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Jan 10, 2022

How To Set Up Your Direct Deposit for a New Bank Account in 4 Easy Steps

  1. Get a new direct deposit form from your employer
  2. Fill out the form with your new bank account information
  3. Keep your old account open until you confirm the direct deposit has settled in your new account
  4. If applicable, Close your old account bank account

Get a new direct deposit form from your employer or HR system

Depending on the HR services provider for your employer, you may be asked to fill out an online direct deposit form, or they might give you a physical direct deposit form to submit.

If it’s been a while since you set up your original direct deposit and you aren’t sure where to find the form, start by asking your supervisor, someone in HR, or someone in the payroll department.

Any of these colleagues should be able to provide you with the form or point you in the right direction of someone who can.

Fill out the form with your new banking information

With a new employee direct deposit form in hand, now it’s time to fill it out. Make sure you have your new account information readily available by logging into your bank’s online account portal.

The two most essential pieces of information you need from your new financial institution to set up direct deposit payments for your new bank account are your account number and your routing number. 

In addition to your account number and the bank’s routing number, your employee direct deposit form may ask you for some or all of the following information:

  • The type of bank account (i.e., checking account or savings account)
  • Your new financial institution’s name and address
  • Your full name as it appears on your account
  • Your mailing address
  • Your social security number

Keep your old account open until you confirm the direct deposit has settled in your new account

Depending on your employer or their payroll processing company, it can take anywhere from a few days to a few weeks to process your direct deposit switch. 

To make sure you don’t miss any paychecks, it’s prudent to make sure your old account stays open until you receive your first electronic payment in your new account and confirm that the deposit amount is correct. 

Don’t worry about keeping multiple bank accounts open — you can have as many bank accounts as you want, and it won’t cause any problems with your direct deposits.

If applicable, Close your old account bank account

If part of your intention in setting up a new direct deposit was to close an old bank account, now you’re ready to make the next move. 

Once your new direct deposit is set up, and you’re sure your electronic payments are working properly, you can go ahead and close your old checking account or savings account.

Of course, you don’t have to close your old bank account. You can have as many bank accounts as you want, but to protect your personal information and money, it’s a good idea to only keep open accounts you actively use. 

Funding Multiple Bank Accounts with your Direct Deposit

You may want to consider funding multiple accounts. Funding some of your regular paycheck to a savings account in addition to a checking account can help you more quickly build the savings nest egg you’re targeting. 

If you’re looking to build your savings with an eco-conscious banking provider, Atmos offers among the highest rates in the country. By using your deposits to exclusively fund climate-positive infrastructure, and with checking and savings options, Atmos is the most climate-positive banking alternative in the world.  

Other Reasons To Set Up Direct Deposit Payments

The convenience of receiving automatic digital payments every time you get a paycheck from your employer is the biggest reason to set up direct deposit payments, but there are other types of payments you can set up direct deposits for as well.

Other payments you can set up a direct deposit for:

  • Social security benefits (receive social security payments)
  • Child support payments
  • Tax refunds (pro tip: you’ll receive your tax refund money faster this way!)

Final Words

Switching banks and setting up direct deposit payments doesn’t have to be intimidating. As long as you follow the steps we mentioned above, you should have no problem getting your direct deposit set up and start receiving digital payments to your new account in no time.

If you’re looking for a better banking option, Atmos offers online cash-back checking and high-yield savings accounts. Atmos’s banking products are focused on re-allocating money to maximize positive impact. Atmos ensures your money never funds initiatives that harm the environment or contribute to climate change, such as fossil fuel extraction.

Contact Atmos today for more information about opening a checking or savings account with Atmos, or for help setting up direct deposit payments for a new Atmos account.

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