The basic steps to move your account to another bank

Moving your money to a different bank means closing your old account and opening a new one, then telling the places that send you money (your employer, government benefits, insurance) to use your new account number instead. You can do this in any order, but the safest way is to open the new account first, move your money over, then close the old one once everything has landed.

The actual transfer of money between banks takes one to three business days. During that time, your money is in transit and you cannot spend it from either account. This is why you should not close your old account until you see the money arrive in the new one and you have confirmed that all your regular payments have switched over.

You do not need permission from your old bank to leave, and you do not need to move all your money at once. Some people keep a small amount in the old account for a few weeks while they make sure everything has switched, then close it when they are certain.

Key Takeaways

  • Open your new account before closing the old one, so you always have a working account while money is in transit.
  • You will need to update your account number with your employer, benefits office, and any other place that sends you regular payments.
  • Money moving between banks takes one to three business days, so plan for that gap if you need the cash right away.
  • Your old bank cannot stop you from leaving, and you can move money gradually if you prefer not to do it all at once.
  • Keep records of what you moved and when, in case a payment gets lost and you need to prove where it went.

Opening your new account and choosing what to move

Start by opening an account at the bank where you want your money to go. You will need a government-issued 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 ask you to come in person. Ask the new bank what they need before you go.

Once the new account is open, you have a new account number and routing number. Write these down — you will need them to tell other people where to send your money. Your new bank can give you these numbers in person, by phone, or through their website or app.

Decide what you want to move. Most people move everything, but you can move just part of your money if you want to keep some in the old account for a while. If you have automatic payments set up on the old account (like a gym membership or utility bill), you will need to update those separately — moving the money does not automatically move the payments.

Moving money from your old bank to your new one

There are three ways to move money between banks: you can transfer it yourself online, ask your old bank to do it, or ask your new bank to pull it over. The fastest and most common way is to log into your old bank's website or app, find the transfer option, and send money to your new account using the new account number and routing number.

If you do not use online banking, you can call your old bank and ask them to transfer the money for you. Give them your new account number and routing number, and tell them how much you want to move. They will do it over the phone, though it may take an extra day or two.

Your new bank can also pull the money over for you. This is called an ACH transfer (Automated Clearing House), and it is the standard way banks move money between each other. Ask your new bank if they offer this service — many do it for free. You will need to give them your old account number and routing number, and they will handle the rest.

Updating where your money comes in

After you move your money, you need to tell everyone who sends you money to use your new account number instead. This includes your employer (for paychecks), government benefits offices (for Social Security, unemployment, tax refunds), insurance companies, and anyone else who deposits money into your account regularly.

For your paycheck, contact your employer's payroll or human resources department. They will ask for your new account number and routing number, and they will update it in their system. This usually takes effect on the next pay period, though some employers need a week or two to process the change.

For government benefits, contact the office that sends them. If you receive Social Security, call 1-800-772-1213 or log into your account at ssa.gov. If you receive unemployment benefits, contact your state's unemployment office. If you are expecting a tax refund, you can update your account information when you file your taxes, or contact the IRS directly. Each office has its own process, so ask them what they need from you.

Waiting for money to arrive and checking for problems

Once you have transferred money and updated your account information, wait one to three business days for everything to land. Do not close your old account during this time. Check your new account regularly to make sure the money arrived, and check your old account to make sure nothing new came in that you missed.

If money does not arrive after three business days, contact your old bank first. Ask them to confirm that the transfer went through on their end. If they say it did, contact your new bank and ask them to look for it. If neither bank can find it, ask your old bank to issue a trace — this is a formal search for the missing money, and it usually takes five to ten business days.

Once you see money arriving in your new account and you have confirmed that your paycheck or benefits have switched over, you can close the old account. Some banks let you close an account online; others ask you to come in person or call. Ask your old bank how they do it.

Closing your old account safely

Before you close your old account, make sure you have updated every place that sends you money. Check your old account for any automatic payments you may have forgotten about — gym memberships, subscriptions, insurance, utilities. Update those to use your new account, or cancel them if you do not want to keep them.

If you have checks printed with your old account number, stop using them. Any checks you write after you close the account will bounce, and the person you wrote them to may charge you a fee. If you have already written checks that have not cleared, wait until they do before you close the account.

Once you are certain everything has switched, contact your old bank and ask them to close the account. Ask them to confirm in writing that the account is closed, and keep that confirmation. If the old bank tries to charge you fees after you close the account, you will have proof that you closed it on a specific date.

What to do if your old bank charges you a fee

Some banks charge a fee to close an account, especially if you close it within a certain time period (often 90 days to six months). Ask your bank about their closing fee before you open the account, so you know what to expect. If they charge a fee you did not know about, you can ask them to waive it — many banks will if you explain that you were not told about it.

If your old bank charges you a monthly maintenance fee after you close the account, contact them and dispute it. Explain that the account is closed and ask them to remove the charge. If they refuse, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov, or contact your state's banking regulator.

Frequently Asked Questions

Can I move money if I have a negative balance in my old account?

No. You will need to pay off the negative balance first. Once your account is back to zero or positive, you can move the remaining money. If you cannot pay the balance, contact the bank and ask about a payment plan.

What if I have a joint account with someone else?

Both account holders usually need to agree to close the account. If you are moving money out of a joint account, the other person needs to know. If you want to close the account entirely, both of you may need to sign off on it. Contact your bank to find out what they require.

How long does it take to close an account after I move my money?

You can close an account as soon as the money arrives in your new account and you have confirmed that all your regular payments have switched over. This usually takes one to three weeks, depending on how many places you need to update and how fast they process the changes.

What if I forgot to update my account number somewhere and a payment bounces?

Contact the place that tried to pay you and give them your new account number. Ask them to resubmit the payment. If it is a government benefit or paycheck, call the office or employer right away — they can usually reissue the payment quickly. If it is a bill you owe, contact the creditor and explain what happened.

Do I need to tell my old bank I am closing my account?

Yes. You can close an account by phone, online, or in person, depending on what your bank offers. Some banks will close an account if you straightforward do not use it for a long time, but it is better to close it yourself so you know exactly when it is closed and can get written confirmation.