Steps to close your account
Contact your bank directly—by phone, in person, or through their website—and tell them you want to close the account. Most banks will ask you to confirm your identity and may ask why you're leaving. You don't have to explain, but some banks use the feedback. Before you close, make sure your account balance is zero or positive (no overdraft), all pending transactions have cleared, and you've redirected any automatic deposits or payments.
The bank will walk you through their specific process. Some banks let you close online; others require a phone call or a visit to a branch. If you have checks still in circulation, ask whether the bank will honor them after closure—most will for a limited time, but the rules vary. If you have a debit card, the bank will deactivate it, usually immediately.
Ask the bank for written confirmation of the closure. This matters if a payment bounces or a charge appears after the account is closed. Keep that confirmation for your records. If the account held a direct deposit, you'll need to update your employer or the paying organization with your new account details before you close.
Key Takeaways
- Contact your bank by phone, in person, or online to request closure, and confirm your identity when asked.
- Zero out your balance, wait for pending transactions to clear, and redirect automatic deposits and payments before closing.
- Ask whether the bank will honor outstanding checks after closure, since most will for a limited period but terms differ.
- Request written confirmation of the closure and keep it in case a charge or payment appears after the account is closed.
- Update your employer or any organization sending direct deposits with your new account information before you close.
What to do with money still in the account
If your account has a balance, you must move that money before closure. You can transfer it to another account at the same bank or a different bank using an internal transfer or ACH transfer. ACH transfers usually take one to three business days. If you need the money immediately, withdraw it as cash or a cashier's check at a branch.
Some banks charge a fee to close an account if you close it within a certain period—often 90 days to six months of opening. Check your account agreement or ask the bank before you close. If there's a fee and you want to avoid it, wait until the holding period ends. If you've already paid the fee, ask whether the bank will refund it; some will if you ask within a reasonable time.
Handling automatic payments and direct deposits
Before you close, identify every automatic payment and direct deposit tied to the account. Log into your account and review the last three months of transactions to catch recurring charges you might have forgotten about—subscriptions, insurance premiums, loan payments, utility bills. Contact each company and update your payment method or account number.
For direct deposits (paycheck, government benefits, tax refunds), contact the organization sending the money and provide your new account details. If you don't update these before closure, the deposit will bounce and you'll have to contact the organization to resubmit it to the correct account. This can delay your money by days or weeks.
If you're closing the account before you've updated everything, ask the bank how long they'll hold rejected deposits. Some banks will return them to the sender; others will hold them briefly. Either way, you'll have to follow up with the sender to reroute the payment.
Outstanding checks and pending transactions
If you've written checks that haven't cleared yet, ask the bank whether they'll honor them after you close the account. Most banks will, but only for a limited time—typically 90 days to six months. If a check clears after closure, the bank will deduct the amount from the account even though it's closed, and the account will go negative. You'll owe the bank that amount.
To avoid this, wait until all checks you've written have cleared before you close. You can check your bank's website or app to see which checks have cleared. If you're unsure whether a check will clear, contact the recipient and ask them to deposit it before your closure date, or ask the bank to hold the account open a bit longer.
Pending transactions—charges that have been authorized but not yet deducted—can also cause problems. Wait for these to post before closing. If you're not sure what's pending, check your account activity or call the bank.
Closing accounts at different types of banks
Closing a checking or savings account at a traditional bank or credit union follows the same basic steps: contact them, zero the balance, redirect automatic payments, and ask for confirmation. Online banks and fintech companies often make closure easier because you can do it entirely through their app or website without visiting a branch.
If you have a joint account, both account holders usually have to agree to close it. Contact the bank to find out their specific rule. Some banks require both people to be present; others let one person close it if they have the account number and can verify their identity.
If you have a business account, the process may be more complex. You might need to provide a business license, tax ID, or proof that the business is closing. Ask your bank what documents they need.
What happens after you close
After closure, the bank will send you a final statement showing the closing date and final balance. Keep this for your records. If you set up online bill pay through the account, those payments will stop. You'll need to set them up again with your new bank or switch to a different payment method.
If a charge or deposit appears after closure, contact the bank immediately. They can often reverse it or redirect it. If the charge is fraudulent, report it to the bank and the Federal Trade Commission at ReportFraud.ftc.gov. If a deposit bounces because you closed the account, contact the organization that sent it and ask them to resubmit it to your new account.
You can reopen an account at the same bank later if you change your mind, but there may be a waiting period or a new account setup process. Some banks won't reopen an account if you closed it with a negative balance or due to fraud.
Frequently Asked Questions
Can I close my account online or do I have to go to a branch?
It depends on your bank. Online banks and many large banks let you close through their website or app. Traditional banks and credit unions often require a phone call or in-person visit. Call your bank or check their website to see which methods they offer.
What if I have a negative balance when I try to close?
The bank won't close the account until the balance is zero or positive. You'll have to deposit money to cover the overdraft first. Once the balance is positive, you can proceed with closure.
How long does it take to close an account?
Closure is usually immediate once you've completed the process and the bank has confirmed it. However, pending transactions may take a few days to clear, and the bank may take a few business days to send your final statement and confirmation.
Will closing my account hurt my credit score?
Closing a checking or savings account does not affect your credit score. Credit scores are based on credit history—loans, credit cards, and payment history. Bank accounts don't appear on your credit report.
What if the bank won't let me close my account?
Banks rarely refuse closure, but they may delay it if your account is under investigation for fraud or if you owe the bank money. If the bank refuses, ask why in writing and request an explanation. If you believe the refusal is unfair, file a complaint with the Consumer Financial Protection Bureau or your state's banking regulator.