The basic steps to move your accounts to a new bank
Switching banks means closing or transferring accounts at your current bank and opening new ones elsewhere. The process takes two to four weeks from start to finish, though some banks now offer faster transfers. You do not have to close your old account before opening the new one — in fact, keeping both open for a month protects you if a payment gets lost in the move.
The core steps are: open an account at the new bank, set up direct deposit and bill pay there, redirect automatic payments, and then close the old account once everything has moved. The longest part is usually waiting for checks and transfers to clear, not the paperwork itself.
Key Takeaways
- Open your new account before closing the old one, and keep both open for at least one month to catch any payments that were sent to the wrong place.
- Contact your employer, government agencies, and any services that deposit money to you and give them your new account number and routing number.
- Log into each bill you pay automatically — utilities, insurance, subscriptions — and update the payment method to your new bank account.
- Order new checks from your new bank if you still use them, and notify anyone you pay by check that your account number has changed.
- Close your old account only after you have confirmed that all recurring deposits and payments have moved successfully.
Setting up your new bank account before you leave
Visit the new bank in person, by phone, or online to open a checking account, savings account, or both. You will need a government ID, proof of address (usually a recent utility bill or lease), and your Social Security number. Some banks let you open an account online in minutes; others require an in-person appointment. Ask whether the bank offers a grace period for transfers — some will waive fees if you move money within the first 30 days.
Once the account is open, write down your new account number and routing number. The routing number identifies the bank itself; the account number identifies your specific account. You will need both to set up direct deposit and to tell other banks where to send your money. Most banks print these on your first check or show them in the online banking portal under account details.
Moving your direct deposits and regular payments
Direct deposits — paychecks, Social Security, tax refunds, unemployment benefits — go to your old bank until you tell the source to send them elsewhere. Contact your employer's payroll department and provide your new routing number and account number. The change usually takes effect within one or two pay periods. If you receive government payments like Social Security or a pension, log into your account on the government website (Social Security, Veterans Affairs, or your state's unemployment office) and update your banking information there.
For bills you pay automatically — utilities, insurance, credit cards, subscriptions — log into each company's website and update the payment method. Do not rely on your old bank to forward the payment; companies need the new account number to process it correctly. Start with the largest or most frequent payments first: mortgage or rent, insurance, utilities. Then move to subscriptions and smaller recurring charges. This usually takes an hour or two but prevents missed payments.
Handling checks and one-time payments
If you still write checks, order new ones from your new bank with your new account number printed on them. This takes five to ten business days. Until they arrive, you can ask your new bank for temporary check numbers or use the bank's bill pay feature to send payments electronically instead. Tell anyone you regularly pay by check — landlord, contractor, daycare — that your account number has changed.
For one-time payments or transfers from other people, give them your new account number and routing number. If someone sends money to your old account after you close it, the bank will return it to them, and they will have to resend it. Avoid this by notifying anyone who might send you money — family members, employers for reimbursements, clients — before you close the old account.
Transferring money between your old and new accounts
Move your remaining balance from the old bank to the new one using an electronic transfer. Most banks let you do this online by linking the two accounts, or you can visit a branch and ask a teller to transfer the funds. The transfer usually clears within one to three business days. If you have a large balance, consider splitting it into smaller transfers to reduce the risk if something goes wrong.
Keep a record of the transfer confirmation number and the date you initiated it. If the money does not appear in your new account within five business days, contact the old bank and ask for a trace. This is a formal request to track where the money went, and the bank is required to investigate.
Closing your old account at the right time
Wait at least one month after opening the new account before closing the old one. This gives you time to catch any payments that were sent to the wrong account, any deposits that did not go through, or any automatic payments you forgot to redirect. Once you close an account, the bank stops accepting deposits to it, and any money sent there will be returned to the sender.
Before you close, log into your old bank's online portal and review the last 30 days of activity. Look for any unexpected charges, deposits that did not arrive, or automatic payments that are still going out. If you find something, contact the old bank and resolve it before closing. Then call the bank or visit a branch and ask to close the account. The bank may ask why you are leaving; you do not have to explain, but some banks offer incentives to stay.
What to do if something goes wrong during the switch
If a payment bounces because it was sent to your old account after you closed it, contact the company that sent it and ask them to resubmit it to your new account. Provide your new routing and account numbers. If a direct deposit does not arrive on time, contact the source (your employer, Social Security, etc.) and confirm they have your new information. They can resend the payment or tell you when it will arrive.
If money disappears during a transfer between banks, contact both banks immediately. The sending bank can initiate a trace, and the receiving bank can search for incoming transfers. This process usually takes five to ten business days. Keep all confirmation numbers and dates in writing so you can reference them if you need to dispute the transfer.
Frequently Asked Questions
Can I keep my old account open after I switch banks?
Yes, and it is often a good idea. Keeping both accounts open for at least a month lets you catch any payments that were sent to the wrong place. After a month, you can close the old account if you want, or keep it open indefinitely if the bank does not charge a monthly fee.
What if I have checks that still have my old account number on them?
Stop using them immediately. Any checks you write with the old account number will bounce or be returned if the account is closed. Order new checks from your new bank, or use your new bank's bill pay feature to send payments electronically while you wait for the new checks to arrive.
How long does it take to switch banks?
The actual paperwork takes a few hours, but the full process takes two to four weeks. This is because direct deposits and automatic payments take time to redirect, and transfers between banks can take several business days to clear. Some newer banks offer faster transfers, but you should still wait at least a month before closing your old account.
Do I need to close my old account before opening a new one?
No. In fact, you should open the new account first and keep both open during the transition. This prevents you from accidentally sending money to a closed account or missing a deposit because the new account was not ready yet.
What happens if I forget to update my direct deposit information?
Your next payment will go to your old account. Once you realize this, contact the source of the payment (your employer, Social Security, etc.) and provide your new account information. They can resend the payment to the correct account, though this may take an extra pay period or two.