Opening a New Account
Before closing your current account, establish a new bank account to ensure you have a place to transfer direct deposits and payments.
Key Facts
- Open a new account: Before closing your current account, open a new bank account to ensure you have a place to transfer direct deposits and payments.
- Switch your scheduled payments and deposits: Move any direct deposits or automatic payments to your new account. Make a list of your monthly recurring payments to ensure you cancel all payments attached to your old account.
- Transfer your money: Let outstanding transactions clear before moving money out of your account. If there is still money in the account after everything clears, withdraw or transfer it to your new account.
- Contact your bank: Cancel your bank account by contacting your bank. This can usually be done online, over the phone, or by visiting a local bank branch. Some banks may require you to fill out an account closure request form or submit a written request.
- Send a letter (if required): If necessary, you can write a letter to your bank to close the account. Include the account name and number for each closing request, and provide your mailing address for any remaining funds to be sent to you.
- Get written confirmation: It is recommended to obtain written confirmation from your bank when closing an account to ensure the closure is properly processed.
Additional considerations:
- Joint account: If you are closing a joint account, your bank may require an account closure request with both account holders’ signatures.
- Child’s account: If closing a child’s account, follow the same process as closing any other bank account.
- Inactive account: If your account is marked as “Inactive,” contact your bank’s customer service to reactivate it before closing it.
- Overdrawn account: Ensure your account has a zero balance or higher before requesting closure.
- Deceased person’s account: Closing the bank account of a deceased person can be more complicated. Seek legal counsel and follow the necessary requirements and documentation based on state law.
Switching Scheduled Payments and Deposits
Move any direct deposits or automatic payments to your new account. Make a list of your monthly recurring payments to ensure you cancel all payments attached to your old account.
Transferring Your Money
Let outstanding transactions clear before moving money out of your account. If there is still money in the account after everything clears, withdraw or transfer it to your new account.
Contacting Your Bank
Cancel your bank account by contacting your bank. This can usually be done online, over the phone, or by visiting a local bank branch. Some banks may require you to fill out an account closure request form or submit a written request.
Sending a Letter (if Required)
If necessary, you can write a letter to your bank to close the account. Include the account name and number for each closing request, and provide your mailing address for any remaining funds to be sent to you.
Getting Written Confirmation
It is recommended to obtain written confirmation from your bank when closing an account to ensure the closure is properly processed.
Additional Considerations
Joint Account
If you are closing a joint account, your bank may require an account closure request with both account holders’ signatures.
Child’s Account
If closing a child’s account, follow the same process as closing any other bank account.
Inactive Account
If your account is marked as “Inactive,” contact your bank’s customer service to reactivate it before closing it.
Overdrawn Account
Ensure your account has a zero balance or higher before requesting closure.
Deceased Person’s Account
Closing the bank account of a deceased person can be more complicated. Seek legal counsel and follow the necessary requirements and documentation based on state law.
Sources
- How to Close a Bank Account
- How To Close A Bank Account
- What Do You Need to Open or Close a Bank Account? Apply Online | Wells Fargo
FAQs
How do I close a bank account?
**Answer:** Contact your bank and request to close your account. You may be able to do this online, over the phone, or by visiting a local branch.
What do I need to do before closing my bank account?
**Answer:** Open a new account to transfer your funds, switch your scheduled payments and deposits, and withdraw or transfer any remaining money.
Can I close a joint bank account by myself?
**Answer:** It depends on your bank’s policy. Some banks may require both account holders to be present or provide written authorization.
What happens if I have an overdrawn balance when I close my account?
**Answer:** You will need to bring your account to a zero balance or higher before it can be closed.
How long does it take to close a bank account?
**Answer:** The time it takes to close a bank account can vary depending on the bank. It can be done immediately or may take a few days.
Do I need to provide a reason for closing my account?
**Answer:** No, you do not need to provide a reason for closing your account.
What should I do with my old checks and debit cards?
**Answer:** Destroy your old checks and debit cards to prevent them from being used fraudulently.
Can I reopen a closed bank account?
**Answer:** In some cases, you may be able to reopen a closed bank account. Contact your bank to inquire about their policies.