Umpqua Bank's Closing Fee Policy
Umpqua Bank does not charge a fee to close a checking account. You can close your account at any time without penalty, whether you close it in person at a branch, by phone, or by mail. The bank will not deduct money from your final balance as a closing cost.
However, you should know what happens to any remaining balance and how to handle outstanding checks or automatic payments before you close. Umpqua will issue a check for your remaining funds or transfer the money to another account if you arrange it in advance.
Key Takeaways
- Umpqua Bank charges no fee to close a checking account, regardless of how you close it or how long you held the account.
- You must settle any outstanding checks or automatic payments before closing, or they may be rejected after the account shuts down.
- Umpqua will send you a check for your remaining balance, or you can request a transfer to another bank account before closing.
- Closing an account does not affect your credit score, but it may show on your banking history if you had overdrafts or returned checks.
How to Close Your Umpqua Checking Account
You have three ways to close your account: visit a branch in person, call Umpqua's customer service line, or send a written request by mail. In-person closure is the fastest method because a banker can confirm your identity immediately and answer questions about your balance or pending transactions.
If you call, have your account number and a form of identification ready. The representative will verify your identity and walk you through the closure process. You can request that your remaining balance be mailed as a check or transferred to another bank account if you provide the routing and account numbers.
For mail closure, write a letter stating your name, account number, and request to close the account. Include a signature and mail it to your local Umpqua branch or their main address. Allow extra time for processing when you close by mail, as it may take one to two weeks after they receive your letter.
What to Do Before Closing Your Account
Before you submit a closure request, stop any automatic bill payments or recurring transfers that use your Umpqua account. Log into online banking or call the companies that pull money from your account and update them with a new payment method. If you miss this step, payments may fail and you could face late fees from those companies.
Check for outstanding checks you have written but not yet cashed. If a check clears after your account closes, it may be rejected and returned to the payee. You can ask Umpqua to hold your account open for a few extra days while checks clear, or you can contact the people you wrote checks to and ask them to deposit them before your closure date.
Review your account statements for the past month to make sure there are no pending transactions you missed. Look for subscriptions, gym memberships, or other services that charge monthly. Once you have redirected all payments and confirmed your balance, you are ready to close.
What Happens to Your Money After Closure
Umpqua will not keep any of your remaining balance. The bank will either mail you a check or transfer the funds to another account, depending on what you request. If you do not specify a transfer account, Umpqua will mail a check to the address on file within five to seven business days after closure.
If your account has a negative balance—meaning you owe the bank money—you must pay that amount before closing. Umpqua will not close an account with an outstanding debt. You can pay the balance in person, by phone, or by mailing a check to the branch.
Overdraft Fees and Other Charges Before Closing
Closing your account does not erase overdraft fees or other charges you incurred while the account was open. If your account went negative and Umpqua charged you an overdraft fee, you still owe that fee even after closure. The bank will deduct it from your final balance before sending you the remaining money.
Similarly, if you had returned checks, insufficient funds fees, or monthly maintenance fees that were not waived, those charges remain your responsibility. Umpqua will settle all outstanding fees against your final balance. If your balance is lower than the total fees owed, you will need to pay the difference.
Timing and What to Expect After You Close
Closure typically takes one to three business days if you close in person or by phone. By mail, allow five to ten business days from the date Umpqua receives your letter. Once the account is closed, you will no longer be able to use your debit card, write checks, or access online banking for that account.
Your final check or transfer usually arrives within five to seven business days after closure is complete. If you do not receive your funds within two weeks, contact Umpqua to confirm the closure was processed and ask for a status update on your refund check or transfer.
Frequently Asked Questions
Can I reopen my Umpqua checking account after I close it?
Yes, you can reopen an account at Umpqua after closing one, but the bank will treat it as a new account. You will need to provide identification and go through the account opening process again. There is no fee to reopen, but you may have to wait a few days for the new account to be active.
Will closing my account hurt my credit score?
Closing a checking account does not directly affect your credit score because checking accounts are not reported to credit bureaus. However, if your account had overdrafts or returned checks that were sent to a collection agency, those items could show up on your credit report.
What if I have a joint account with someone else?
Both account holders must agree to close a joint account. Contact Umpqua and ask about their joint account closure policy. Typically, one owner can request closure, but the bank may require written consent from the other owner before finalizing it.
Do I need to destroy my debit card after closing?
Yes, you should destroy your debit card by cutting it in half or shredding it. Once your account closes, the card will not work, but destroying it prevents someone from finding it and attempting to use it. You can also ask Umpqua to deactivate the card when you close the account.
What if I have a pending direct deposit scheduled for after my closure date?
Any direct deposits sent to your account after it closes will be rejected and returned to the sender. Contact your employer or the organization sending the deposit and provide them with your new account information before your closure date. Allow a few days for the change to take effect in their system.