You aren’t happy with your current banking situation and you are ready to open a new account. You might feel that switching your bank account will end up being a pain because you have to switch your direct deposit form at work – but it doesn’t have to be.
The timing of the direct deposit changes depends on your workplace and your bank. In some situations, it might be an instant change, while others may take a few weeks for direct deposit changes to happen. Find out how to switch direct deposit accounts seamlessly and as quickly as possible.
How to Switch Direct Deposit Accounts
Once you open a new bank account, you can switch direct deposit accounts by completing five simple steps.
Step 1: Let Your Boss or HR Department Know
You must inform your boss or the HR department that you want to switch direct deposit accounts. Companies have different protocols for submitting a change request. You might have to send an email or meet with the person who handles the payroll. It’s even likely that you’ll need to fill out an online form or log into your payroll or benefits website. If you are unsure of your company’s protocol, look in the employee manual or ask your supervisor.
Step 2: Have Your New Account Information Ready
You will need to provide your employer with your new account information. Most financial institutions have a direct deposit enrollment form that includes your banking information. You need to fill out the form and send it to your employer.
Setting up a direct deposit with RoarMoney is even easier. You can use the steps above, OR you can simply connect your direct deposits in the MoneyLion app.
- Open the MoneyLion app, go to the “Finances tab”
- Click “Add Direct Deposit Request.”
- Select your employer or payer – You can search for your company easily through a list provided to you. If your workplace is not provided, you can simply add your employer’s contact information and your form will be on it’s way via e-mail.
- Next, follow steps to link up and choose the amount of your check you would like to be deposited into your new RoarMoney℠ account, you can select your whole check, a certain dollar amount, or a percentage.
Step 3: Ask About Your Direct Deposit Timing
When you set up a direct deposit, ask your boss or HR when you can expect to get deposits in the new account. While your company might be able to make the switch by your next pay period, that’s usually not the case. With RoarMoney, you’ll get your direct deposit up to two days early!
You might need to pick up a paper check or have your next payment mailed to your home. This will continue until the change happens. Fortunately, if you’re paid biweekly or monthly, you’ll likely only have to do this once, if at all.
Step 4: Keep Your Old Account Open
It’s a good idea to keep your old account open until you receive the first direct deposit in your new account. Then, you can close the old account if you wish.
While it might sound stressful to manage multiple accounts, it’s easy when you have a RoarMoney account with MoneyLion. You can view multiple accounts within the app, so you can keep an eye on your old account while waiting for the change to finalize. You can also transfer funds to your RoarMoney account as your final deposits roll in.
Step 5: Enjoy the Benefits of Your New Bank Account
If you recently switched bank accounts, you probably had a good reason. You might have been paying too many fees, or the monthly minimum balance was too high, making it hard to maintain the account. RoarMoney is a good option for people who want to reduce the costs associated with banking while enjoying more benefits.
RoarMoney has zero hidden fees and zero minimums, making it much easier to maintain the account. You can also use your RoarMoney account to get paid up to two days early, as long as you have a direct deposit set up.
Make the Switch to RoarMoney Today
Switching direct deposit accounts is a straightforward process. Let your employer know and provide the necessary account information. Find out when your new direct deposit account will be active and keep your old account open until the change occurs. Then, you can close out your account and enjoy your new one.
This process is even easier when you have a RoarMoney account. You can sign up for an account today and get your virtual debit card, account number, and routing number immediately. You can then provide it to your employer and begin using all of the great features without worrying about hidden fees or minimum balance requirements.