The basic steps to move your money and payments to a new account
Switching bank accounts means closing one account and moving your money and regular payments to another. The process takes about two to four weeks from start to finish, though you can speed it up by doing the paperwork early and telling people about your new account right away.
The core steps are straightforward: open the new account, move your money over, redirect your paychecks and bills to the new account, and then close the old one. Most of the time is spent waiting for direct deposits and automatic payments to process under the new routing number. You do not have to do everything at once — many people keep both accounts open for a month to make sure nothing gets missed.
Key Takeaways
- Open your new account before closing the old one, so you always have a place for money to land.
- Collect your new account number and routing number from your new bank before you contact employers or billers.
- Update your paycheck with your employer's payroll department, not just your manager, to make sure the change takes effect.
- Change automatic bill payments one at a time, checking your old account for a few weeks to catch any that were missed.
- Wait at least one full pay cycle after your last direct deposit hits the new account before closing the old one.
Gather the information your new bank will need
Before you open a new account, know what documents to bring. Most banks ask for a government-issued photo ID (driver's license, passport, or state ID card), proof of your current address (a utility bill, lease, or recent bank statement dated within the last 60 days), and your Social Security number. Some banks also ask for a second form of ID or proof of income, though this varies by bank and by the type of account you are opening.
Call or visit the bank's website ahead of time to ask what they need. This saves you a trip if you are missing something. If you are opening an account online, the bank will tell you exactly which documents to upload or photograph.
Open the new account and get your account details
Once your new account is open, the bank will give you an account number and a routing number. Write both down and keep them somewhere safe — you will need them to redirect your paycheck and bills. The routing number is the same for all accounts at that bank branch, but your account number is unique to you.
Ask the bank when your debit card will arrive and whether you can use the account online or by phone before the card shows up. Many banks let you start moving money right away, even if your card is still in the mail. If you need cash before the card arrives, ask whether the bank has ATMs you can use or whether you can withdraw money at the branch.
Move money from your old account to your new one
Transfer your current balance to the new account as soon as it is open. You can do this online if both banks are set up for transfers, by writing a check to yourself, or by visiting a branch and asking a teller to help. Online transfers usually take one to three business days. If you write a check, deposit it at your new bank right away so the funds clear before you close the old account.
Do not empty the old account completely yet — leave a small cushion of $50 to $100 in case a payment or fee comes through after you think you have closed it. You will withdraw this money after you have confirmed that all your regular payments have switched over.
Update your paycheck to go to the new account
Contact your employer's payroll department (not just your manager) and give them your new account number and routing number. Ask them to confirm the change in writing, either by email or by printing out the form you filled out. Keep this confirmation until your first paycheck hits the new account.
The change usually takes effect on the next payroll cycle, but it can take up to two pay periods. If you are paid weekly, this might be one to two weeks. If you are paid monthly, it could be longer. Do not close your old account until at least one paycheck has landed in the new one.
Redirect automatic bill payments and subscriptions
Make a list of every automatic payment that comes out of your old account. This includes rent or mortgage, utilities, insurance, phone bills, subscriptions, gym memberships, loan payments, and anything else that charges you automatically each month. Check your old account's transaction history for the past three months to make sure you do not miss anything.
Update each one by logging into the biller's website or calling them directly. Give them your new account number and routing number. Do this one payment at a time over the course of a week, rather than all at once, so you can track which ones you have changed. After you update each one, write down the date and the name of the person you spoke to, in case there is a problem later.
Some billers take a few days to process the change, and some do not process it until the next billing cycle. This is why you should not close your old account right away — you need time to see whether the payment goes through on the new account or bounces back to the old one.
Monitor both accounts for two to four weeks
Keep both accounts open and check them regularly for at least one full month. Watch the old account to make sure no new charges or deposits appear. Watch the new account to confirm that your paycheck and all your regular payments are landing there.
If a payment does not show up in the new account after the expected date, check the old account to see if it went there instead. If it did, contact the biller again and ask them to update your information. Some companies process changes slowly, and you may need to call twice.
Once you have seen at least one full cycle of all your regular payments go through the new account without any surprises, you are ready to close the old one.
Close the old account
Call your old bank or visit a branch and ask to close the account. The bank will ask whether you want them to send you a check for any remaining balance, or whether you want to transfer it to your new account. Choose the transfer option if possible — it is faster and there is no risk of a check getting lost in the mail.
Ask the bank to confirm in writing that the account is closed and to give you a final statement showing a zero balance. Keep this confirmation for your records. After you close the account, the bank will stop charging any monthly fees, and you will not be able to use that account number anymore.
Frequently Asked Questions
What if I forget to update a bill and it tries to charge my old account after I close it?
The charge will be rejected, and the biller will usually contact you about the failed payment. You will then have a few days to provide the correct account information. To avoid this, keep your old account open for at least 30 days after your last expected payment, and check it weekly during that time.
Can I switch accounts if I have a negative balance or pending charges?
You should bring your account to zero or positive before closing it. If you have a negative balance, the bank may hold the account open until you pay it, or they may send the debt to a collection agency. Contact your bank to ask about your options before you open a new account elsewhere.
How long does it take for a direct deposit to show up in a new account?
Direct deposits usually take one to two business days to process, though some employers' systems are slower. The first deposit to a new account sometimes takes longer because the employer's payroll system is processing a new routing number. Plan for up to five business days for the first one.
Do I need to close my old account, or can I just leave it open?
You do not have to close it, but most people do to avoid monthly maintenance fees and confusion. If you want to keep it open as a backup, ask the bank whether there is a monthly fee for an inactive account. Some banks charge $5 to $10 per month even if you do not use the account.
What if my new bank and old bank are different types — like switching from a credit union to a bank?
The process is the same. You will still need your new routing number and account number, and you will still need to update your employer and billers. The only difference is that some credit unions and banks do not have online transfer systems that work with each other, so you may need to use a check or visit a branch to move your money.