Moving money to a new bank account means closing one account and shifting your regular payments and deposits to another
The process takes anywhere from a few days to a few weeks, depending on how many automatic payments and deposits you have tied to the old account. The core steps are the same: open the new account, update your direct deposits and bill payments, wait for the old account to empty, then close it. The biggest risk is a payment bouncing because you forgot to update it, so the safest approach is to keep both accounts open for a month while you verify everything has moved.
You do not need permission from your old bank to leave, and you do not need to close the old account before opening the new one. In fact, closing it first is a mistake—you might miss a payment or a deposit that was still routed to the old account. The bank you are leaving may charge a fee if you close within a certain window (often 90 days to six months), so check your account agreement before you start.
Key Takeaways
- Open your new account before closing the old one, and keep both open for at least a month while you redirect payments and deposits.
- Update your employer's payroll system, bill payment services, and any automatic transfers before you close the old account.
- Check your old bank's account agreement for early closure fees, which can range from $25 to $100 depending on the bank.
- Set a calendar reminder to check the old account for stray deposits or payments after 30 days, then close it once you confirm it is empty.
Open the new account and gather your routing and account numbers
Choose the bank or credit union you want to move to and open the account. You will need your Social Security number, a government-issued ID, and proof of address (a recent utility bill or lease works). Most banks let you open an account online in 10 to 15 minutes, though some still require a visit to a branch.
Once the account is open, write down the new account number and routing number. Your bank will provide both in the account confirmation email or in the online banking portal. The routing number is the same for all accounts at that bank, but the account number is unique to you. You will need both to set up direct deposits and bill payments.
Update your paycheck and other regular deposits
Contact your employer's payroll or HR department and ask them to change your direct deposit to the new account. Provide them with the new routing number and account number. Most employers can make the change within one pay cycle, though some take longer. Ask when the first deposit to the new account will arrive so you know when to expect it.
If you receive other regular deposits—Social Security, disability payments, tax refunds, or transfers from another person—you will need to update those too. Log into the website or app for each program or person sending you money and change the account information. Some updates take effect immediately; others take one or two pay cycles.
Redirect your bill payments and automatic transfers
Make a list of every bill you pay automatically from your old account: utilities, insurance, loan payments, subscriptions, rent, phone, internet. Log into each company's website or app and update the account information to your new bank account. Do this one at a time so you do not miss any.
For bills you pay manually, you do not need to do anything yet—you can pay them from the new account once it is active. For automatic transfers you set up (to savings, to another person, to an investment account), update those in your old bank's online portal or call the bank directly. If you use a bill payment service like your bank's bill pay feature, you will need to set up the payments again in the new bank's system.
Monitor both accounts for a full month
Once you have updated your deposits and payments, leave both accounts open and watch them closely for 30 days. Check the old account every few days to make sure no new deposits or payments are hitting it. Check the new account to confirm that your paycheck and other deposits are arriving on schedule.
If you spot a payment or deposit that went to the wrong account, contact that company immediately and ask them to redirect it. Most companies can make the change within one business day. If a payment bounced because the account was closed or empty, contact the company to ask if they will retry the payment or if you need to pay it manually to avoid a late fee.
Close the old account once it is empty
After 30 days, confirm that the old account has no pending deposits or payments. Call the bank or visit a branch and ask to close the account. The bank will ask if you want any remaining balance transferred to the new account; say yes. Some banks do this automatically; others require you to request it.
Ask the bank in writing (email counts) to confirm the account is closed and to send you a final statement. Keep this confirmation for your records. If the bank charged an early closure fee, ask if they will waive it—some banks will if you explain you were moving to another bank, especially if you had a good account history.
Handle checks and other payment methods tied to the old account
If you have checks printed with the old account number, stop using them once you close the account. A check written after the account is closed will bounce. If you need to write checks from the new account, order new checks from your new bank or from a third-party printer like Deluxe or Costco.
If you have a debit card tied to the old account, your new bank will issue a new card with a new number. Destroy the old card once you receive the new one. If you have set up online shopping accounts (Amazon, PayPal, etc.) with the old debit card, update those with the new card number to avoid payment failures.
Frequently Asked Questions
What happens if I close my old account before updating my payments?
Any automatic payments or deposits routed to the closed account will bounce or be rejected. Your employer's paycheck might fail to deposit, and your bills might go unpaid, triggering late fees or service interruptions. This is why you should always keep the old account open for at least 30 days while you redirect everything.
Can my old bank charge me for closing the account early?
Yes. Most banks charge $25 to $100 if you close within 90 days to six months of opening the account. Check your account agreement or call the bank to find out the fee window. Some banks waive the fee if you ask, especially if you had no problems with the account.
How long does it take for direct deposit to start hitting the new account?
Usually one to two pay cycles after you submit the change to your employer. If your employer processes payroll weekly, you might see the deposit within a week. If they process monthly, it could take up to a month. Ask your HR department for the exact date so you know when to expect it.
What if a company refuses to update my account information?
Most companies will update your account information on request, but some smaller businesses or older systems may be slow. Call them and ask for the change in writing, or use their online portal if they have one. If they still refuse, you can pay them manually from the new account until they update their system.
Do I need to tell my bank I am moving my money?
No. You do not need permission to close an account or move to another bank. However, telling your old bank you are leaving can sometimes get them to waive early closure fees, especially if you have been a customer for a long time. It does not hurt to ask.