How to Clean Out a Bank Account
Most people clean out their bank account when they are planning to permanently close the account. As long as it's your account, you have the freedom to do what you want with it. There are several ways to legally do this. But there are certain rules you must follow and important information you will need regarding the account.
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Things You'll Need
- Account information
- Legal access to the account
- Driver's license or other valid identification
- ATM/debit card
- ATM/debit card PIN
Instructions
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Withdraw the account's funds from an ATM. This is the easiest way to clean out a bank account. You will need the ATM/debit card for the account, along with the card's four- to six digit PIN.
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Take the cash-back option when you make a purchase with an ATM/debit card at a store. Pay for your purchase and opt to take money from the account by adding it to the cost of your purchase.
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Go to one of your bank's branches. You can ask to speak with a banking consultant in person and request to remove all your funds. You need to have your account information and identification.
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Write a check to yourself. If you have a checkbook for the account, you can make a check out to yourself for the full amount in the account. Endorse the back of the check and go to the bank to cash it. You will need to present your identification.
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Wire the funds in the account to another account. This action can be done over the phone or in person at a local branch of the bank. You will need to present your personal ID and possibly a second form of identification, along with your Social Security Number to verify your identity as the account holder. Provide the amount you want to transfer, along with the account number and routing number to the account you want to transfer the funds to.
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Tips & Warnings
Avoid having holds placed on the account. The amount you plan to take out must be less than $10,000 for one transaction, unless it is authorized by the bank. If you attempt to take out more than that without prior authorization, the account will be temporarily frozen, and the hold will have to be released by a bank manager. This can make the process longer and more drawn-out than it has to be.
You have to be the owner of the account or a joint user to take any action on the account, unless you are using the account's ATM/debit card and PIN.
If you plan to remove the funds via ATM, be aware that most ATMs allow only a $300 to $500 withdrawal per day, and they do not allow you to enter a specific amount for withdrawal. You have to withdraw funds in increments of $10 to $20. As a result, you may not be able to withdraw everything from the account.
When using the cash-back method, be aware that the most you can get in one transaction is typically $100 due to limits on the amount of money kept in cash registers.
