How do I Close a Negative Bank Account?
It is not difficult to close a bank account. However, if your bank account is overdrawn due to non-sufficient funds (NSF) or overdraft fees, it will require some extra steps.
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Things You'll Need
- Required deposit
- Two valid forms of ID
- Authorization to close account form
Instructions
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Deposit the necessary amount into your bank account. You must bring your negative bank account to a positive status before you can close your account. Simply contact the bank to find out the exact amount you need to deposit into your account in order to clear your negative balance. This may include any overdraft fees the bank has charged in addition to the amount you are overdrawn. You may be able to confirm your account balance through the bank’s automated telephone system or by accessing your account history online using the bank’s official website.
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Visit a local branch to close your account. For security reasons, many banks require customers to close an account in person . However, if there are no local branches in your area, call your bank and speak to a manager or customer service representative over the phone. Be prepared to provide the bank representative with your account number, Social Security number, date of birth and other personal details. If you close your account in person, take two valid forms of ID with you: a valid photo ID (e.g. driver’s license, state identification card or passport); and a second form of identification, such as a credit card, employee badge or school ID.
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Sign the required paperwork. You may be required to complete an "Authorization to Close Account" form in order for the bank to process your request. You will be aksed to provide your account number, along with a valid signature and the current date on the form.
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Wait for a confirmation letter from the bank. Once you sign the authorization form, it should only take a few minutes for the bank representative to close your account. The bank representative should provide you with a copy of the authorization form, along with a letter confirming that your account is officially closed with a zero balance. If you close your bank account over the telephone, you must mail or fax the form back to the bank and wait for a response, which may delay the process.
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Tips & Warnings
Don’t forget to shred your checks, debit card and blank deposit slips after you close your bank account.
Before closing your account make sure to terminate any automatic payments or deposits--like a Social Security check or paycheck--you may have set up on that account. Also, check with the bank to make sure all checks written on the account have cleared.
If you have a joint bank account, the other person listed on the account will need to sign the authorization form, too and also show proper identification to the bank representative.
The bank may charge you a fee for closing your account.
References
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