The basic steps to move your accounts to a new bank
Changing banks means closing or transferring accounts at your current bank and opening new ones elsewhere. The process takes two to four weeks because money moves slowly between institutions—not when ready. You will need to set up new accounts first, move your direct deposits and bill payments over, then close the old accounts once everything has landed safely.
The timeline matters because your paycheck or benefits might arrive at the old bank for a few days after you have switched. Your bills might still try to pull from the old account. You need both banks active at the same time during the transition, which is why you do not close the old account on day one.
The actual mechanics depend on what you are moving: a checking account, a savings account, both, or accounts with money market funds or CDs. The steps are similar but the timing changes slightly for each type.
Key Takeaways
- Open your new account at the new bank before you close anything at the old one, so you have a place for money to land.
- Give your employer, benefits administrator, and creditors your new account number and routing number so payments go to the right place.
- Keep both accounts open for at least two weeks after the last payment arrives, because stragglers can show up days or weeks later.
- Withdraw cash from the old account or transfer the balance yourself if the new bank does not offer an account transfer service.
- Check both accounts for a full month after switching to catch any payments that went to the wrong place.
Opening a new account before you leave the old one
Visit the new bank in person, online, or by phone and open a checking account, savings account, or both—whichever you currently have. You will need a government ID, proof of address (usually a recent utility bill or lease), and your Social Security number. The account opens the same day or within one business day.
Write down your new account number and the bank's routing number. You will give these to your employer, your benefits administrator (Social Security, unemployment, veterans benefits, or whatever you receive), and any creditors who pull money from your account automatically. The routing number is a nine-digit code that tells the payment system which bank to send money to; the account number tells them which account within that bank.
Do not close the old account yet. Leave it open and funded until you are certain all payments have switched over.
Moving your direct deposits and automatic payments
Contact your employer's payroll department or your benefits administrator and give them your new account number and routing number. Ask them to update your direct deposit. This usually takes effect on the next pay cycle, though some employers need three to five business days to process the change.
For benefits—Social Security, unemployment, SNAP, disability, veterans payments—contact the agency directly. Social Security processes changes within one pay period. Unemployment varies by state. SNAP and other benefits may take one to two weeks. Do this first because benefits often arrive on a fixed date each month, and you do not want to miss a payment because it went to the closed account.
Next, go through your old bank's website or app and find every automatic payment: utilities, insurance, subscriptions, loan payments, credit card payments. Write them down. Contact each company and update your account information to your new bank account. Some will let you do this online; others require a phone call. This step takes the longest because you are calling multiple companies, but it is the one that prevents bills from bouncing.
Transferring your balance or withdrawing cash
Some banks offer an account transfer service that moves your entire balance from the old bank to the new one automatically. Ask your new bank whether they offer this. If they do, they will handle the transfer and you do not need to do anything except wait for the money to arrive—usually within three to five business days.
If your new bank does not offer this service, or if you prefer to move the money yourself, withdraw the balance from the old account and deposit it into the new one. You can do this by visiting a branch, using an ATM, or transferring money online if both banks are connected through the same payment network. If the old bank is a small local bank and the new one is national, you may need to withdraw cash and deposit it in person or by mobile check deposit.
Move the money at least one week before you plan to close the old account, so you can confirm it arrived and is available in the new account.
Timing for closing the old account
Wait at least two weeks after your last paycheck or benefit payment arrives in the new account before closing the old one. Payments sometimes arrive late—a check you wrote might clear days after you switched banks, or a creditor might still be pulling from the old account because they have not processed your change yet.
After two weeks, log into the old account online and check the balance. If it is zero or close to zero, and no new transactions have posted in the last week, it is safe to close. Call the old bank or visit a branch and ask them to close the account. They will confirm there are no pending transactions and will close it when ready. Some banks charge a fee if you close an account within a certain period (often 90 days to six months); ask about this before you open the new account if you want to avoid it.
Keep any statements or records from the old account for at least one year in case a payment dispute comes up later.
What to do if a payment goes to the wrong account
If a paycheck, benefit payment, or bill payment lands in the old account after you have closed it, the bank will return it. Your employer or the benefits administrator will see the rejection and may reissue the payment to your new account, but this takes another week or two. To avoid this, do not close the old account until you are certain all recurring payments have switched.
If a creditor is still pulling from the old account after you have updated them, contact them when ready and provide your new account number. Ask them to resubmit the payment to the new account. If they pull from the closed account and the payment bounces, you may be charged an overdraft or returned-item fee by the old bank; call them and ask whether they will waive it since the account is closed.
Checking for missed payments after the switch
For one full month after switching, check both your old and new accounts online at least once a week. Look for any deposits or withdrawals that should not be there. If you see a payment in the old account that should have gone to the new one, contact the company that sent it and ask them to resubmit it to your new account.
Also check your new account to make sure all expected deposits have arrived. If a paycheck or benefit payment is missing, contact your employer or benefits administrator and ask them to confirm they have your new account number on file. They can tell you whether the payment was sent and to which account.
After one month with no unexpected activity, you can stop monitoring the old account.
Frequently Asked Questions
Can I switch banks if I have an outstanding loan or credit card with the old bank?
Yes. The loan or credit card stays with that bank; you are only moving your checking or savings account. You will still make payments to the old bank, but you can set up automatic payments from your new account. The bank will pull the payment from your new account on the due date each month.
What if I have checks printed with my old account number?
Stop using them when ready. Any checks you write from the old account after you have closed it will bounce. If you need checks for the new account, order them from the new bank or from a third-party printer. Most banks can print checks within one week.
Do I lose my debit card when I switch banks?
Yes. Your old debit card is linked to the old account and will stop working once you close it. The new bank will issue you a new debit card, which usually arrives within five to seven business days. Ask for a temporary card or expedited shipping if you need it sooner.
What happens to my old account history after I close the account?
The bank keeps records for at least seven years, even after you close the account. You can request statements or transaction history by calling the old bank. read or print your statements before you close the account if you want to keep them easily accessible.
Can I switch banks if I have pending transactions?
Yes, but wait until they clear first. A pending transaction is one that has been authorized but has not yet been deducted from your account. Once it clears, the money is gone and you can close the account safely. Check your account for pending transactions before you close it.