How long does it take to switch direct deposit accounts?

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how long does it take to switch direct deposit accounts

If you get paid via direct deposits, switching bank accounts might fill you with a little bit of dread. What if it takes a few pay periods before the switch is complete? That can be stressful. 

But if you are unhappy with the number of fees you pay or your current banking relationship just isn’t working for you, it may be time to make the switch. Let’s look at how long it takes to switch direct deposit accounts.   

Is it worth switching my current account?

Switching banks may seem like a hassle, especially if you have everything set up to run through your account. If you can save money or pick up extra perks along the way, however, switching direct deposit accounts might be worthwhile for you. 

How long does it take to switch bank accounts?

It can be easy to switch direct deposit accounts. With a RoarMoneySM account, you can make the change by following five simple steps.

Step 1: Let your boss or the HR department know

Every company has its own rules when it comes to making changes to a direct deposit account. But usually, no matter the company, it’s often advised that you inform your employer or HR department that you plan to switch direct deposit accounts. 

If you have an employee handbook, you may find the protocol for changing your bank account information inside. If not, check with your boss or HR department on how to switch direct deposit accounts. 

Step 2: Prepare your new account information 

You need to supply your new bank account details to your employer. Your employer may ask that you fill out and submit a new direct deposit form. They may accept a direct deposit enrollment form prepared by your financial institution as long as it includes your banking information. 

If they don’t accept the form, you might be required to update your banking information online through your company’s payroll or benefits website. But setting up a direct deposit with RoarMoney is easy! You can either follow the steps above or you can simply connect your direct deposits in the MoneyLion app. 

  • Open the MoneyLion app.
  • Go to the “More” section under the Accounts tab.
  • Click “Add Direct Deposit” in the menu.  
  • Select your employer, payer, or benefits provider to connect your direct deposit. Just scroll through the list of companies provided. If you don’t see your employer, you can add your employer’s contact information, and from there, a form will be sent to you via email. 
  • Follow the remaining prompts to link your account and select the amount of money from your check to be deposited into your new RoarMoney account. You may choose to deposit your full check, a specific dollar amount, or a percentage into your account. 

Step 3: Find out direct deposit timing

A change to your direct deposit account might not be immediate. It’s possible that your direct deposit change will take effect before your next pay period, but that is not always the case. It is a good idea to ask your employer or the HR department when they will deposit your money into your new account. 

Since direct deposit changes may take a while before they are processed, you may receive a paper check. 

Step 4: Keep your old account open

It is helpful to keep your old account open during a direct deposit switch. Although owning multiple accounts at different banks might seem a bit overwhelming, you don’t want to close your old account until your money gets deposited into your new one. Once it does, you can close the old account.  

Having multiple accounts doesn’t have to stress you out. With the MoneyLion app, you can keep a close watch over your financial heartbeat in one place. Just link your external bank accounts within the app, and you’ll have a clear view of your finances.  

When an unexpected bill comes up, or you need a little extra cash to get to the next payday, you can get a quick cash infusion of up to $250 with InstacashSM. You’ll pay no interest, and there is no credit check. 

And once your direct deposit is linked with your RoarMoney account, you can get paid up to two days early.1

Step 5: Enjoy the benefits of RoarMoney

If you are tired of paying too many bank fees or you struggle to keep the minimum balance in your account, switching your bank account may be an easy decision. If you are looking for an affordable banking relationship that comes with plenty of perks, a RoarMoney account may be a good fit.  

RoarMoney account holders enjoy zero minimums and no hidden fees — all for $1/month. 

A RoarMoney account comes with plenty of other benefits, including: 

Switching direct deposits is easy with RoarMoney 

A RoarMoney account is also packed with perks to help you save money and gain control over your finances. The RoarMoney virtual card gives you quick access to your funds. There is no need to wait for a physical card to arrive in the mail, and you can make online purchases safely. 

SafetyNet gives you a bird’s eye view of your available funds. Just activate this feature through the MoneyLion app to see your RoarMoney, Instacash, and MoneyLion Investment Accounts in one place.  For a painless way to save money, enable the Round Ups feature on your account, which will ensure that every purchase you make is rounded up to the nearest dollar and the spare change is added to your investment or crypto account. You will add to your chosen account with every purchase you make.

FAQ

Does switching bank accounts affect credit score?

Some banks may check your credit history when you open a new account. However, when you open a RoarMoney account, there are no credit checks.

What happens to direct debits when you switch banks?

You should update your banking information for any payments automatically debited from your account.

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