How do I switch banks without screwing up all my autopays?

Personal Finance

I want to leave BofA (fees are ridiculous) and switch to a credit union. But I have like 12 different autopays set up - rent, utilities, subscriptions, etc. Plus direct deposit from work. The thought of switching everything over gives me anxiety. Is there a good system for doing this without missing payments or having stuff bounce?

Justin Garcia

3 Answers

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Did this exact thing last year. Heres my system:

Week 1:

Open new account

Deposit enough to cover 2 months of bills

Dont close old account yet

Week 2:

Update direct deposit with employer (takes 1-2 pay cycles usually)

Make a list of EVERY autopay (check last 3 months of statements)

Week 3-4:

Update autopays one by one, checking each off your list

Start with important stuff (rent, utilities, insurance)

Then subscriptions

Month 2:

Verify everything is drafting from new account

Keep old account open with small balance to catch anything you missed

Month 3:

If nothing has tried to draft from old account, youre probably good

Close old account

The key is overlap. Keep both accounts funded for at least 2 months. The small hassle is worth escaping BofAs fees. I save like /month now at my credit union. Shouldve done it years ago.

Brittany Thomas

Key is to overlap for 2-3 months. Keep both accounts open and funded. Update autopays one by one. Keep the old account as backup to catch anything you missed. Close old account after 60 days of nothing pulling from it.

David Jones

I made a spreadsheet of every recurring charge from the last 3 months of statements before switching. Updated each one and checked it off. Took a weekend but no missed payments.

Justin Garcia