can dispute it or have it reviewed. Do not close the account while the hold is active.
Can I transfer money from a savings account to a checking account at a different bank?
Yes. The transfer process is the same regardless of account type. You just need the routing number and account number of the savings account you are transferring from and the checking account you are transferring to. The money will move in one to three business days.