diff --git a/redbot/cogs/bank/bank.py b/redbot/cogs/bank/bank.py
index 50f9c35bf..b51f1c9ba 100644
--- a/redbot/cogs/bank/bank.py
+++ b/redbot/cogs/bank/bank.py
@@ -58,16 +58,23 @@ class Bank:
 
     @bankset.command(name="toggleglobal")
     @checks.is_owner()
-    async def bankset_toggleglobal(self, ctx: commands.Context):
+    async def bankset_toggleglobal(self, ctx: commands.Context, confirm: bool=False):
         """Toggles whether the bank is global or not
         If the bank is global, it will become per-guild
         If the bank is per-guild, it will become global"""
         cur_setting = await bank.is_global()
-        await bank.set_global(not cur_setting)
 
         word = _("per-guild") if cur_setting else _("global")
-
-        await ctx.send(_("The bank is now {}.").format(word))
+        if confirm is False:
+            await ctx.send(
+                _("This will toggle the bank to be {}, deleting all accounts "
+                  "in the process! If you're sure, type `{}`").format(
+                    word, "{}bankset toggleglobal yes".format(ctx.prefix)
+                )
+            )
+        else:
+            await bank.set_global(not cur_setting)
+            await ctx.send(_("The bank is now {}.").format(word))
 
     @bankset.command(name="bankname")
     @check_global_setting_guildowner()