What "transferring" a checking account actually means
You cannot move a checking account itself from one bank to another — the account stays where it is. What you can do is move the money out, close the old account, and open a new one elsewhere. The process takes a few days to a few weeks depending on how you move the funds and whether you need to redirect paychecks and automatic payments.
Banks do not transfer accounts because each account is tied to that bank's systems, routing number, and account number. Your employer, creditors, and other organizations have your current account details on file. When you switch banks, you are starting fresh with new account numbers, which means you have to notify anyone sending money to you or pulling money from that account.
The actual money transfer itself is straightforward — you can move it by wire, ACH transfer, cashier's check, or withdrawal and deposit. The time-consuming part is updating all the places that know about your old account.
Key Takeaways
- You cannot transfer an account itself; you move the money to a new bank and close the old account, then update anyone who sends or receives payments from you.
- Moving money between your own accounts at different banks takes one to three business days via ACH transfer, which is free and the most common method.
- You must notify your employer, automatic bill payers, and subscription services of your new account number before closing the old account, or payments will fail.
- Keeping the old account open for two to four weeks after switching gives you time to catch any payments still going to the old number and redirect them.
- If you have overdraft protection, pending checks, or automatic transfers set up, cancel or update those before closing the account to avoid fees or failed transactions.
Moving money between your accounts at two different banks
The fastest way to move your own money is an ACH transfer, which moves funds electronically from one bank to another. You initiate it through your new bank's website or app by entering your old bank's routing number and your old account number. The transfer is free and takes one to three business days. Most banks let you transfer up to $10,000 per day, though some allow more if you request it.
If you need the money faster, a wire transfer usually arrives the same business day or next business day. Most banks charge $15 to $30 to send a wire. You will need your old bank's routing number and your account number, and you may have to go to a branch or call to set it up.
A cashier's check from your old bank is free and can be deposited at your new bank immediately, though it may take three to five business days to clear. You withdraw the money as a cashier's check and deposit it at the new bank in person or through mobile deposit.
You can also withdraw cash and deposit it yourself, but this is risky if you are moving a large amount — you lose the paper trail and the protection that comes with a bank record.
Updating direct deposits and automatic payments before you close
Before you close your old account, you must tell your employer and any service that pulls money from your account about your new account number. This includes your paycheck direct deposit, automatic bill payments, subscription services, insurance payments, loan payments, and any government benefits that deposit to your account.
Contact your employer's payroll department or HR and give them your new routing number and account number. Ask them to confirm the change is in the system and when the next paycheck will hit the new account. Do this at least one pay period before you plan to close the old account.
For automatic bill payments, log into each biller's website or call them directly. Update your account information in their system. For subscriptions and services, go to your account settings and update the payment method. Some services let you update online; others require a phone call.
If you miss updating something, payments will fail and you may face late fees or service interruptions. The old account will be closed and cannot receive deposits, so the payment will bounce back to the biller.
Why you should keep your old account open for a while
Do not close your old account the day you open the new one. Keep it open for at least two to four weeks after you have moved your money and updated your direct deposits and automatic payments. This gives you time to catch any payments that are still going to the old account.
During this window, check your old account regularly. If a payment arrives that you thought you had updated, you can transfer it to your new account or contact the sender to correct their records. Once the account is closed, any deposits to it will be rejected and returned to the sender.
After two to four weeks with no activity, you can safely close the old account. Call the bank or go to a branch and ask them to close it. They will ask if you want to keep any funds in it — transfer any remaining balance to your new account first. Ask the bank to confirm the account is closed and get written confirmation if possible.
Handling checks and pending transactions
If you have written checks from your old account that have not cleared yet, do not close the account until they do. Checks can take one to two weeks to clear, and if the account is closed when a check arrives, it will bounce. The person who received the check will face a fee, and you may face legal liability.
Before closing, review your recent transactions and look for any checks you wrote that may still be in transit. If you are unsure, wait an extra week or two. You can also contact the people you wrote checks to and ask if they have deposited them yet.
If you have overdraft protection linked to your old account, cancel it before closing. Overdraft protection transfers money from another account if you overdraw — if the old account is closed, this will fail and you may overdraw your new account instead.
What happens if you close an account with a negative balance
If your old account has a negative balance when you try to close it, the bank will not let you close it until the balance is paid. Transfer money from your new account back to the old account to cover the overdraft, then close it.
If you close an account and later discover it had an overdraft or unpaid fee, the bank may pursue you for the debt or report it to ChexSystems, a banking history database. Future banks may deny you an account if you have a ChexSystems report. Pay any outstanding balance before closing to avoid this.
Moving accounts between branches of the same bank
If you are moving to a different branch of the same bank, the process is simpler. Your account number and routing number stay the same, so you do not have to update your employer or automatic payments. You can simply visit the new branch and ask them to transfer your account there, or do it online through your bank's app.
Some banks let you manage multiple branches through one login, so you may not need to do anything at all. Check with your bank to see if your account is already accessible at all their branches.
Frequently Asked Questions
How long does it take to transfer a checking account to a different bank?
Moving the money takes one to three days via ACH transfer or same-day to next-day via wire. Updating all your direct deposits and automatic payments takes a few days to a week. The whole process, including waiting to make sure everything has switched over, typically takes two to four weeks.
Do I have to pay a fee to close my checking account?
Most banks do not charge a fee to close an account. Some banks charge an early closure fee if you close within a certain period (often 90 to 180 days) of opening. Check your account agreement or call your bank to ask before you close.
What if my new bank needs proof of funds or a minimum deposit?
Some banks require a minimum opening deposit, usually $25 to $500. You can transfer this from your old account via ACH or wire, or deposit a cashier's check. Once the account is open, you can transfer the rest of your money over.
Can I transfer my old account number to the new bank?
No. Each bank assigns its own account numbers based on its internal systems. Your new bank will give you a new account number. This is why you have to update your employer and billers — they need the new number to send or pull money correctly.
What if I forget to update my direct deposit and a paycheck goes to the old account after I close it?
The deposit will be rejected and returned to your employer. Your employer will have to reissue the check or re-deposit it to your new account. This can delay your paycheck by a week or more. Contact your employer's payroll department immediately if this happens and provide your new account information.