How to close a bank account

• What to do before you close your account
• How to close a bank account
• FAQs

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• Before closing a bank account, you need to check your account status and current transactions.
• Most national and online banks will require you to call or go in person to close an account first.
• You can reopen an account if it's inactive, but once you close an account it can't be undone.

The first bank account you open doesn't have to be a permanent fixture in your life. Maybe you're moving somewhere that doesn't have any of your current bank's branches, you've decided to streamline your banking to only one account, or you simply find a bank account that's a better fit for you.

Whatever the case may be, you don't have to stay tied to your account forever. Closing a bank account won't negatively impact you in the same way that closing a credit card may affect your credit score. You just need to be mindful of how the process works so you can have a more seamless process.

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What to do before you close a bank account

Find out if the account is in good standing

Banks won't let you close an account if you have a negative balance, so you'll need to assess your current account's standing. Negative balances will require you to put some money in so that you have at least a $0 account balance to close the account.

The standing of your account may affect whether you'll have to pay fees. If you've overdrawn from your account and have a negative balance, you'll be charged an overdraft fee. New accounts that have been opened for a short time — usually less than six months — may be charged an early account closure fee around $25 or $30.

Quick note: If your account hasn't been used for a couple of months, it may be closed by a bank. In this situation, it'd be best to contact your bank over the phone or online first to ask why it was closed and clarify steps of action if you are charged an inactivity fee. 

Create a plan for the money left in your account

If your account has a positive balance or is frequently used, you'll want to set up an alternative course of action. Your goal should be to leave your bank account with a $0 account balance to make the closing process more efficient.

For your current account balance, you may decide to open a new account, transfer your money to another account, or take it all out in cash. 

If you use your account frequently to pay bills or accept paychecks, you'll also want to redirect these transactions to another account early on. 

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How to close a bank account

Close it online, over the phone, or in person

With most banks, you won't be able to initiate the closing process online.

Most national brick-and-mortar banks like Bank of America, Wells Fargo, or Chase will require you to go to a branch location or call over the phone first. Online banks like Ally and Capital One will also want you to call. 

A few banks will let you initiate the process online. TD Bank lets you close an account through online banking or email if your account has a $0 balance. Axos Bank also allows customers to initiate closure by online banking. 

Calling a bank will be enough to close an account in most cases, but some institutions may require you to fill out an additional form or write up a quick note. For instance, if you have a joint bank account, you may have to fill out a form or write a note that states both individuals want to close the account. 

If you aren't sure what the process is like for your financial institution, try searching through a bank's FAQ section first, then call your bank if you still can't find the information.

Verify that your account is closed

A bank will verify once your account is closed. This will be done either over the phone, through email, or through online banking. Otherwise, it may still be open, and you might still be charged for common bank fees.

If your account requires you to pay a monthly bank maintenance fee on the same day each month, try to close the account at least a couple of days before you'd be charged the fee. This leaves you time in case it takes time to close the account and make the necessary adjustments, so you won't have to pay another fee. 

Closing a Bank Account FAQS

There's only a fee if you're closing a bank account right after you've opened it. Generally, you'll have to keep your account open for 60 to 180 days to avoid an early account closure fee. 

Closing a bank account will take a few minutes if it's in good standing. If you're account has unpaid overdraft fees, it may take extra time because you'll have to pay these fees before you close an account.

Once you've taken steps to close your bank account, you can't reopen it if you have a change of heart. You'll have to reopen a new one with the bank and start again.

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