3 ways to add funds to your new bank account

Switching banks, or even just opening a new account, isn’t something people do on a whim. The decision can be driven by need, like moving to another state. Sometimes, it may result from learning more about different options. In other cases, the switch is about seeking better rates, lower or no fees, or digital access.

If you’ve decided to switch your bank account, here’s what you need to know about getting it funded ASAP. Depending on the kind of account you’re opening—whether it’s savings or a certificate of deposit (CD)—your available options and the timing may vary.

1. Online transfer

Internal (from a deposit account to a different account at the same bank)

If you have multiple eligible accounts at your bank (for example, an online savings account and a CD), you can complete an online transfer between accounts. This can typically be done via the app or online banking portal and following the prompts to make a transfer.

External (from an account at a different bank to your new account)

Check to see if there’s a minimum opening deposit required to open your new account, and if it must be funded within a certain number of days.

Funding your new account from an external institution could require you to verify the transfer. Here are three common methods for completing the verification process:  

Instant verification

With instant verification, you just need to provide details about your external account. These include your name, the account number, and the ABA routing number. With that information, many banks will be able to verify your account and transfer the funds.

Real-time verification

With this method, your bank will ask for your name, your account number, and the ABA routing number, and will also require your login information (user ID and password) that you use to sign in online to your external account. The bank will verify that your account is valid and transfer the desired amount.

Trial deposit

With trial deposit verification, your bank will request information about your external account and then make two small deposits to that account—typically a few cents each. It typically takes 3 to 5 business days for these small trial deposits to show up in your external account. You’ll then confirm the amounts of these deposits to successfully authenticate the account (once this happens, the deposits are reversed).

By going through any of the methods above, your bank should process the transfer of funds.   

Be aware that some banks may charge fees for outgoing transfers to other institutions. If you’re hoping to avoid that, check out other options for funding your account below. 

2. Mobile check deposit

A smartphone and a paper check are all you need to make a mobile check deposit. First, you’ll download your bank’s app and register for access to online banking. Once signed in, you can complete a mobile check deposit by following the prompts—which typically involve capturing a clear image of the front and back of the check made out to and endorsed by you.

3. Direct deposit

If you want to fund your new account through direct deposit, you may be able to automatically enroll your new account online or in the app. You may also be able to sign up directly through your employer or other payor, such as Social Security. Once you’re set up, please allow up to two pay cycles for your first deposit to appear in your account.

Other funding options

If none of these options works for you, you may also be able to fund a new account or CD by mailing in a check (payable to you) and deposit slip, or initiating a wire transfer.

Now you’re ready to bank

You’ve funded your new account. Maybe you’ve even set up direct deposit or downloaded the mobile app. Regardless of how you bank, your bank should work for you.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

The information provided herein is for informational purposes only and is not intended to be construed as professional advice. Nothing contained in this article shall give rise to, or be construed to give rise to, any obligation or liability whatsoever on the part of Discover, a division of Capital One, N.A., or its affiliates.