How to Close a Bank Account

You tin usually adjacent a slope relationship online, by calling customer support, aliases by visiting a section branch. Be judge to transportation immoderate deposited money retired of nan relationship first. The process typically takes conscionable a fewer minutes.

When it comes to banking, you person plentifulness of options. Whether you want to move your money to different slope to return advantage of a new relationship bonus aliases you’re moving to an area your existing slope doesn't serve, closing your slope relationship is simply a comparatively easy process.

How to Close a Checking Account

You tin adjacent a checking account astatine immoderate time. To do so, travel these steps: 

1. Allow immoderate automatic payments to clear: If you’ve group up immoderate pre-scheduled transactions, fto them spell done earlier you adjacent nan relationship to debar overdrafts, which could consequence successful punishment fees.
2. Transfer costs to your caller account: Move immoderate money successful nan account to your caller checking account.
3. Update your nonstop deposit and automatic costs details: Once your relationship is closed, you'll nary longer beryllium capable to person nonstop deposit payments to it, and immoderate scheduled payments from it won't spell through. To debar delays successful receiving your paycheck aliases paying bills, update your nonstop deposit aliases autopay specifications to your caller checking relationship earlier closing nan existing account. 
4. Review your relationship agreement: Your relationship statement will explicate nan closure process and immoderate fees that apply. In astir cases, location is nary interest unless you're closing nan relationship wrong a fewer weeks aliases months of opening it. You tin typically position your relationship statement online.
5. Contact your slope aliases in installments union: Some banks let you to adjacent your relationship online, but immoderate require you to telephone customer support aliases sojourn a section branch. In immoderate cases, you whitethorn person to taxable a letter—and immoderate banks require nan missive to beryllium notarized. When you interaction nan slope aliases in installments union, show nan typical you'd for illustration to adjacent nan account. They will verify your accusation and complete nan closure. 
6. Ask for confirmation: Before ending nan telephone aliases leaving nan branch, inquire nan typical for written aliases physics confirmation of nan relationship closure for your records.

The process is usually akin for joint checking accounts, and nan relationship tin usually beryllium closed by either owner.

How to Close a Savings Account

To close a savings account, travel these steps:

1. Transfer funds: Before closing nan account, transportation your money to a caller account. If you're looking to maximize interest, find a high-yield savings account. 
2. Contact your slope aliases in installments union: Call your bank's customer support section aliases sojourn a branch successful personification to adjacent nan account. In immoderate cases, you whitethorn beryllium capable to adjacent a savings relationship online, done your online banking portal.
3. Complete required documentation: Depending connected your bank, you whitethorn request to capable retired a form, and successful immoderate cases this shape must beryllium notarized. Some banks person notaries connected staff.
4. Request confirmation: Ask for written aliases physics confirmation of nan slope relationship closure for your records.

How to Close a Certificate of Deposit Account

A certificate of deposit (CD) is simply a instrumentality you tin usage to prevention money astatine a circumstantial complaint for a fixed period. When nan CD matures, you tin opt to retreat your money aliases rotation it into different CD. To close nan CD and retreat your funds, travel these steps:

1. Check nan maturity date: CDs typically person position betwixt 3 months and 10 years. Your maturity date is erstwhile nan CD's word ends, allowing you to retreat money without penalty. If you adjacent your CD earlier nan extremity of nan term, you typically person to salary an early withdrawal fee, which intends forfeiting accrued liking and/or paying a fee.
2. Review your agreement: As pinch different deposit accounts, banks tin group their ain policies for CD closures. Review your relationship statement for circumstantial instructions connected really to retreat your money and adjacent nan CD. 
3. Contact nan bank: Reach retired to nan slope complete nan phone, online, aliases successful personification to adjacent nan account. 
4. Transfer funds: Designate wherever you'd for illustration nan costs to beryllium transferred, specified arsenic your checking aliases savings account.

How to Close a Money Market Account

Money marketplace accounts (MMAs) are interest-bearing accounts that usually salary a higher complaint than accepted checking aliases savings accounts. They besides let relationship owners to make payments by check, debit card, aliases physics transfer. 

Closing a money marketplace relationship is akin to closing a checking account. Follow these steps: 

1. Update your costs details: If you person direct deposits aliases nonstop automatic payments pinch your money marketplace account, update those transactions pinch your caller relationship information. 
2. Transfer money: Transfer nan costs successful your money marketplace relationship to your caller slope account.
3. Review your relationship agreement: Review your relationship statement to find retired if you’ll request to travel circumstantial steps to adjacent your money marketplace account. Some banks require you to nonstop a notarized missive aliases record a written request.
4. Contact nan bank: Follow nan relationship agreement's instructions to adjacent nan account. Typically, you tin adjacent nan relationship complete nan telephone aliases by visiting a branch.
5. Request confirmation of closure: It’s wise to petition written aliases integer confirmation of nan relationship closure for your records.

Why You May Need to Close a Bank Account

There are galore reasons why you whitethorn request to adjacent a slope account: 

• Your relationship has precocious monthly fees: Some accounts person monthly fees, which tin beryllium expensive. Switching to a no-fee account tin beryllium a smart measurement to prevention money. 
• You're a unfortunate of personality theft: If your individual accusation has been compromised, closing your slope relationship and opening a caller 1 whitethorn beryllium basal to protect your finances. 
• You recovered a slope pinch amended rates: Interest rates alteration by slope aliases in installments union, truthful switching to a different institution could thief you gain much interest. Check our rankings of nan champion high-yield savings accounts, high-yield CDs, and high-yield MMAs for much information.
• You're dissatisfied pinch your bank's customer service: If your bank's customer work squad is unresponsive aliases unhelpful, switching to different institution tin make it easier to negociate financial issues. 
• You're moving to different state: Some banks aliases in installments unions only run successful circumstantial areas, truthful you whitethorn request to move to different slope if you move.

Can a Bank Close My Account?

Banks tin adjacent your relationship for immoderate logic and without notice. Typical reasons for a slope closing your relationship include:

• Inactivity: Banks see accounts "abandoned" aft 3 to 5 years of no activity connected nan account, though this timing varies by state.  
• Negative balance: If your relationship is overdrawn, nan slope whitethorn opt to adjacent nan account. 
• Policy violations: If you regularly transcend relationship limitations, specified arsenic nan number of allowable withdrawals per month, nan slope whitethorn adjacent your account. 

Frequently Asked Questions (FAQs)

The Bottom Line

Whether you're moving to a caller location aliases want to return advantage of different bank's precocious yearly percent output (APY), you whitethorn request to adjacent a slope account. Closing an relationship is simply a comparatively elemental process, and depending connected your situation, you whitethorn beryllium capable to complete it online aliases complete nan telephone wrong minutes.

To debar immoderate issues pinch receiving your paychecks aliases making automatic payments, update your costs specifications earlier closing nan account, and petition a written confirmation of nan relationship closure for your records.