The basic steps for switching banks

Moving your money from one bank to another takes a few days to a couple of weeks, depending on which method you choose. The simplest path is to open an account at your new bank first, then move your money over using either a bank transfer (the fastest method) or by closing your old account and withdrawing cash. You do not have to move everything at once — many people keep both accounts open for a while to make sure the new bank works for them.

The speed depends on whether you are moving money between two banks you already have accounts at, or whether you are starting completely fresh at a new bank. If you are switching banks entirely, you will need to set up the new account before you can move anything.

Most banks can walk you through this process in person, by phone, or online. The steps are the same whether you are moving $100 or $10,000 — the bank does not care about the amount, only that the account information is correct.

Key Takeaways

  • The fastest way to move money is an ACH transfer or wire transfer, which moves funds directly from one bank account to another in one to three business days.
  • You will need your account number and routing number from both your old bank and your new bank to set up a transfer.
  • If you are closing your old account, withdraw or transfer all your money first, then close the account to avoid overdraft fees.
  • Tell any companies that pay you (your employer, Social Security, a pension) your new bank account number so they can deposit money to the right place.
  • Keep your old account open for at least a month after switching to catch any payments that were set up to go to the old account.

Three ways to move your money

ACH transfer is the most common method. ACH stands for Automated Clearing House — it is the system banks use to move money between accounts electronically. You can start an ACH transfer from either your old bank or your new bank. It is free, but it takes one to three business days. This works best if you have time before you need the money.

Wire transfer is faster but costs money — usually $15 to $30 per transfer. The money arrives the same day or the next business day. Use this only if you need the money quickly and the fee is worth it to you.

Cashier's check or withdrawal is the slowest but most direct method. You withdraw your money in cash or as a cashier's check from your old bank, then deposit it at your new bank. This takes as long as it takes you to physically go to both banks, plus a few days for the check to clear if you use that method. This method works if you do not trust electronic transfers or if your banks are not connected electronically.

What information you need before you start

Gather these details from both banks before you begin. You can find most of this information on your bank statements, on your bank's website, or by calling the bank.

From your old bank, you need: your account number and your bank's routing number. From your new bank, you need: your new account number and that bank's routing number. The routing number is a nine-digit code that identifies your specific bank branch — it is different from the account number, which identifies your specific account.

If you are moving money from your old bank, you may also need your online banking password or PIN to start the transfer from that bank's website. If you are moving money from your new bank, you will need the same information about your old account.

Starting an ACH transfer from your new bank

This is usually the easiest method because your new bank handles most of the work. Log into your new bank's website or app, or call the bank and ask to speak with someone in customer service. Tell them you want to transfer money from your old bank account.

The bank will ask you for your old account number and your old bank's routing number. They will also ask how much money you want to transfer. Enter this information carefully — if you get the account number wrong, the money will go to the wrong person's account, and it can take weeks to get it back.

After you submit the transfer request, the bank will give you a confirmation number. Write this down. The money will arrive in one to three business days. Business days are Monday through Friday, not counting holidays — so if you start a transfer on Friday, it may not arrive until Tuesday.

Starting an ACH transfer from your old bank

You can also start the transfer from your old bank's website or by calling them. Log in to your account online, or call customer service and ask to transfer money out of your account.

The bank will ask for your new bank's routing number and your new account number. Again, double-check this information before you confirm — a wrong number means your money goes somewhere you did not intend.

Your old bank may ask why you are transferring the money. You do not have to explain, but you can say you are moving to a new bank. Some banks will ask if you want to close your account after the transfer. Do not close it yet — wait a few days to make sure the transfer went through and that no unexpected charges hit your old account.

What to do after the money arrives

Once the transfer is complete, log into your new bank account and confirm the money is there. Check the amount — it should match exactly what you transferred. If it does not, contact your new bank right away.

Now update any automatic payments or deposits that were going to your old account. This includes your paycheck, Social Security payments, pension deposits, insurance payments, utility bills, loan payments, or subscription services. You will need to contact each company or update your information online. This is the most time-consuming part of switching banks, but it is important — if you miss one, a payment might bounce or a deposit might go to the wrong place.

Keep your old account open for at least one month. During this time, watch for any payments that were set up to go to the old account that you forgot about. Once you are confident everything has switched over, you can close the old account. When you close it, make sure the balance is zero — if there is money left, transfer it or withdraw it first.

Wire transfers if you need the money faster

A wire transfer moves money the same day or next business day, but it costs $15 to $30. Use this only if you need the money urgently and the fee is worth it.

To send a wire transfer, call your old bank or log into your online banking and look for the wire transfer option. You will need your new bank's routing number, your new account number, and the name on your new account. The bank will confirm the fee before they process it. Once you authorize it, the money is on its way — you cannot cancel a wire transfer after it is sent.

Wire transfers are final, so make absolutely sure you have the right account number before you confirm. If you send money to the wrong account, you will have to contact the receiving bank and ask them to return it, which can take weeks.

Closing your old account when you are ready

Wait at least one month after your transfer before closing your old account. During this waiting period, watch for any unexpected charges or deposits. Once you are sure everything has moved over, you can close the account.

Call your old bank or visit a branch in person. Tell them you want to close the account. They will ask if you want to withdraw any remaining balance as cash or a check. Make sure the account balance is zero before you close it — if there is money left and you close the account, the bank may send you a check in the mail, which takes extra time.

Ask the bank to confirm in writing that the account is closed. Keep this confirmation for your records. After you close the account, you will no longer be able to use any debit cards or checks connected to that account.

Frequently Asked Questions

How long does it take to transfer money between banks?

An ACH transfer takes one to three business days. A wire transfer takes the same day or next business day but costs money. A check or cash withdrawal is as fast as you can get to both banks, plus a few days for a check to clear. Business days are Monday through Friday, not counting holidays.

What happens if I give the wrong account number?

The money will go to someone else's account. Contact your bank when ready and explain what happened. The bank can try to recover the money, but it can take weeks. This is why it is critical to double-check the account number before you confirm any transfer.

Do I have to close my old account right away?

No. Keep it open for at least a month to catch any payments you forgot to update. Once you are sure everything has switched over, you can close it. Closing it early risks missing a payment or deposit that was set up to go to the old account.

Will I lose money if I transfer between banks?

No, unless you use a wire transfer, which charges a fee of $15 to $30. ACH transfers are free. The amount you transfer is the amount that arrives — nothing is lost in the process.

Can I transfer money if I have a negative balance?

No. You can only transfer money you actually have. If your account is negative (you owe the bank money), you will need to deposit money to bring it to zero before you can transfer anything out. Once it is at zero, you can close the account.