How to Close a Checking Account
Whether you are moving or looking for a bank that better suits your needs, closing a checking account isn't very difficult. However, you do need to be careful to avoid bouncing any checks. Read on to learn how to close a checking account.
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Instructions
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Begin the steps at least one month before you actually close the checking account.
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Open a new account if you intend to do so.
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Give your old bank your new contact information, if necessary. Give it to them in writing.
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Transfer any automatic payment deductions to the new account. Start this process at least a month before you close the account.
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Transfer any direct deposit payments to the new account. Consult with your employer about how to do this. Start this process at least one month before you close the old account. Don't close the old account until you are sure the deposits are going into the new account.
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Balance your checkbook from the old account.
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Make sure all checks have cleared before closing the old account.
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Submit your request, in writing, to have your old account closed, once you are absolutely sure there is no more account activity. Some banks have an official form you will need to complete and depending on the bank you might have to mail it to an administrative office. In some cases you might be able to deal with a local branch manager. Be sure to include signatures from all account holders in your request as well as how you would like to receive your balance.
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Keep contact information for any branch employees who helped you close your account, especially a branch manager, just in case you have any questions or problems.
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Tips & Warnings
Some banks charge a fee for closing an account.
Don't be surprised if your bank asks why you are closing the account. They might try to find a way to keep you as a customer. If you're moving, they might try to interest you in an account at another one of their branches. Some larger, nationwide banks will even offer you a moving kit with information about your new city.
It is important your request for closing the account be formal and put into writing. Just letting your account go to a zero balance will not suffice, and could get you in trouble. If there are fees associated with your checking account, they will continue to be applied if you don't notify the bank of your intention to close the account, and you could wind up with overdraft fees as well.
