Switching banks is simpler than most people think, but the order matters
You can move your money and accounts to a new bank in about two weeks if you plan it right. The key is not closing your old account first — you keep it open while your new bank pulls in your direct deposits and automatic payments, then close the old one once everything has moved. Most banks will help you with this process, and it costs nothing.
The real work is telling your employer, your creditors, and anyone else who sends you money where to send it instead. Your new bank can give you the routing number and account number you need to share, but you have to do the telling.
Key Takeaways
- Open your new account first, then keep your old account open for at least two weeks while payments redirect.
- Give your new bank's routing number and account number to your employer, creditors, and anyone else who deposits money into your account.
- Set up automatic bill payments at your new bank only after you have confirmed that direct deposits have arrived there.
- Close your old account only after you have confirmed that all recurring payments have moved and no checks are still clearing against it.
- Many banks offer a switching service that can notify billers for you, though you still need to verify the changes went through.
Open your new account before you tell anyone to stop using the old one
Go to the bank where you want to move your money and open a checking account, savings account, or both. You will need a government ID, proof of address (usually a recent utility bill or lease), and your Social Security number. This takes about 30 minutes in person or online, depending on the bank.
Once the account is open, write down your new routing number (a nine-digit code that identifies your bank) and your new account number (a code specific to your account). Your new bank will give you these in the welcome materials or in your online banking portal. You will need both to tell your employer and creditors where to send money.
Do not close your old account yet. You need it open to catch any payments that are still being sent there while you are switching.
Tell your employer and anyone who deposits money to you
Contact your employer's payroll department and give them your new routing number and account number. Ask them when the change will take effect — it usually happens within one or two pay cycles. If you receive benefits, tax refunds, or regular payments from anyone else, contact them the same way.
Keep a list of everyone you have contacted and when. This helps you track whether the deposits actually moved. Check your new account after the first expected deposit to make sure it arrived.
Move your automatic bill payments and subscriptions
Before you set up automatic payments at your new bank, make a list of every bill you pay automatically from your old account — utilities, insurance, rent, loan payments, streaming services, gym memberships, anything that pulls money out automatically each month.
Log into each company's website or call them and update your payment method to your new account number and routing number. Do this one at a time and confirm each change before moving to the next. Some companies let you change this online; others require a phone call.
Do not set up new automatic payments at your new bank until you have confirmed that at least one paycheck has arrived there. This proves the account is working and that your routing number is correct.
Check that nothing is still using your old account
Wait at least two weeks after your first deposit arrives at the new bank. During this time, watch your old account to make sure no unexpected payments are still being deducted. If you see a payment you did not expect, contact that company when ready and update your payment method.
Also check your new account to confirm that all your regular deposits are arriving and that all your bills are being paid from the new account, not the old one. If you spot a payment going to the wrong account, contact the company right away.
Use your bank's switching service if it offers one
Many banks offer a switching service or bill pay transfer service that will contact your billers on your behalf and ask them to update your account information. You provide the bank with a list of companies you pay, and the bank sends them a request to switch your payment method.
This is helpful, but it is not a substitute for checking yourself. The bank cannot may provide that every company will process the request, and some companies may not respond. After the bank sends the requests, wait a week and then log into each biller's website to confirm that your payment method has actually changed.
Ask your new bank whether it offers this service and how to request it. Some banks do this automatically when you open an account; others require you to ask.
Close your old account once you are certain everything has moved
After two to four weeks, once you have confirmed that all deposits are going to your new account and all payments are coming out of your new account, you can close the old one. Call the old bank or visit a branch and ask to close the account. They may ask why, but you do not have to explain.
Ask the bank to confirm in writing that the account is closed and that there is a zero balance. Keep this confirmation. If a payment tries to clear against the old account after it is closed, you will have proof that you closed it on a specific date.
Do not close the account by straightforward stopping using it. An inactive account can incur fees, and you will not see payments that are still trying to clear against it.
What to do if a payment bounces or goes to the wrong account
If a company tries to deduct money from your old account after you have closed it, the payment will bounce and you may be charged an overdraft fee by the old bank. Contact the company when ready and provide your new account information. Ask them to resubmit the payment to your new account.
If the company charges you a late fee because the payment bounced, ask them to waive it and explain that you were in the process of switching banks. Many companies will remove the fee as a courtesy. If they refuse, you can dispute the charge, though this takes time.
To avoid this, do not close your old account until you are absolutely certain no more payments are coming from it.
Frequently Asked Questions
Can I switch banks if I have checks printed with my old account number?
Yes, but you should stop using those checks as soon as possible. Any check you write from your old account will still clear against that account even after you have switched banks, so you need to keep the old account open until all your checks have cleared. If you have many checks left, consider writing fewer checks and using your debit card or online bill pay instead.
What happens to my debit card when I switch banks?
Your old debit card will stop working once you close the old account. Your new bank will issue you a new debit card, which usually arrives within five to ten business days. Until it arrives, you can use your online banking portal to transfer money or set up bill payments.
Do I lose my account history when I switch banks?
No. Your old bank keeps your account history even after you close the account. If you need to see old transactions, you can contact the old bank and ask for a statement. Many banks also let you read your transaction history before you close the account.
What if my new bank's routing number is wrong and my paycheck goes somewhere else?
Contact your employer's payroll department when ready and provide the correct routing number. Ask them to resubmit the deposit. Most employers can correct a routing number error within one pay cycle. If the money went to the wrong bank, that bank will eventually return it to your employer, who can then send it to the correct account.
How long does it take to fully switch banks?
The account opening takes about 30 minutes. Deposits usually redirect within one or two pay cycles. Automatic payments take a few days to a week to update at each company. The safest timeline is two to four weeks from opening your new account to closing your old one, to make sure nothing is still in transit.