The basic steps to move your accounts to a new bank
Switching banks means closing or transferring your accounts at your current bank and opening new ones elsewhere. The process takes two to four weeks if you move money gradually, or one to two weeks if you coordinate a full transfer on a single day. Most banks will not charge you to close an account, though some charge a fee if you close within a certain period after opening — check your account agreement or call ahead.
The safest approach is to open your new account first, set up direct deposit and bill payments there, then close the old account once everything is working. This way you keep access to your money throughout the switch and can catch any payments that still route to the old account before they bounce.
If your current bank makes it difficult to leave — for example, by refusing to provide your account history or routing number — you can file a complaint with the Consumer Financial Protection Bureau or your state's banking regulator. Banks are required by law to give you this information within a few business days.
Key Takeaways
- Open your new account before closing the old one so you never lose access to your money or miss a payment.
- Update direct deposit with your employer and automatic bill payments with each company you pay, using your new account details.
- Wait one to two weeks after your last paycheck hits the new account before closing the old one, in case a payment arrives late.
- Your old bank must provide your account history and routing number within a few business days if you request it in writing.
- Some banks offer a switch service that moves money and updates payments for you, though you still need to monitor the old account for stragglers.
Opening a new account at your chosen bank
Visit the bank's website or a branch in person. You will need a government-issued ID, your Social Security number, and proof of address (a recent utility bill, lease, or bank statement). Online applications usually take 10 to 15 minutes and you can start using a debit card within one to three business days.
Ask the bank whether they offer a switch service — many large banks do this for free. The service typically moves your opening balance from your old account, updates your direct deposit, and notifies your regular bill payees. Even if the bank offers this, you should still monitor both accounts for two weeks to catch any payments that route to the wrong place.
If you have a checking account with overdraft protection or a linked savings account, ask whether those features transfer automatically or whether you need to set them up separately in the new account.
Updating direct deposit and automatic payments
Direct deposit is the fastest way to move your paycheck. Contact your employer's payroll department and provide your new bank's routing number and your new account number. This change usually takes effect within one to two pay periods. Ask your employer to confirm the change was entered correctly before your next paycheck.
For bills you pay automatically — utilities, insurance, loan payments, subscriptions — log into each company's website or call them directly. Update your account information to your new bank account. Do this before closing your old account, not after, so the company has time to process the change and you can catch any errors.
Make a list of every automatic payment as you update it. This list becomes your safety net: if a payment bounces or goes missing, you know which company to contact first.
Transferring money between your old and new accounts
Most banks let you transfer money online between accounts at different banks using the other bank's routing number and your account number. This usually takes one to three business days. Alternatively, you can withdraw cash from your old account and deposit it at the new bank, though this is slower and riskier if you are moving a large amount.
Do not transfer all your money at once on the day you open the new account. Instead, transfer a small amount first — $100 or $200 — and confirm it arrives within the stated timeframe. Then transfer the rest. This way, if something goes wrong with the transfer, you still have money in your old account to cover emergencies or bills.
If your old bank charged you a monthly fee, you may want to keep a small balance there ($25 to $100) for a few weeks after switching, just in case a payment arrives late. Once you are confident everything has moved, transfer that balance to your new account and close the old one.
Closing your old account safely
Wait at least one to two weeks after your last paycheck or regular payment arrives at the new account before closing the old one. This gives you time to spot any payments that still route to the old account and update them.
Call or visit your old bank and ask to close the account. The bank will ask whether you want them to mail you any remaining balance or transfer it to your new account. Choose the transfer option if possible — it is faster and you have proof it went through. If the bank insists on mailing a check, ask how long it will take and whether they can expedite it.
Ask the bank to confirm the account is closed and to provide a written record of the closure. Keep this record for your files. If you receive a bill or statement from the old bank after closure, contact them immediately — it usually means a payment arrived after you closed the account and the bank is trying to return it.
What to do if a payment bounces or goes to the wrong account
If a bill payment bounces because it routed to your closed old account, contact the company that sent the payment immediately. Explain that you switched banks and provide your new account number. Most companies will resubmit the payment to your new account at no charge, though some may charge a late fee if the payment was due.
If a payment goes to your old account after you closed it, the bank will usually return it to the sender. The sender will then contact you or resubmit to your new account. This process can take one to two weeks, so stay in touch with the company sending the payment and confirm when they receive the returned payment.
If you miss a payment because of a routing error during your switch, contact the creditor or service provider and explain what happened. Many will waive a late fee if you can show you switched banks and the payment was their error. Get the name and date of your call in writing.
Using your old debit card and checks
Your old debit card will stop working once you close the account, usually within one to three business days. Do not rely on it after you close the account. Your new bank will issue a new debit card, which typically arrives within five to seven business days.
If you have checks printed with your old account number, stop using them immediately once you switch banks. Checks printed with the old account number will bounce if you try to use them after the account closes. If you have a large supply of old checks, contact your old bank and ask whether they can mark them as void or whether you should destroy them yourself.
Order new checks from your new bank or from a third-party printer. New checks usually arrive within one to two weeks. Many banks now offer free check printing, though some charge a small fee.
Frequently Asked Questions
Will switching banks hurt my credit score?
No. Switching banks does not affect your credit score because banks do not report account closures to credit bureaus. Your credit score is based on loans, credit cards, and payment history — not checking or savings accounts. Closing a bank account is a banking transaction, not a credit event.
What if my old bank won't let me close my account?
Banks cannot prevent you from closing an account. If your bank refuses to close it, ask to speak to a manager and request the closure in writing. If they still refuse, contact your state's banking regulator or file a complaint with the Consumer Financial Protection Bureau. You can also stop using the account and let it sit dormant, though some banks charge monthly fees for inactive accounts.
Can I keep my old account open after switching?
Yes. You do not have to close your old account. Many people keep a second account at their original bank for savings or as a backup. Just be aware that if the account has a monthly maintenance fee, you will continue to pay it. If you keep the account open, make sure to update any automatic payments that still route there, or transfer a small balance to cover them.
How long does it take to switch banks completely?
The entire process usually takes two to four weeks. Opening a new account takes one to three business days, updating direct deposit takes one to two pay periods, and waiting to close the old account safely takes one to two weeks. If you use your bank's switch service, some steps may overlap and the total time can be shorter.
What if I receive mail or statements from my old bank after I close the account?
Contact the bank and ask them to stop sending statements. If you receive a bill or notice about a payment that arrived after closure, call the sender immediately and provide your new account information. Keep any mail from the old bank for at least three months in case you need to prove when the account was closed.