Switching bank accounts can feel like a big undertaking. You have direct deposits, automatic bill payments and years of history tied to one place. But if your current bank is falling short on fees, service or just the personal attention you deserve, making a move could be the right next step for you.
This guide walks you through how to switch bank accounts the right way: from opening your new account to updating your payments and closing the old one without any disruption to your finances. And if you want a hand along the way, Community Point Bank is here to help.
Why People Switch Banks
People stay with the same bank longer than you might expect. According to Bankrate’s 2025 Checking Account Survey, the average American keeps a checking account at the same institution for about 19 years. That kind of loyalty is understandable, but it can also mean staying put even when a bank no longer fits your needs.
Common reasons people decide to switch include high fees, poor customer service, limited account options or a desire for more personalized banking. If any of those sound familiar, it may be time to find a better fit. The good news is that switching banks is more straightforward than most people expect.
How to Switch Bank Accounts: Step by Step
Here is a clear, manageable process for making the switch without missing a payment or causing disruption to your finances.
Step 1: Open Your New Account
Before you do anything else, open an account at your new bank. You will typically need a government-issued photo ID, proof of physical address, your Social Security number and an initial deposit. Once your account is active, set up online banking access and request a debit card. A good rule of thumb is to fund your new account with about two months of expenses to give yourself a cushion while you transition.
Step 2: Identify All Automatic Payments and Deposits
Pull up at least two to three months of bank statements from your old account. Look for every recurring transaction: utility bills, subscriptions, loan payments, insurance premiums and payroll direct deposits. Do not just check one month; quarterly or annual payments are easy to miss. Make a list of everything that will need to be updated.
Step 3: Update Your Direct Deposit
Contact your employer’s payroll department and provide your new routing and account numbers. If you receive Social Security or other government payments, those will need to be updated as well. Community Point Bank can provide a direct deposit letter to make this step easier.
Step 4: Transfer Your Automatic Payments
Log in to each service provider and update your payment information to your new account. Work through your list one by one to make sure nothing is missed. If you are unsure which payments are coming out of your old account, bring your bank statement into Community Point Bank, and a team member will help you identify them.
Step 5: Keep Both Accounts Open for 30 to 60 Days
Do not close your old account right away. Keep it funded and active for at least one to two months to catch any payments or deposits that have not yet switched over. Monitor both accounts closely during this period and address any issues as they come up.
Step 6: Close Your Old Account
Once you are confident that all automatic transactions have moved to your new account and no pending items remain, contact your old bank to close the account. Request written confirmation of the closure for your records. Transfer any remaining funds to your new account and destroy the old debit card and any remaining checks.
How Community Point Bank Makes the Switch Easier
Switching banks does not have to be a solo project. At Community Point Bank, we take the time to get to know our customers and understand their financial needs, making the transition as smooth as possible.
We can provide direct deposit letters to give to your employer or help you navigate the process of updating a Social Security deposit. Bring in a recent bank statement and one of our team members will review it with you to identify any automatic payments that need to be updated.
We also want to be upfront about something: Community Point Bank does not offer cash incentives or bonuses to attract new customers. We do believe, however, that you will be happy with the change, and that the relationship we build with you and the service we provide long-term are worth more than any short-term offer.
Frequently Asked Questions About Switching Bank Accounts
No. Opening a new bank account does not trigger a hard credit inquiry, so switching banks will not affect your credit score. The only exception is if you apply for a credit card or loan at your new bank at the same time, which may result in a small, temporary impact.
The process typically takes 30 to 60 days from start to finish. Opening your new account can happen in a single visit and can even start online. The bulk of the time is spent waiting for all of your automatic payments and direct deposits to successfully transfer before you close the old account.
If you have written checks that have not yet cleared, make sure to keep enough money in your old account to cover them before you close it. Track these checks carefully during the transition period to avoid overdrafts. Once all outstanding checks have cleared, you can safely close the account.
If your paycheck is deposited directly into your bank account, the answer is yes – you will need to update your banking information with your employer’s payroll department. Plan to do this at least one full pay cycle before your old account closes to avoid any delays. Community Point Bank can provide a direct deposit authorization letter to make this process easier.
Government benefit deposits, including Social Security, can be updated by contacting the relevant agency directly. The Social Security Administration allows you to update your direct deposit information online, by phone or in person. If you are unsure where to start, our team at Community Point Bank is happy to help you work through the process. Reach out to us through our contact page and we will point you in the right direction.
Ready to Make the Switch? Community Point Bank Is Here for You.
Making a change to something as important as your bank account deserves more than an online form and a phone tree. At Community Point Bank, you get real people who take the time to understand your needs, help you choose the right account and stand beside you through the transition.
Explore our checking accounts, learn more about why customers bank with us, or read our guide on how to choose a bank that fits your needs.When you are ready to take the next step, our online and mobile banking tools make it easy to manage your account from anywhere. And when you have questions, we are just a call or visit away. Contact us today to get started.