The basic steps to move your accounts to a new bank

Switching banks means closing your old accounts and opening new ones at a different bank. The process takes about one to two weeks if you plan ahead, though you can speed it up by doing the work yourself instead of waiting for the banks to coordinate. The key is not to close your old account until your paycheck and automatic payments have moved over—closing too early is the main reason people miss deposits or overdraft.

Start by opening the new account at your destination bank. You will need a government ID, proof of address (usually a recent utility bill or lease), and your Social Security number. Most banks let you open an account online in about 15 minutes. Once that account is open and you have the account number, you can begin moving money and redirecting payments.

The actual switching happens in three parts: moving money already in your old account, redirecting future deposits like paychecks, and updating automatic payments. You do not have to do all three at once, and spreading them out over a week or two reduces the risk of missing something.

Key Takeaways

  • Open your new account first and wait for your debit card to arrive before closing the old one, so you always have access to money.
  • Update your employer's payroll system or your benefits provider with your new account number at least one week before payday.
  • Go through your old bank statements from the past three months to find every automatic payment and subscription, then update each one with your new account details.
  • Transfer any remaining balance from your old account to your new one, then close the old account only after your next paycheck has landed in the new one.
  • Keep your old account open for at least one billing cycle after the switch in case a delayed payment tries to post.

Moving money from your old account to your new one

The fastest way to move money is to transfer it yourself using your online banking app or website. Log into your old bank, find the transfer or send money option, and enter your new bank's routing number and your new account number. Most banks process internal transfers within one business day. You can transfer as much as you want, though some banks cap the amount per transaction at $10,000 or $25,000—if you have more, you can do multiple transfers.

If you do not want to use online transfer, you can withdraw cash and deposit it at your new bank, though this leaves you without a record and is slower. You can also write yourself a check from your old account and deposit it at the new one, which takes three to five business days to clear.

Do not close your old account until after you have transferred the money and confirmed it arrived in the new account. Check your new bank's app to make sure the deposit posted before you do anything else.

Redirecting your paycheck and government payments

Your employer or benefits provider needs your new account number to send future deposits to the right place. If you receive a paycheck, log into your employer's payroll system (often called a benefits portal or HR portal) and update your direct deposit information. Enter your new bank's routing number and your new account number. Make this change at least one week before payday so the change can process.

If you receive Social Security, SSI, VA benefits, unemployment, or tax refunds, each program has its own way to update your account information. Social Security and SSI use a system called AURA (Automated Verification of Accounts), which you can access through ssa.gov. VA benefits go through the VA's direct deposit system at va.gov. Unemployment benefits vary by state—contact your state's unemployment office. Tax refunds are updated through your tax return when you file, or you can change your account information on the IRS website at irs.gov.

Write down the date you made each change so you can verify it went through when the next payment arrives. If a payment lands in your old account by mistake, you can transfer it to your new account yourself, but it is easier to catch the mistake before it happens.

Finding and updating automatic payments

Automatic payments are the most common reason people run into trouble after switching banks. Any subscription, bill, or recurring charge tied to your old account will fail if you do not update it. Pull up your old bank statements from the past three months and look for every charge that repeats—insurance, utilities, streaming services, gym memberships, loan payments, credit card payments, and anything else that comes out automatically.

For each one, log into the company's website or app and update your payment method to your new account. You will need your new bank's routing number and your new account number. Do this before you close your old account. If you miss one and the payment fails, the company will usually send you a notice, but you may also face a late fee or service interruption.

Some companies let you update online. Others require you to call or mail in a form. Check each company's website to see which method they use. If you have trouble finding where to update your payment method, call the company's customer service line—they can walk you through it.

Timing the closure of your old account

Do not close your old account on the day you open your new one. Wait until after your next paycheck or regular deposit has landed in your new account and you have confirmed it is there. This usually takes one to two weeks. Once you see the deposit in your new account, you can close the old one.

Before you close, make sure you have updated your employer, benefits provider, and all automatic payments. Check your old account one more time to see if any unexpected charges are still trying to post. If everything looks clear, you can close the account by calling the bank or visiting a branch. Some banks let you close online.

Keep a record of when you closed the account and which bank it was with. If a payment tries to post after closure, you will need this information to track it down. Some banks hold closed accounts open for 30 days to catch stray transactions, so ask about this when you close.

What to do if a payment fails or a deposit goes to the wrong account

If an automatic payment fails because the old account is closed, the company will usually send you a notice and may charge a late fee. Contact the company immediately and provide your new account information. Ask them to resubmit the payment. If they charge a late fee, ask if they will waive it since the failure was due to your account change—many companies will.

If a paycheck or government payment lands in your old account instead of your new one, you can transfer it yourself if the old account is still open. If the account is already closed, contact your employer or the government agency and ask them to resubmit the payment to your new account. This usually takes one to two weeks. In the meantime, ask the old bank if they can retrieve the deposit and redirect it—some banks will do this as a courtesy.

If you are locked out of your old account and cannot access it to transfer money, call the old bank and explain the situation. They can transfer the money for you or issue a check to your new address.

Banks that make switching easier

Some banks offer a service called account switching or assisted switching, where the bank helps you move your direct deposits and automatic payments. This is not the same as the bank doing it for you—you still have to authorize each change—but the bank walks you through it and may handle some of the paperwork. Ask your new bank whether they offer this service when you open your account.

A few banks, mostly online banks and credit unions, also offer a switching may provide, which means they will reimburse you if you miss a payment or incur a fee because of a mistake during the switch. Read the terms carefully—most guarantees only cover mistakes the bank made, not mistakes you made.

Regardless of which bank you choose, the safest approach is to do the work yourself and verify each step. This takes a few hours spread over two weeks, but it keeps you in control and reduces surprises.

Frequently Asked Questions

Can I keep my old account open after I switch banks?

Yes. Many people keep their old account open for one to three months after switching, just in case a delayed payment tries to post. Once you are confident all payments have moved over, you can close it. Keeping it open costs nothing if there is no monthly fee, so there is no downside to waiting.

Will switching banks affect my credit score?

No. Switching banks does not show up on your credit report and does not affect your credit score. Your credit is tied to your Social Security number and payment history, not to which bank holds your account.

What if my new bank rejects my account opening?

Banks use a system called ChexSystems to check your banking history. If you have unpaid overdrafts, fraud disputes, or other issues at a previous bank, a new bank may deny your account. Ask the bank why they rejected you, then contact ChexSystems to see what is on your report. You can dispute inaccurate information. Some banks specialize in second-chance accounts if you have a banking history issue.

How long does it take for a transfer between banks to go through?

Transfers between different banks usually take one to three business days. Transfers within the same bank are often instant or next-day. Weekends and holidays do not count as business days, so a transfer initiated on Friday may not arrive until Tuesday.

Do I need to update my checks when I switch banks?

If you have checks from your old bank, they will still work as long as the account is open. Once you close the account, old checks will bounce. Order new checks from your new bank before you close the old account, or stop using checks altogether and switch to transfers or debit card payments.