The basic steps to move your accounts to a new bank
Switching banks takes about two weeks if you plan ahead, or up to a month if you move your paycheck and automatic payments without coordinating the timing. The process itself is straightforward: open an account at the new bank, move your money over, redirect your direct deposits and bill payments, then close the old account once everything has landed.
Most banks now offer a service called account transfer or bank switching that handles the heavy lifting for you. You authorize the new bank to pull your transaction history from the old one, and they use that list to contact your employers, billers, and subscription services on your behalf. You still need to verify each change went through, but you are not making the calls yourself.
If your bank does not offer this service, you can do it manually by collecting your account numbers, routing numbers, and a list of who gets paid from your account. Then you contact each one—your employer's payroll department, your mortgage lender, your insurance company, your utilities—and give them the new routing and account numbers. This takes longer but is not complicated.
Key Takeaways
- Ask your new bank whether they offer account transfer service, which automates redirecting your direct deposits and bill payments to your new account.
- Keep your old account open for at least two weeks after your last paycheck hits the new account, in case a payment bounces back or arrives late.
- Your routing number and account number are the only pieces of information you need to give your employer and billers; you do not need to move the money yourself first.
- Set up online bill pay at your new bank before closing the old one, so you have a backup method if an automatic payment fails to transfer.
What information you need before you start
Gather three things before you contact your new bank or start making calls: your old bank's routing number, your old account number, and a list of who pulls money from or deposits money into that account.
Your routing number is a nine-digit code printed on the bottom left of your checks, or you can find it on your bank's website or by calling their customer service line. Your account number is printed on the same line on your checks, or visible in your online banking portal. Write both down.
For your list, go through the last three months of your bank statements and note every deposit source (your employer, a pension, Social Security, a side income) and every automatic payment (mortgage, insurance, utilities, subscriptions, loan payments). Include the company name and, if you have it, the contact phone number or website. This list is what you will hand to your new bank's switching service, or what you will use to contact each company yourself.
Using your new bank's account transfer service
Most large banks and many credit unions offer this service at no cost. Call the new bank after you open your account and ask whether they have account transfer, bank switching, or a similar service. If they do, they will send you a form or walk you through it online.
You will authorize the new bank to contact your old bank and pull your recent transaction history. From that history, they identify the deposits and payments, then contact each company on your behalf to request the change. Some banks do this within a few days; others take up to two weeks. You will receive updates by email or through your online banking portal as each change is confirmed.
Your job is to verify each one. When your employer confirms the change, check your new bank account on payday to make sure the deposit landed. When a biller confirms, watch for the first payment to post to your new account. If something does not go through, you will need to contact that company directly and give them the information again.
Redirecting deposits and payments manually
If your new bank does not offer account transfer service, or if you prefer to handle it yourself, contact each company directly. Start with your employer's payroll or human resources department, because your paycheck is the most important deposit to move.
Tell them you are switching banks and provide your new routing number and account number. Ask them to confirm the change in writing or via email, and ask when the next paycheck will hit the new account. Most employers can make the change within one pay cycle.
For automatic bill payments, contact each company—your mortgage lender, insurance company, utility, credit card issuer, loan servicer—and give them the same information. Ask them to confirm the change and to tell you the date the next payment will be drawn. Write down the date for each one so you can watch your new account and make sure each payment posts.
For subscriptions and smaller recurring charges, log into each service's website and update your payment method directly. This is faster than calling and leaves a record you can refer to later.
When to close your old account
Do not close your old account until at least two weeks after your last paycheck has landed in the new one, and until you have seen at least one full cycle of automatic payments post to the new account. This buffer catches late arrivals and gives you time to fix anything that went wrong.
Before you close the account, make sure there is no money left in it. If there is, transfer it to your new account or withdraw it. Then call your old bank and ask them to close the account. They may ask why; you can simply say you are switching banks. They will confirm the account is empty and close it.
Ask the old bank to send you written confirmation that the account is closed. Keep this for your records. Some banks send it automatically; others only provide it if you ask.
What to do if a payment bounces or arrives late
If a payment fails to transfer to your new account, you will usually get a notice from the company that tried to collect it. They may charge a fee for the failed attempt. Contact them immediately and provide your new routing and account number, then ask them to retry the payment.
If a deposit like your paycheck arrives late, contact your employer's payroll department and ask them to confirm the routing and account number they have on file. If they have the wrong information, ask them to correct it and resubmit the deposit. Most employers can do this within a day or two.
If you are worried about a payment failing before it clears, set up a backup payment method at your new bank. Most banks offer online bill pay, where you can manually send a payment to any company if their automatic draft does not go through. This takes a few extra minutes but prevents late fees.
Protecting yourself during the switch
Keep your old account open and funded during the transition, even if you are not using it for new transactions. If a payment bounces or a deposit goes to the wrong place, you want money in the old account so you can cover it or retrieve it.
Do not give your old account number to anyone new. Only give out your new routing and account number. If someone asks for your old account information after you have switched, that is a sign they may not have received the update.
Check your statements at both banks for the first month after the switch. Look for duplicate charges, missing deposits, or payments that posted twice. If you spot something wrong, contact the company that made the error and ask them to reverse it. Most will do so within a few business days.
Frequently Asked Questions
Can I switch banks if I have a negative balance?
No. Your old bank will not let you close the account, and your new bank may not open one for you if you have unpaid debt at another bank. Pay off the negative balance first, then proceed with the switch. If you cannot pay it all at once, contact the old bank and ask about a payment plan.
What happens to checks I wrote from my old account?
Checks can take weeks to clear, so keep your old account open for at least a month after you switch. If someone deposits a check you wrote before the account closes, the bank will reject it and charge you a fee. Once the account is closed, you cannot reopen it to cover the check.
Do I need to update my account number with my employer if I switch banks?
Yes. Your employer needs your new routing number and account number to deposit your paycheck into the new bank. If you do not update it, your paycheck will continue going to the old account, which you may have closed. Contact payroll and provide the new information.
How long does it take for my direct deposit to show up at the new bank?
Once your employer has your new routing and account number, the next paycheck should arrive within one to two business days of the normal deposit date. If it does not arrive by then, contact your employer and ask them to confirm they have the correct information.
Can I switch banks without closing my old account?
Yes. You can keep both accounts open indefinitely. This is useful if you want to maintain a backup account or keep a small balance somewhere for emergencies. Just make sure you are not paying monthly fees on an account you are not using.