How to Close a Bank Account
Last Updated: January 12, 2023
Closing a bank account can be a simple process, but it’s important to do it correctly to avoid any issues with outstanding checks or automatic payments. Here’s a step-by-step guide on how to close a bank account:
1. Check for any outstanding checks or automatic payments: Before closing your bank account, make sure there are no checks or automatic payments (such as a monthly utility bill) that have not yet cleared. If there are, wait until they have cleared before proceeding to the next step.
2. Gather any necessary documents: Depending on the bank and the type of account you have, you may need to provide identification and other documents in order to close the account. It’s a good idea to check with your bank to see what they require.
3. Contact your bank: You can typically close a bank account either in person at a bank branch, or by contacting the bank by phone or online. If you choose to close the account in person, make sure to bring all necessary documents with you. If you prefer to close the account remotely, you can usually do so through the bank’s website or by calling their customer service line.
4. Follow the bank’s instructions: The bank will provide you with specific instructions on how to close the account. Make sure to follow these instructions carefully to ensure that the process goes smoothly.
5. Close any linked accounts: If you have any linked accounts, such as a joint account or a credit card that is linked to the account you are closing, make sure to close these accounts as well.
6. Cancel any automatic payments or direct deposits: If you have any automatic payments or direct deposits set up with the bank, make sure to cancel these before closing the account. This will prevent any issues with payments being rejected due to insufficient funds.
7. Transfer any remaining funds: If there is any money left in the account, you will need to transfer it to another bank account before closing the account. You can typically do this by writing a check or initiating a transfer through the bank’s website or mobile app.
8. Confirm that the account has been closed: Once you have followed all of the necessary steps, it’s important to confirm that the account has been closed. You can usually do this by contacting the bank or by checking your account online.
It’s worth noting that there may be fees associated with closing a bank account, particularly if you are closing it before a certain period of time (such as within the first year of opening the account). Be sure to check with your bank to see if there are any fees and how to avoid them.
In summary, closing a bank account is a relatively straightforward process, but it’s important to follow the steps outlined above to avoid any issues with outstanding checks or automatic payments. By gathering any necessary documents, contacting the bank, and following their instructions, you can close your bank account smoothly and efficiently.