The basic steps to close your account
To close a savings account, contact your bank directly—by phone, in person, or through their website—and tell them you want to close the account. The bank will ask you to confirm your identity, tell you the current balance, and explain what happens to any remaining money. You will need to withdraw or transfer out any funds before the account officially closes, though some banks do this automatically if you authorize it. The bank will then process the closure, which usually takes a few business days to a week.
Before you call, check your account for any pending transactions, automatic deposits, or bill payments linked to that account number. If you have direct deposit set up, you will need to change it at your employer or with whoever sends you money. If you pay bills from this account, update those payees with a new account number or payment method. Closing an account with active transactions can cause payments to bounce or deposits to fail.
Once the account is closed, the bank will send you written confirmation. Keep this letter—it proves the account is closed and can help if there are questions later about old transactions or if someone tries to use the account number fraudulently.
Key Takeaways
- Contact your bank by phone, in person, or online to request closure, and have your account number and ID ready.
- Withdraw or transfer all remaining money from the account before closure, and confirm the bank's process for handling any leftover balance.
- Update direct deposit, bill payments, and any other services linked to the account so they do not fail after closure.
- Request written confirmation of closure and keep it for your records.
- The closure process typically takes three to seven business days after you submit the request.
What to do with your remaining balance
If you have money left in the account, you have three options: withdraw it in cash, transfer it to another account at the same bank or a different bank, or let the bank handle it according to their policy. Most banks will not close an account with a balance still in it, so you must move the money first. If you transfer to another bank, use a wire transfer or ACH transfer—both are free or low-cost and take one to three business days.
If you have a very small balance and forget about it, the bank may eventually turn it over to your state's unclaimed property program. This happens after a period of inactivity (usually three to five years, depending on your state). You can still recover the money by contacting your state's treasurer or comptroller office, but it is simpler to move it yourself before closing.
Closing an account with a negative balance or fees
If your account is overdrawn—meaning you owe the bank money—you must pay the negative balance before the bank will close it. This includes any overdraft fees, monthly maintenance fees, or other charges the bank has applied. Ask the bank exactly how much you owe, including any pending fees. You can pay this by transferring money from another account, paying in person, or sending a check.
Some banks will not close an account until the negative balance is paid in full. Others may close it and send you a bill for the amount owed. If you ignore the bill, the bank may report it to a collection agency or to ChexSystems, a banking history database that other banks check before opening new accounts for you. Paying the balance before closure avoids this.
Timing: how long closure actually takes
The time from request to final closure varies by bank. Most banks close accounts within three to seven business days after you submit the request and confirm you have no remaining balance. Some banks process closures the same day you call if you do it during business hours. Others may take up to two weeks if there are pending transactions or if you close by mail.
During the closure period, the account is usually still open and can receive deposits or withdrawals. Do not use it during this time—any new activity can delay closure or cause confusion. Once the bank confirms closure in writing, the account number is no longer active and cannot be used.
Closing an account by mail or online
Not all banks let you close an account online or by mail, but many do. If your bank offers online closure, log in, find the account settings or customer service section, and look for a "close account" or "account management" option. You will usually need to confirm your identity and authorize the transfer of any remaining balance. Online closure is often the fastest method.
If you want to close by mail, call the bank and ask for the closure form or instructions. Write a letter stating your account number, your name, and that you want to close the account. Include a copy of your ID. Mail it to the address the bank provides. Closure by mail takes longer—usually two to three weeks—because the bank has to receive the letter, process it, and mail you confirmation.
Closing in person at a branch is the most straightforward if you have a local branch. Bring your ID and account number, and the teller can start the process immediately. You can withdraw your remaining balance in cash at the same time.
What happens to checks and debit cards after closure
Once the account closes, any checks you have written from that account will bounce if they have not been cashed yet. If you have outstanding checks, wait until they clear before closing, or contact the people who have them and ask them to cash them sooner. After closure, the bank will not honor checks drawn on that account.
Your debit card linked to the account will stop working immediately or within a few days of closure. If you have a new account at the same bank, ask if the bank can transfer the debit card to the new account. Otherwise, you will need to request a new card for any other accounts you have. Cut up the old debit card or destroy it so it cannot be used.
Closing a joint account
If the account is joint—meaning two or more people own it—all account holders usually must agree to close it. Some banks require all owners to sign a closure form or be present in person. If one owner wants to close and the other does not, the bank may not allow it. In this case, you can ask the bank to remove your name from the account instead, which leaves the other person as the sole owner.
Before closure, make sure all owners agree on what happens to the remaining balance. If there is a dispute over the money, the bank may freeze the account until the owners reach an agreement or a court orders otherwise. Discuss this with the other owner before you contact the bank.
Frequently Asked Questions
Can I close my account if I still have pending transactions?
Most banks will not close an account with pending transactions because they need to know the final balance. Wait for pending deposits and withdrawals to clear, then close. If a transaction is taking longer than expected, call the bank to ask about it before requesting closure.
What if I close my account and then receive a deposit meant for it?
If someone sends money to a closed account, the bank will usually return it to the sender. The sender's bank will show the transfer as failed or reversed. If the deposit was from your employer or a government agency, contact them to provide a new account number so they can resend it.
Do I need to close the account in person, or can I do it over the phone?
Most banks let you close by phone, online, or in person. Phone closure is fast if you have your account number and ID ready. Online closure is often quickest. In-person closure at a branch lets you withdraw cash immediately and get a receipt on the spot.
Will closing my account hurt my credit score?
Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Credit scores are based on credit accounts like credit cards and loans. Closing a savings account has no impact on your creditworthiness.
What if the bank says I owe money after I close?
If the bank discovers a fee or charge after closure and sends you a bill, pay it promptly. Ignoring it can result in collection action or a negative mark on your banking history. If you believe the charge is wrong, call the bank to dispute it before paying.