How to Move Your Money and Accounts to a Different Bank

What happens when you transfer to a new bank

Transferring to a new bank means moving your deposit accounts, payment setup, and direct deposits from your current bank to a new one. You do not have to close your old account right away — most people keep both open for a few weeks while they redirect their money and make sure everything lands in the right place.

The actual transfer of existing money takes one to three business days through a process called an ACH transfer (Automated Clearing House). Setting up direct deposit at your new bank is when ready, but your employer or benefit provider may take one to two pay periods to switch where they send your paycheck. Bill payments and automatic transfers you have set up need to be redirected manually — the bank does not move these for you.

You will need your new account number and routing number to give to employers, billers, and anyone else who sends you money. Your old bank will not automatically close your account, so you choose when to do that once you are confident everything has moved over.

Key Takeaways

• Moving money between banks takes one to three business days and happens through an ACH transfer, which you can start online or by phone.
• Direct deposits and automatic bill payments do not transfer automatically — you must set them up at your new bank and notify your employer and billers of your new account details.
• Keep your old account open for at least two to four weeks after switching to catch any payments or deposits still heading to the old account number.
• Your new bank may offer a checking account match program that reimburses fees or deposits extra money if you move your direct deposit within a set timeframe.

Moving money from your old account to your new one

The simplest way to transfer your existing balance is to log into your new bank's online banking platform and look for "Transfer Funds" or "Move Money" in the menu. You will enter your old bank's routing number, your old account number, and the amount you want to move. The new bank will then pull that money from your old account over the next one to three business days.

If you do not want to do this online, you can call your new bank and ask them to initiate an ACH transfer over the phone. Have your old account number and routing number ready. Some banks also let you walk into a branch and ask a teller to start the transfer in person.

A second option is to withdraw cash from your old bank and deposit it at your new bank, but this works only for smaller amounts and creates a gap where you do not have the money in either account. For most people, the ACH transfer is faster and safer.

Setting up direct deposit at your new bank

Direct deposit — where your employer or a government program sends your paycheck or benefit payment straight to your bank account — does not move automatically. You need to give your employer or benefit provider your new account number and routing number, and they will update their records on their end.

To find your new routing number, log into your new bank's online banking, call the bank's customer service line, or visit a branch. The routing number is usually printed on the bottom left of your checks if your new bank issued them. Your account number is on the bottom center of your checks or visible in your online banking dashboard.

Contact your employer's payroll department or your benefits provider (Social Security, unemployment, veterans benefits, etc.) and ask them to update your direct deposit information. Most employers can make the change within a few days, but it may not take effect until the next pay period. Government benefits typically take one to two pay cycles to redirect.

Redirecting bills and automatic payments

Any automatic payments you have set up — such as utility bills, insurance premiums, loan payments, or subscriptions — will continue to pull from your old account unless you change them. You have two options: update each biller with your new account information, or set up new automatic payments from your new bank.

To update a biller, log into that company's website or call their customer service line. Tell them you have a new bank account and provide your new account number and routing number. Ask them to confirm the change has been recorded before you hang up.

Alternatively, log into your new bank's bill pay feature and set up payments to each biller from your new account. This gives you more control and a record of payments in one place. Either way, do this before your old account runs out of money, or a payment may bounce and trigger an overdraft fee.

Timing: when to close your old account

Do not close your old account when ready after moving your money. Keep it open for at least two to four weeks. During this time, you may receive deposits or payments that were scheduled before you switched banks — a delayed paycheck, a tax refund, a reimbursement from a vendor. If your old account is already closed, that money will bounce back to the sender, and you will have to contact them to resend it.

After two to four weeks, review your old account online to make sure no new deposits or charges have appeared. Once you are confident everything has moved over, you can close the account by calling the bank or visiting a branch. Ask the bank to confirm the account is closed and whether there are any remaining fees or holds on the account.

Some banks charge a fee to close an account early (within a certain timeframe, often 90 to 180 days of opening). Check your account agreement or ask the bank before closing whether you will owe a fee.

Bank switching programs and incentives

Many banks offer a checking account match program — a cash bonus or deposit if you move your direct deposit to them within a set timeframe, usually 30 to 90 days. These programs typically pay $50 to $500 depending on the bank and the size of your direct deposit.

To may have access to, you usually need to set up direct deposit of your paycheck or a regular benefit payment and let it post at least once. Some programs require a minimum deposit amount or a certain number of direct deposits. Read the terms carefully, because if you do not meet the requirements, you will not receive the bonus.

If your new bank offers this program, ask about it when you open your account or check their website. The bonus is not may provide and varies by bank, so do not count on it, but it can offset any fees you might pay during the switch.

What to do if a payment goes to the wrong account

If a paycheck, bill payment, or other deposit lands in your old account after you thought you had switched everything, do not panic. Contact your old bank when ready and ask them to transfer the money to your new account. Most banks can do this within one to two business days if you provide your new account number and routing number.

If the payment went to your new account but you were expecting it at your old account, contact the sender (your employer, a vendor, or whoever sent it) and ask them to reverse the transaction. They can then resend it to the correct account. This usually takes a few business days.

If a bill payment bounces because it tried to pull from your old account after you closed it, contact the biller right away and explain what happened. Many companies will waive a late fee if you can show you have a new account and are setting up payment again. Pay the bill when ready from your new account to avoid further penalties.

Frequently Asked Questions

Can I transfer money between banks on a weekend?

You can start the transfer online or by phone on a weekend, but the actual movement of money happens only on business days (Monday through Friday, excluding federal holidays). A transfer started on Friday evening will not begin processing until Monday morning, so it will take longer than one to three business days.

What if my old bank and new bank are the same company?

If you are moving accounts within the same bank, the transfer is usually when ready or takes just a few hours. You can often move money by logging into your online banking and transferring between your own accounts. Call the bank if you are unsure how to do this, and they can walk you through it or do it for you over the phone.

Do I need to tell my old bank I am leaving?

You do not have to notify your old bank that you are switching, but it is a good idea to call them once you have moved your money and set up your new account. Let them know you plan to close the account and ask if there are any outstanding fees or holds. This also gives you a chance to ask about early closure fees before you close it.

What happens to checks I have already printed from my old account?

Checks from your old account will still work as long as the account is open. After you close the account, any checks written against it will bounce. If you have printed checks you have not used yet, you can either use them before closing the account or destroy them. Do not write checks from your old account after you have closed it.

Can I transfer money to someone else's bank account during the switch?

Yes, you can send money to another person's account at any time using your old or new bank's transfer feature. This is separate from moving your own money between your accounts. The transfer will take one to three business days and will pull from whichever account you choose to send it from.