Yes, you can transfer your bank account to another bank, but you are not moving the account itself—you are moving the money and setting up new payment arrangements
Your bank account is tied to that specific bank. You cannot physically transfer it. What you can do is close the old account after moving your money to a new bank and updating any automatic payments or direct deposits that were connected to the old account. The process takes a few days to a few weeks depending on how many payments you need to reroute and whether you have pending transactions.
Most of the work is not the money transfer—it is telling everyone who sends you money or takes money from you that your account details have changed. Your employer needs your new routing and account number for direct deposit. Your utility company, insurance company, and loan servicer need the same. If you skip this step, payments will bounce or go to the old account after you close it, and you will face late fees or service interruptions.
Key Takeaways
- Moving money between banks takes one to three business days for a standard transfer, but closing your old account should wait until all automatic payments have been rerouted to the new one.
- You must manually update your direct deposit, bill payments, and subscription services—banks do not do this for you automatically.
- Checks written against your old account will still clear after you close it, but only if the bank has not yet processed them; contact your old bank if you are unsure.
- Some banks offer a service to help you identify which companies are pulling money from your account, but you still have to contact each one yourself to change the details.
How to move money from your old bank to your new one
The fastest way is to go into your new bank's website or app and initiate an external transfer. You will need your old bank's routing number and your old account number. The new bank will pull the money directly from the old account. This takes one to three business days and costs nothing.
If you want to move the money immediately and do not mind a small fee, you can withdraw cash from your old bank and deposit it at the new one. This clears the same day. For large amounts, ask the teller at your new bank whether they can accept a cashier's check from your old bank instead—this is safer than carrying large amounts of cash and still clears within a day or two.
Do not close your old account until you are certain no pending transactions are still processing. Checks you wrote that have not cleared yet, or automatic payments scheduled for the next few days, can bounce if the account is closed. Call your old bank and ask them to tell you the date of the last pending transaction before you close.
Updating direct deposit and automatic payments
This is where most people run into trouble. Your employer, your landlord, your loan servicer, and any company that automatically charges you each month all have your old account number on file. They will not know to stop using it unless you tell them.
Start by logging into your employer's payroll system or calling your HR department. Give them your new routing number and account number. Ask them to confirm the change was entered correctly and when the next paycheck will hit the new account. Most employers can make the change within one pay cycle.
For bills and subscriptions, log into each account online and update the payment method. This includes utilities, insurance, phone, internet, streaming services, gym memberships, and loan payments. Write down each company you contact and the date you made the change. If a payment bounces because you missed updating one, you will have a record of when you tried to fix it.
If you have recurring payments set up through your old bank's bill pay system, you will need to cancel those and set them up again at your new bank. Log into your old bank's website, find the bill pay section, and delete each scheduled payment. Then set up the same payments at your new bank.
What happens to checks written on your old account
Checks clear slowly—sometimes weeks after you write them. If you close your old account before a check clears, the check will bounce and the person who deposited it will face a fee. You will also face a fee from your old bank for the bounced check.
Before closing your old account, call the bank and ask them to tell you the date of the last check that has been presented for payment. Wait at least one week after that date before closing. If you are worried about a specific check, you can ask your old bank to put a hold on the account instead of closing it—this keeps the account open but prevents new transactions, so old checks can still clear.
If you have already closed the account and a check bounces, contact your old bank immediately. Some banks will reopen a closed account temporarily to process a check if you ask within a reasonable time frame. You will likely face a fee, but it is better than letting the check bounce.
Timing: when to close your old account
Close your old account only after all of the following are true: your direct deposit has hit the new account at least once, all automatic payments have processed at least once from the new account, and at least one week has passed since the last check you wrote was presented for payment.
This usually takes two to four weeks. It feels slow, but rushing it costs more in bounced check fees and late payment penalties than the time is worth.
When you are ready to close, call your old bank or visit in person. Ask them to confirm the account is fully closed and whether they will send you a final statement. Some banks charge a fee to close an account early, though this is rare. Ask before you close.
Transferring savings accounts and other account types
The same process works for savings accounts, money market accounts, and certificates of deposit (CDs). For a CD, check whether there is an early withdrawal penalty. If you are closing a CD before it matures, you will owe a penalty that the bank will deduct from the balance. Ask the bank to calculate the penalty before you decide whether to move the money or let the CD mature at the old bank.
If you have multiple accounts at the old bank—checking, savings, and a CD—you can close them on different schedules. Close the checking account last, after all payments have cleared. You can close savings and CDs as soon as the money is moved.
If your old bank is closing or you are locked out of your account
If your bank is closing a branch or shutting down entirely, they will notify you by mail and give you a deadline to move your money. Follow the same steps above, but move faster—do not wait weeks to update payments. Contact your employer and billers immediately and ask them to prioritize the change.
If you are locked out of your account because of fraud or a dispute, call the bank and ask whether you can request a transfer to another bank without logging in. Most banks can process a transfer over the phone if you can verify your identity. You may need to visit a branch in person with a photo ID.
Frequently Asked Questions
Will my new bank accept a transfer from my old bank?
Yes. Every bank accepts external transfers from other banks. You initiate the transfer from your new bank's website or app, and they handle the rest. There is no approval process—the transfer either goes through or fails, usually within one to three business days.
Do I need to tell my old bank I am closing my account?
No. You can simply stop using the account and let it sit dormant. However, some banks charge a monthly fee on inactive accounts, so it is better to close it formally. Call or visit in person and ask them to close it.
What if a company keeps charging my old account after I close it?
Call that company immediately and tell them the account is closed. Ask them to stop the charges and refund any fees. If they do not, contact your old bank and file a dispute. Your old bank can reverse unauthorized charges even after the account is closed, though this takes longer.
Can I keep my old account open while using the new one?
Yes. Many people keep an old account open for a few months while they transition, just in case a payment bounces or they forget to update something. Once you are confident everything is working, you can close it. There is no rule against having accounts at multiple banks.
How long does it take to fully switch banks?
The money transfer takes one to three business days. Updating all your payments takes one to four weeks, depending on how many companies you need to contact and how quickly they process changes. Plan for a full month to be safe.