Yes, you can transfer your account to another bank, but you are not moving the account itself—you are opening a new one and moving the money and payment arrangements
Banks do not transfer accounts from one institution to another. What actually happens is you open a new account at the new bank, move your money over, and redirect your paychecks and bill payments to the new account number. The old account stays where it is until you close it. This process takes a few days to a few weeks depending on how many automatic payments and deposits you have to reroute.
The speed of the move depends on what you are moving. A simple transfer of your savings balance can happen in one business day. Redirecting a paycheck takes one to two pay cycles because your employer needs time to process the change. Stopping automatic bill payments at the old bank and starting them at the new one can take several days per payment, and some creditors are slower than others.
Key Takeaways
- Open a new account at your new bank before closing the old one, so you always have a place for deposits and payments to land.
- Transfer your existing balance using an ACH transfer, wire transfer, or by depositing a check—ACH is free and takes one to three business days.
- Update your paycheck direct deposit with your employer at least one pay cycle before you need the money in the new account.
- Change the bank account information for every automatic bill payment, subscription, and transfer you have set up—contact each company or log into your account to update it.
- Keep the old account open for at least one full billing cycle after the move to catch any payments that were delayed or missed.
Moving your money balance to the new bank
The fastest way to move money is an ACH transfer (Automated Clearing House), which is free and takes one to three business days. Log into your new bank's website or app, look for "Transfer Money" or "Link External Account," and enter your old bank's routing number and your old account number. The new bank will send two small test deposits to your old account (usually under $1 each) to verify you own it. You confirm the amounts, and then you can transfer up to your account limit—often $10,000 to $25,000 per transfer, though this varies by bank.
If you need to move money faster or if the amount exceeds your transfer limit, use a wire transfer. This costs $15 to $30 and takes one business day, sometimes the same day if you initiate it before your bank's cutoff time (usually 2 p.m. or 3 p.m.). You will need your old bank's routing number, your account number, and your name exactly as it appears on the account. Call your old bank or go in person to request the wire.
A third option is to write a check to yourself from the old account and deposit it at the new bank. This is free but takes three to five business days because of check-clearing time. Some banks let you deposit checks by phone or mobile app, which speeds up the process slightly, though the money still takes the full clearing time to become available.
Redirecting your paycheck and automatic deposits
Contact your employer's payroll or HR department and ask them to change your direct deposit to your new account number and routing number. Provide them with a voided check from your new bank or ask your new bank for the routing and account numbers—do not guess or copy them from a deposit slip, as these can be wrong. Most employers process payroll changes within one to two pay cycles, so if you are paid biweekly, allow at least two weeks before expecting your first deposit in the new account.
If you receive other regular deposits—tax refunds, benefits, pension payments, or transfers from other people—contact each source and update your account information. The IRS, Social Security Administration, and state agencies all have online portals where you can update your direct deposit. If someone sends you money regularly through a peer payment app like Venmo or PayPal, you do not need to change anything in the app itself, but you should update the bank account linked to your profile so future transfers land in the right place.
Stopping and starting automatic bill payments
This is the step most people forget, and it is the one that causes late payments and overdraft fees. Go through your old bank account and write down every automatic payment: utilities, insurance, subscriptions, loan payments, credit card payments, rent, and anything else that pulls money automatically. For each one, you have two choices: stop it at the old bank and start it at the new bank, or contact the company directly and ask them to update your account information.
Stopping the payment at the old bank takes one to three business days. Log into your old bank's website, find "Payments" or "Transfers," and cancel each one. Then log into your new bank and set up the same payments using the same schedule. The safer route is to contact the company directly—call the customer service number on your bill or log into your account on their website and update your bank account information there. This way the company has the correct information in their system, and you avoid the risk of a payment falling through the cracks during the transition.
Start this process at least one week before you plan to close the old account. Some companies take several days to process the change, and you want to catch any problems before the old account is gone.
Timing the closure of your old account
Do not close your old account immediately after opening the new one. Keep it open for at least one full billing cycle—usually 30 days—after you have moved everything over. This gives you time to catch any automatic payments that were delayed, any deposits that landed in the wrong place, or any checks you forgot about that are still clearing.
Once you are confident everything has moved successfully, log into your old bank and request account closure. Some banks let you do this online; others require a phone call or a visit in person. Ask the bank to confirm that all automatic payments have stopped and that no pending transactions are waiting. If there is a small balance remaining, the bank will either send you a check or transfer it to your new account—ask which option they offer.
If you have a credit card through the old bank, closing the checking or savings account does not close the credit card. You will need to close the credit card separately if you want to, though closing a credit card can lower your credit score slightly. Leaving it open with a zero balance does not hurt you.
What to do if a payment misses during the move
If a bill payment fails to go through because you forgot to update it, contact the company immediately. Explain that you changed banks and the payment bounced. Most companies will waive a single late fee if you call within a few days and set up a new payment right away. Pay the bill as soon as you can—even a day late can trigger a late fee and may be reported to credit bureaus.
If a payment was rejected because your old account was closed, the company may try again automatically, or they may send you a notice. Check your email and mail for any payment failure notices. If you see one, log into the company's website and update your bank account information, then make a manual payment to cover the missed amount plus any late fees.
Moving accounts that have special features or restrictions
If your old account is a money market account, high-yield savings account, or has a promotional interest rate, check whether your new bank offers the same features. Some banks offer higher interest rates for new customers, so you might actually come out ahead by switching. If your old account has a minimum balance requirement or monthly fee, confirm that your new bank does not have the same restrictions—or choose an account type that does not.
If you have a joint account, both account holders need to agree to the move. If you have a power of attorney or are an authorized user on someone else's account, you may not be able to transfer it without their permission. Contact both banks to confirm what paperwork you need.
If your account is frozen due to a dispute, unpaid fees, or a legal hold, you cannot transfer it until the freeze is lifted. Contact your old bank to find out why the account is frozen and what you need to do to unfreeze it.
Frequently Asked Questions
How long does it take to move everything to a new bank?
Moving your balance takes one to three days. Redirecting your paycheck takes one to two pay cycles. Updating automatic payments takes three to seven days per company. The entire process usually takes two to four weeks if you have multiple automatic payments. Keep your old account open during this time.
Will I lose money or get charged fees for moving banks?
ACH transfers are free. Wire transfers cost $15 to $30. Some banks charge a fee to close an account if you close it within a certain time period—ask before you open the new account. Your old bank may charge overdraft fees if a payment bounces during the transition, so update everything before closing the account.
What if my employer will not change my direct deposit?
Most employers can change direct deposit within one pay cycle. If yours refuses or is very slow, ask for a paper check instead for one or two pay periods while you wait for the change to process. You can deposit the check at your new bank, though it will take three to five days to clear.
Can I transfer my account if I have an overdraft or negative balance?
You cannot transfer a negative balance to a new bank. Pay off the overdraft first, then transfer. If you cannot pay it, contact your old bank about a payment plan. Some banks will forgive overdraft fees if you are moving your account, so ask.
Do I need to update my account information with the IRS or Social Security if I change banks?
Yes, if you receive tax refunds or benefits through direct deposit. Log into your IRS account at IRS.gov or your Social Security account at ssa.gov and update your bank information. This takes a few days to process, so do it at least two weeks before you expect a deposit.