How to Close a Bank Account

There are several reasons why you might need to close your bank account. You could be moving to a location that doesn't have a branch or you might want to stop an automatic debit. Whatever the reason, follow these steps to close a bank account.

Instructions

Difficulty: Easy

1. Make sure all checks have cleared your bank account. As soon as your account is closed, the bank gives you the balance of the account.
2. Switch banking information with employers and vendors. Before you close the account, give your employer your new banking information when your pay check is automatically deposited. Change information with any vendor who automatically debits your account.
3. Call your bank. Before you make a trip to the bank, you need to call and find out your bank's policies. There are banks that charge a fee to close an account.
4. Go to your bank. Physically go into your bank to close the account. Most banks will require two forms of identification including one photo id. You must go before 3 pm on a weekday to ensure that the staff at the bank can process your request.
5. Get your money. Request the balance in your account at the time of closing. You can transfer the funds into a new account or get the amount in cash.

Tips & Warnings

• Make sure that you don't have any outstanding checks before you close your account. Your bank won't charge you a fee for debits that come in after you have closed the account, but the vendor will.
• Some banks require both individuals to be present for closing a joint account. Other banks may have a designated staff member with a set schedule who handles closing transactions.
• If you have a large amount of money the bank may need a few days to process your request. Some banks may issue a cashier's check.