Deposits

• 1). Open your new bank account with the bank of your choice.
  
  
• 2). Contact your current employer, pension administrator or whomever you're receiving the income from. When you claim Social Security benefits, you have the option to elect direct deposit as a payment option. For most incoming payment sources, you receive a direct deposit form to fill out.
  
  
• 3). Fill out the direct deposit form, and turn it in to your provider or employer. Some companies and the government allow you to process an ACH form online and submit it electronically. Make sure you fill in the new bank's account routing number and account number and sign the form before returning it.
  
  
• 4). Close your old bank account. Verify that deposits are being sent to your new bank account before closing the old account.
  
  

Expenses and Transfers

• 1). Gather your bills and other expenses that are being paid for through your bank's automatic bill pay feature. If you're changing banks, you must halt payment of these ACH transfers.
  
  
• 2). Contact your bank and cancel automatic payments being sent to businesses and creditors. For example, if you've canceled a subscription to a magazine, you would stop your ACH payment from being paid to that business. Likewise, if you move to another state, you would stop the payment being sent to your former utility company. If your bank offers online banking, you may do this through the bank's online interface.
  
  
• 3). Contact businesses and government agencies that initiate an ACH transfer. Some companies and agencies have you fill out an ACH form for payment that is initiated by the company or agency, rather than by your bank. You must contact the appropriate company or agency and notify it your banking information is changing. Provide your new information so the company or agency drafts the required funds from the correct bank account.
  
  
• 4). Set up payments with your new bank. You must contact your new bank or use the online interface provided by your bank to start new ACH transfers. Indicate the creditor you want to pay and give your bank the details for payment to that company or government agency. Include your account number for the creditor along with the amount and frequency of the payments to be made.