Switching Bank Accounts Guide

No. Switching banks won’t affect your credit score, because opening or closing a checking or savings account isn’t reported to the major credit bureaus.

If you leave behind any unpaid fees or a negative balance your old bank may send the account to collections. A collection account can appear on your credit report and lower your score.

To avoid any potential credit issues, make sure you properly close your old account after setting up the new one or keep it in good standing.

Switching banks typically takes about 1-2 weeks.

Here are the steps:

1. Open a new account – Minutes online
2. Move money and link your card – Same day
3. Switch direct deposit – 1-2 pay periods
4. Update auto pay/bill pay – 1-5 days
5. Monitor both accounts for overlap – About a week
6. Close the old account once everything is clear.

Yes, however here are a couple things to consider:

• Monthly fees - Some banks charge if you don’t meet balance or activity requirements.
• Inactive accounts - Banks may eventually close them if unused.

Yes. You can switch banks online by opening a new checking account with Truist and then moving your direct deposits, automatic drafts, and bill payment over to your new account.

If you forget to update a recurring payment while switching banks, two things may happen:

The payment could be declined, resulting in late or missed payment fees from the company.

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If your old account is still open with insufficient funds, the payment may try to clear there—potentially causing overdraft fees or returned item charges if funds aren’t available.