Yes, you can move your bank account to another bank, and the process is simpler than most people think
You can transfer money from one bank to another whenever you want. The bank you're leaving doesn't prevent you from opening an account elsewhere or moving your money out. What takes time is redirecting the deposits and payments that flow in and out of your current account — your paycheck, bills, subscriptions — so they hit the right account at the right bank.
The actual money moves quickly. A transfer between two banks typically takes one to three business days. The harder part is the planning: you need to tell your employer, creditors, and subscription services about your new account number before you close the old one, or those payments will bounce.
Key Takeaways
- Money transfers between banks take one to three business days, but redirecting all your incoming and outgoing payments takes planning and coordination.
- You must update your account information with your employer, creditors, and any services that auto-debit from your account before closing the old account.
- Some banks offer a service called account transfer or direct transfer that moves money and helps you redirect payments, though you still do most of the notification work yourself.
- Closing your old account is optional — many people keep both accounts open for a month or two to catch any stray payments.
- You do not need permission from your current bank to open an account at another bank or to move your money out.
The two ways to move your money: transfer and withdrawal
The simplest method is to transfer money directly from your old account to your new one. Log into your new bank's website or app, look for "Transfer Money" or "Add External Account," and enter your old account number and routing number. The new bank will pull the money from the old account — this usually takes one to three business days. You can transfer as much as you want, though some banks cap the amount per transaction.
The other method is to withdraw cash from your old account and deposit it into your new one. This is slower and riskier (you're carrying cash), but it works if you have trouble with the electronic transfer or if your old bank is closing.
A third option, offered by some banks, is a direct transfer service. The new bank contacts your old bank on your behalf and moves the money faster — sometimes the same day. Ask your new bank whether they offer this when you open the account. Not all banks do, and it's not required.
Updating your paycheck and automatic payments before you close
This is the step that takes the most time and attention. Before you close your old account, you need to tell everyone who sends money to it or takes money from it about your new account number.
Start with your employer's payroll department. Give them your new account number and routing number. Ask them when the change will take effect — it's usually the next pay period, but sometimes it takes longer. Do this first, because your paycheck is your most important deposit.
Next, make a list of every automatic payment that comes out of your old account: rent, utilities, insurance, loan payments, subscriptions, gym memberships. Log into each service and update your account information. This takes time, but it's the only way to prevent a payment from bouncing and damaging your credit or causing a late fee.
For bills you pay manually (not automatic), you don't need to do anything — you'll just enter your new account number the next time you pay.
When to close your old account
Don't close your old account the day you open the new one. Wait at least two pay periods — usually a month — to make sure your paycheck and all your automatic payments have switched over successfully. If something goes wrong, you'll still have the old account to catch a stray deposit or payment.
Once you're confident everything is working, contact your old bank and ask them to close the account. They may ask why, but they can't force you to keep it open. Some banks charge a fee if you close the account within a certain time frame (often 90 days to a year), so ask about that before you open the account at the new bank.
You can also choose to keep both accounts open indefinitely. Some people do this as a safety net, or because they want to keep a small balance at their original bank. There's no rule against having accounts at multiple banks.
What happens to checks and debit cards
Your old debit card will stop working once you close the account, so don't rely on it after you've made the switch. Destroy it or ask the bank to deactivate it.
If you have checks printed for your old account, they'll bounce after you close it. Use up any remaining checks before closing, or ask your old bank to close the account after a certain date so you have time to use them. Your new bank will issue you new checks with your new account number.
Moving money between accounts you already own
If you're moving money between two accounts that you own at different banks, the process is the same: log into the new bank, set up an external transfer, and wait one to three business days. You don't need permission from either bank.
Some banks limit how much you can transfer at once, or how many transfers you can make per month. Check your account terms or call the bank to ask. If you're moving a large amount, you may need to do it in multiple transfers.
Frequently Asked Questions
Will my credit score be affected if I switch banks?
No. Switching banks does not affect your credit score. Your credit score is based on your borrowing and payment history, not on which bank holds your checking account. Opening a new account may trigger a soft inquiry that doesn't show up on your credit report.
What if I have a pending check or payment that hasn't cleared yet?
Wait for it to clear before you close the old account. A check can take five to ten business days to clear, depending on when it was written and which banks are involved. If you close the account before it clears, the check will bounce and you may face overdraft fees.
Can I transfer money if I have a negative balance?
No. You must bring your account to zero or positive before you can close it. If you owe the bank money, you'll need to pay that balance first. Some banks will let you transfer out the positive amount and leave the negative balance to settle separately.
Do I need to tell my old bank I'm leaving?
No, but it's a good idea to call and ask about any fees for closing the account early, or any pending transactions that haven't cleared yet. The bank can also confirm your account balance and make sure there are no holds on your money.
What if my new bank won't accept a transfer from my old bank?
This is rare, but it can happen if there's a dispute on your old account or if your old bank is in trouble. Contact your new bank's customer service and ask why the transfer was rejected. They can usually tell you what information is missing or what the problem is, and help you fix it.