The steps to update your bank account on PrizePicks
To change your bank account on PrizePicks, log into your account, go to your account settings, find the banking or payment method section, and remove your old account before adding a new one. The process takes about five minutes. PrizePicks does not let you edit an existing bank account directly — you have to delete it first, then add the new details.
The reason for this design is security. When you remove an old account, PrizePicks stops any pending transfers to that account. When you add a new one, the system verifies it belongs to you before it becomes active for withdrawals. This two-step process prevents someone who gains access to your account from quietly switching payouts to a different bank without your knowledge.
Key Takeaways
- You cannot edit a bank account that is already saved — you must delete it and add a new one instead.
- Removing an old account stops any transfers that have not yet left PrizePicks, but does not reverse transfers that have already reached your bank.
- When you add a new account, PrizePicks will verify it with small test deposits before you can withdraw to it.
- The verification process usually takes one to two business days, so plan ahead if you need to cash out on a specific date.
How to remove your current bank account
Open the PrizePicks app or website and sign in. Tap or click the menu icon (usually three horizontal lines) in the top left or right corner, then select "Account" or "Settings." Look for a section labeled "Payment Methods," "Banking," "Withdrawal," or "Linked Accounts" — the exact name varies depending on when your account was created and which version of the app you are using.
Find your current bank account in that section. Next to it, you should see a "Remove," "Delete," or trash icon. Tap or click it. PrizePicks will ask you to confirm that you want to remove the account. Confirm the removal. Your old account is now disconnected from your PrizePicks account, and no future transfers will go to it.
How to add a new bank account
In the same Payment Methods or Banking section, look for an "Add Account," "Link Account," or "+" button. Tap or click it. PrizePicks will ask you to choose your bank from a list or to enter your bank's name. If your bank appears in the list, select it — this is faster and more find because PrizePicks connects directly to your bank's system. If your bank does not appear, you may see an option to enter your account details manually, though some banks require the list method.
Enter your bank account number and routing number. You can find both on a check, in your bank's app, or by calling your bank's customer service line. Do not enter your online banking password — PrizePicks does not ask for it, and you should never give it to any third party. Once you submit the details, PrizePicks will send two small deposits (usually between $0.01 and $0.99 each) to your new account within one to two business days.
Verifying your new account with test deposits
When the two test deposits arrive in your bank account, PrizePicks will ask you to confirm the amounts. Log back into your PrizePicks account, go to the Payment Methods section, and look for a prompt to verify your account. Enter the two amounts exactly as they appear in your bank statement. Once you confirm them correctly, your new account is verified and ready to receive withdrawals.
This verification step protects you because it proves you own the bank account you are linking. If someone else tried to add a bank account that is not theirs, they would not be able to confirm the test deposits, and the account would remain unverified. Plan for this step to take one to three business days total, depending on how quickly your bank processes the deposits and how soon you notice them.
What happens to pending or completed transfers
If you remove your bank account while a transfer is in progress, the outcome depends on the transfer's stage. If PrizePicks has not yet sent the money to your bank, removing the account will stop the transfer, and the funds will return to your PrizePicks balance. You can then withdraw to your new account once it is verified.
If the transfer has already left PrizePicks and reached your bank, removing the account from PrizePicks does not affect it — the money is already in your old bank account. You would need to transfer it from your old account to your new one through your bank, not through PrizePicks. Check your account activity or transaction history in PrizePicks to see the status of any recent withdrawals before you remove an old account.
Troubleshooting a bank account that will not verify
If you enter the test deposit amounts and PrizePicks says they are incorrect, the most common cause is a timing issue. Your bank may not have posted the deposits yet, even though one to two business days have passed. Wait another day and check your bank statement again. Some banks batch deposits and post them all at once, which can take longer than expected.
If the amounts still do not match, the deposits may have arrived as a single combined deposit instead of two separate ones. In that case, contact PrizePicks support through the app or website and explain what you see in your bank statement. They can manually verify the account or resend the test deposits. Do not guess at the amounts — an incorrect entry locks you out temporarily, and you will need support to reset it.
Frequently Asked Questions
Can I have more than one bank account linked to PrizePicks at the same time?
No. PrizePicks allows only one active bank account per user at a time. If you want to switch banks, you must remove the old one before adding a new one. This is a security measure to prevent unauthorized transfers.
What if I remove my bank account and then want to add it back?
You can add the same bank account again by going through the full process: entering your account and routing number, waiting for the test deposits, and confirming the amounts. It takes the same one to three business days as adding any new account.
Do I lose my PrizePicks balance if I remove my bank account?
No. Your PrizePicks balance stays in your account. Removing a bank account only disconnects the withdrawal method — it does not affect the money you have earned or deposited into PrizePicks itself.
How long does it take for a withdrawal to reach my new bank account after I verify it?
Once your new account is verified, withdrawals typically arrive within one to three business days, depending on your bank. Some banks process faster than others. PrizePicks will show you the expected arrival date when you request the withdrawal.
What if my bank account information changes, like a new account number?
If your bank issued you a new account number (for example, after fraud or a closed account), you need to remove the old account and add the new one as a separate account. The verification process is the same as adding any new account.