Yes, you can switch, but the process and any costs depend on your bank
Most banks let you change from a preferred checking account to an everyday checking account, but they do not all handle it the same way. Some let you do it online in minutes. Others require you to visit a branch or call. A few charge a fee to close the preferred account or open a new one, though many do not. The key is that you control this decision — your bank cannot force you to keep the preferred account if you no longer want it.
The reason to make this switch is usually money. A preferred checking account typically requires you to keep a higher balance, make more deposits each month, or maintain other accounts with the bank. If you cannot meet those requirements, you may pay monthly fees that an everyday account would not charge. An everyday checking account has lower or no balance requirements, which makes it a better fit if your income or savings are smaller.
Key Takeaways
- Contact your bank directly — by phone, online, or in person — to ask how to downgrade from a preferred to an everyday account, because the process varies by bank.
- You may be able to switch online through your banking app or website, or you may need to visit a branch or call customer service.
- Some banks charge a fee to close a preferred account or open an everyday account, so ask about costs before you start the switch.
- Your debit card, account number, and direct deposits may stay the same, but confirm this with your bank so you do not miss a payment.
- The switch usually takes one to three business days, though some banks complete it when ready.
How to start the switch at your bank
The first step is to contact your bank and tell them you want to change to an everyday checking account. You have three ways to do this: call customer service, log into your online banking or mobile app, or visit a branch in person. If you are unsure which method your bank offers, start with a phone call — a representative can walk you through the options and answer questions about fees or what happens to your existing account.
When you contact them, have your account number ready. Tell them you want to downgrade from your preferred account to an everyday account. Ask three specific things: whether the switch can happen online or if you must visit a branch, whether there are any fees, and whether your account number and debit card will stay the same. Write down the answers so you have them in writing.
What happens to your money and payments during the switch
Your money stays in your account the entire time. The bank is not moving your funds to a new account — they are changing the type of account you have. This means your balance does not change, and you do not need to do anything with your money.
Direct deposits and automatic bill payments should continue without interruption, but this depends on whether your account number stays the same. Most banks keep your account number when you downgrade, which means your employer, benefits program, or creditors do not need to be notified. However, some banks assign a new account number when you switch account types. If yours does, you will need to update your account information with your employer and any services that send you money or pull payments from your account. Ask your bank whether your account number will change before you complete the switch.
Fees and costs to know about
Many banks do not charge a fee to downgrade from a preferred to an everyday account. However, some do charge a fee to close the preferred account, and a few charge a fee to open the everyday account. The fee, if one exists, is usually between $25 and $50, though this varies by bank.
Before you switch, ask your bank whether there are any fees and what they cover. If there is a fee, ask whether it will be deducted from your account or whether you pay it separately. Some banks waive the fee if you have had the account for a certain length of time or if you maintain a minimum balance. It is worth asking — the worst they can say is no.
What changes and what stays the same
When you downgrade to an everyday account, the main change is your monthly fees and balance requirements. An everyday account typically has no monthly fee or a lower fee than your preferred account, and it does not require you to keep a large balance or meet other conditions to avoid charges.
What usually stays the same: your debit card (unless your bank issues a new one, which is rare), your online banking access, your ability to use ATMs, and your account history. Your bank statements will show the account type change, but your past transactions remain on record. If you had any special perks with your preferred account — like higher interest on savings or fee waivers — those may go away. Ask your bank what benefits you will lose so there are no surprises.
How long the switch takes
If you switch online or in person at a branch, the change often happens when ready or within one business day. If you switch by phone, it may take one to three business days for the change to show up in your account. Some banks send you a confirmation email or letter once the switch is complete.
During this time, your account works normally. You can still deposit money, withdraw cash, and use your debit card. The only thing that might change is which fees explore to your account, so check your account a few days after the switch to make sure the new fee structure is in place.
What to do if your bank will not let you switch
It is rare, but some banks require you to close the preferred account entirely before opening an everyday account, rather than straightforward changing the account type. If your bank says this, ask whether you can open the everyday account first, then close the preferred account once your money and payments have moved over. This protects you from accidentally missing a deposit or payment.
If your bank makes the process difficult or charges a high fee, you have another option: open an everyday checking account at a different bank and move your money there. You would then close the preferred account at your current bank. This takes longer — usually one to two weeks — but it may be worth it if the fees or requirements of your current account are too high.
Frequently Asked Questions
Will my debit card number change when I switch accounts?
Usually no — your debit card stays the same when you downgrade. However, some banks issue a new card when you change account types. Ask your bank before you switch so you know whether to expect a new card in the mail.
What if I have automatic payments set up on my preferred account?
If your account number stays the same, your automatic payments will continue without any action from you. If your account number changes, you will need to update it with each company or service that pulls money from your account. Your bank can tell you whether your account number will change.
Can I switch back to a preferred account later?
Yes, most banks let you upgrade back to a preferred account at any time. However, you may have to meet the account requirements again, such as keeping a minimum balance. Ask your bank about the requirements before you upgrade.
Do I lose my account history when I downgrade?
No. Your past transactions, statements, and account history stay with you. Your bank will keep a record of everything that happened on the account before and after the switch.
What if my employer deposits my paycheck and I switch accounts?
If your account number stays the same, your paycheck will deposit normally with no action needed. If your account number changes, you must give your employer your new account number so future paychecks go to the right place. Contact your payroll or HR department to update it.