You can move your checking account in two ways: have the new bank pull your money over, or move it yourself

The fastest route is ACH transfer, where your new bank pulls funds directly from your old account. This takes three to five business days and requires your old account number and routing number. The second route is a wire transfer or manual transfer, where you initiate the move yourself—useful if the new bank doesn't offer ACH pulls or if you need the money faster, though wire transfers cost money and manual transfers take longer.

Before you move anything, decide what happens to your old account. Most people close it after the transfer clears, but some keep it open for a few weeks to catch any stray deposits or automatic payments that didn't get rerouted. Your old bank will not automatically close the account when the balance hits zero.

Key Takeaways

  • ACH transfers from your new bank are free and take three to five business days, and require only your old account and routing numbers.
  • You must redirect any automatic payments, direct deposits, or recurring transfers before moving money, or they will fail and may trigger overdraft fees.
  • Keep your old account open for at least one week after the transfer clears to catch any payments that didn't get rerouted in time.
  • Wire transfers move money faster but cost $15 to $30 and are unnecessary for most account moves.
  • Your new bank may offer a service that contacts your old bank on your behalf to redirect automatic payments.

How ACH transfer works and what you need

When you open a checking account at your new bank, ask whether they offer ACH transfer in (sometimes called "incoming ACH" or "account transfer"). Most banks do. You will need your old bank's routing number and your old account number. Both appear on the bottom left of any check you have, or you can call your old bank and ask.

The new bank will initiate a pull from your old account. The money moves through the ACH network, which processes transfers in batches overnight. You will see the funds appear in your new account within three to five business days. The transfer is free. Your old bank cannot block it as long as the account is open and the routing number and account number are correct.

If you have a very large balance, some banks may hold the transfer for a few extra days while they verify it is legitimate. This is rare and usually happens only on transfers over $10,000. Call your new bank if the money does not arrive by the fifth business day.

Redirect automatic payments and direct deposits before you transfer

This is the step that causes the most problems. Any automatic payment, direct deposit, or recurring transfer tied to your old account will fail if you move the money without updating the source. Your paycheck will bounce back to your employer. Your utility bill will not pay. Your subscription will fail, and you may get charged a late fee.

Make a list of everything that hits your old account: paycheck, government benefits, insurance payments, loan payments, subscriptions, gym membership, utilities. For each one, log into the source (your employer's payroll system, your benefits portal, the company's website) and update the account number and routing number to your new bank. This takes time but prevents weeks of missed payments and overdraft fees.

Some employers and benefits programs take one to two pay cycles to process the change. Start this step at least two weeks before you plan to move the money, so the new account information is in the system before your next deposit arrives.

What to do with your old account after the transfer

Do not close your old account when ready after the transfer clears. Keep it open for at least one week, ideally two. Automatic payments sometimes take longer than expected to reroute, and a stray payment hitting a closed account will bounce and trigger a fee at both banks.

Once you are confident everything has moved over—you have received at least one paycheck in the new account and all your regular payments have gone through—you can close the old account. Call the old bank or visit a branch and ask to close the account. They will ask whether you want any remaining balance mailed to you or transferred out. If there is money left, have it transferred to your new account.

Some banks charge a fee to close an account within a certain period (often 90 days to six months). Ask about this before you open the new account, and factor it into your decision about when to close.

Wire transfer as an alternative if you need money faster

A wire transfer moves money the same day or next business day, but costs $15 to $30 depending on the bank. You initiate it at your old bank by providing your new bank's routing number and your new account number. The old bank sends the money directly to the new bank through the Federal Reserve's wire system.

Wire transfers are useful if you need the money urgently—for example, if you are closing on a house and need funds in your new account by a specific date. They are not necessary for a routine account move, because ACH transfer is free and only takes a few extra days.

If you use a wire transfer, you still need to do an ACH transfer afterward to move any remaining balance, or close the old account and have the balance mailed to you. Wire transfers do not move your entire account; they move only the amount you specify.

When your new bank can help redirect payments for you

Some banks offer a service where they contact your old bank and request a list of all automatic payments and recurring transfers. They then work with you to redirect those payments to your new account. This service is free and saves you from calling each company individually.

Ask your new bank whether they offer this when you open the account. If they do, provide them with your old account number and authorization to contact your old bank. The process usually takes one to two weeks. You should still verify that payments have moved over by checking your old account online for a few weeks after the transfer.

What happens if something goes wrong during the transfer

If the ACH transfer fails, your new bank will tell you why. Common reasons are a wrong routing number, a closed account, or insufficient funds in the old account. Verify the routing number and account number with your old bank, then ask your new bank to try again.

If a payment bounces because it hit your old account after you thought you had rerouted it, contact the company that sent the payment and ask them to resubmit it to your new account. Most will do this at no charge. If you were charged a late fee or overdraft fee, call the company and ask for a courtesy reversal, explaining that you were in the process of moving accounts.

If your old bank charged you a fee for closing the account too soon, call and ask whether they will waive it. Many banks will reverse one fee if you explain the situation.

Frequently Asked Questions

How long does it take to move a checking account?

An ACH transfer takes three to five business days. If you use a wire transfer, the money arrives the same day or next business day, but costs $15 to $30. You should plan to keep your old account open for at least one week after the transfer clears to catch any payments that didn't reroute in time.

Do I need to close my old account right away?

No. Keep it open for at least one to two weeks after the transfer clears. Automatic payments sometimes take longer than expected to reroute, and closing the account too soon can cause them to bounce and trigger fees. Once you have received at least one paycheck in the new account and verified that all regular payments have gone through, you can close it.

What if my employer or benefits program won't update my account information?

Call the payroll department or benefits office and ask what information they need. Most require your new routing number and account number. If they say they cannot change it, ask whether you can set up a separate transfer from your new account back to your old account temporarily, then close the old account once the transition is complete. This is not ideal but works in rare cases.

Can I transfer money if my old account is overdrawn?

No. You cannot initiate an ACH transfer from an account with a negative balance. Pay the overdraft first, then request the transfer. If you cannot pay it, contact your old bank about a payment plan or ask whether they will waive the fee.

What if I forgot to reroute a payment and it bounced?

Contact the company that sent the payment and ask them to resubmit it to your new account. Most will do this at no charge. If you were charged a late fee or overdraft fee, call and ask for a courtesy reversal, explaining that you were moving accounts.