The basic steps to move your accounts to a new bank
Switching banks means closing or transferring your accounts from one institution to another. The process itself is straightforward: you open a new account at the bank you want to join, redirect your paychecks and automatic payments to the new account, and then close the old one once everything has moved over. Most banks can handle this in two to four weeks, though some of the work happens on your end.
The time it takes depends on how many automatic payments you have set up and how quickly you update them. If you have direct deposit, automatic bill payments, and subscriptions tied to your old account, each one needs to be changed individually — there is no single switch that moves everything at once. Starting the process early (at least a month before you want to close the old account) gives you time to catch anything you missed.
Key Takeaways
- Open your new account before you close the old one, and keep both open for at least two weeks while you redirect payments and paychecks.
- Update your direct deposit with your employer first, since that is usually the largest regular deposit and takes one to two pay cycles to take effect.
- Go through your old bank statements from the past three months to find every automatic payment, subscription, and recurring charge, then update each one with your new account number.
- Set up a forwarding address with your old bank so you receive any mail related to the account after you close it.
- Keep a small balance in your old account for at least one month after closing in case a forgotten payment comes through.
Open your new account and gather your information
Visit the bank you want to switch to and open a checking account, savings account, or both. You will need a government-issued ID, proof of address (a recent utility bill or lease), and your Social Security number. Most banks let you open an account online in about 10 minutes, though some require you to visit a branch in person.
Once your new account is open, write down your new account number, routing number, and the bank's customer service phone number. You will need these details to update your direct deposit and automatic payments. The routing number is usually printed on the bottom left of your new checks, or you can find it on your bank's website or by calling customer service.
Redirect your paycheck to the new account
Contact your employer's payroll or HR department and ask them to change your direct deposit to your new bank account. Provide them with your new account number and routing number. This usually takes effect on the next pay cycle, though some employers process changes only once a month, so it may take up to two pay periods before your paycheck appears in the new account.
Do not close your old account until at least one paycheck has landed in the new one. This confirms that the change went through correctly. If something went wrong with the routing number or account number, you will catch it before your old account is closed and you have no way to receive your pay.
Update automatic payments and subscriptions
Pull up your bank statements from the past three months and make a list of every automatic payment, subscription, and recurring charge. This includes utilities, insurance, streaming services, gym memberships, loan payments, credit card payments, and anything else that comes out of your account on a regular schedule. Many people forget about subscriptions they signed up for years ago and rarely use, so be thorough.
For each payment, log into the company's website or call their customer service line and update your payment method to your new account number. Some companies let you change it online in seconds; others require a phone call. Keep a checklist as you go so you know which ones you have updated and which ones still need to be changed. This is the most time-consuming part of switching banks, but it is also the most important — a missed payment can result in a late fee or service interruption.
Set up mail forwarding and monitor both accounts
Contact your old bank and ask them to set up a forwarding address for any mail related to your account. This ensures that if a payment or check arrives after you close the account, you will still receive it. Some banks do this automatically; others require you to request it in writing or over the phone.
For at least two weeks after you open the new account, check both accounts regularly to make sure deposits are going to the right place and payments are coming out of the right account. Look for any payments that still went to the old account by mistake — this happens most often with subscriptions or vendors you forgot to update. If you spot a payment in the old account, update that vendor immediately and ask if they can reverse the charge.
Close your old account
Once you have confirmed that your paycheck is going to the new account and all your automatic payments have been updated, you can close the old account. Wait at least one full month after your last payment cleared before you close it, in case a vendor you missed tries to charge you. Call your old bank's customer service line or visit a branch and ask to close the account. They will ask if you want to withdraw any remaining balance or have it transferred to your new bank.
Ask the bank to confirm in writing that the account is closed and request a final statement showing all transactions up to the closing date. Keep this for your records. Some banks charge a fee to close an account early, though most do not — ask before you close if you are unsure.
What to do if a payment bounces or goes to the wrong account
If a vendor tries to charge your old account after you have closed it, the charge will be rejected and you may receive a notice from the vendor or the bank. Contact the vendor immediately and provide your new account information. Ask them to resubmit the charge to your new account. If they cannot resubmit it, you may need to make a manual payment to catch up.
If you discover that a payment went to your old account instead of your new one, contact that vendor right away and update your information. Then check your old account to see if the payment cleared. If it did, you will need to make sure the vendor knows the payment was received, even though it came from the old account. If it did not clear because the account was closed, ask the vendor to resubmit to your new account.
Frequently Asked Questions
How long does it take to switch banks?
The actual process takes two to four weeks, but you should plan for a full month to be safe. Direct deposit changes take one to two pay cycles, automatic payments take a few days to update once you submit the change, and you need time to catch anything you missed. Keep both accounts open for at least a month.
Do I need to close my old account right away?
No. In fact, you should keep it open for at least one month after you have moved everything over. This gives you time to catch any payments that still come through the old account by mistake. Once you are confident everything has been redirected, you can close it.
What if I have checks from my old account?
Stop using them immediately once you switch banks. Checks from a closed account will bounce. If you have a large supply of old checks, contact your old bank and ask if they can still be used after the account closes — policies vary. Order new checks from your new bank before you close the old account.
Will switching banks affect my credit score?
No. Switching banks does not show up on your credit report and has no impact on your credit score. Banks do not report account closures to credit bureaus the way creditors do.
What if I forget to update a payment and it bounces?
Contact the vendor immediately and provide your new account information. Ask them to resubmit the payment. If the bounced payment resulted in a late fee, ask the vendor to waive it and explain that you were in the process of switching banks. Many vendors will remove a single late fee as a courtesy.