Closing out a bank account involves more than finding your routing number and notifying your bank. Here’s an efficient 4-step plan you can use to successfully close out your bank account once and for all.
The Steps You Need to Follow to Close Your Bank Account
The 4 steps required to close your bank account are:
- Find a new bank account.
- Update your automatic and recurring payments.
- Switch your direct deposit.
- Transfer funds from your old account.
Step 1: Find a New Bank Account
Before you close out a bank account, open a new one. This will help you avoid missed payments, provide immediate access to your money and allow you to write checks through the transition. Expand your new bank account search to other banks — not just your current institution.
Online financial businesses have increased competition in today’s banking services market. For instance, Credit Karma Savings offers a federally insured high-yield savings rate. Over 800 banks have optimized this rate so you can earn at 18 times the national level.
After you have chosen your new bank, find out whether it provides a switch kit. The kit can include checklists and cover topics like closing your checking account. You may also be able to find account forms to notify billing agents and depositors.
Step 2: Update Your Automatic and Recurring Payments
Update your automatic and recurring payments to avoid damaging your credit with late payments. Having trouble finding your automatic and recurring payment arrangements? You can solve this problem by reviewing your bank statements for the past 12 months.
Update the payment information with each billing company, such as your electric company, water, trash disposal and more. Most billers need your new bank account and routing numbers. You can find your account’s routing numbers in your checkbook. These 9-digit number sets serve as electronic addresses. U.S. financial institutions use routing numbers to conduct business. Most banks use several routing numbers for their accounts — you may have separate routing numbers for your checking and savings accounts.
It’s easy to find your routing number:
- Open up your checkbook to a check or a deposit slip.
- In the bottom left corner, you’ll see a 9-digit set of numbers between 2 identical symbols. Refer to the image below.
If you use your bank’s online payment service, you can delete those accounts on the bank’s website. Check out the image below.
Step 3: Switch Your Direct Deposit
Overlooking direct deposit details can cause some annoying cash flow problems. If you get paid this way, make sure to alert your employer that your bank information has changed. Provide your employer with your new bank’s routing number and your new account number before your next paycheck. This step applies to investments or any other direct deposit income you may receive. Banks can be slow to process these changes, so track both accounts.
Once your bank account closes, your bank will reject any erroneous direct deposits. It could take several days (or longer) for the bank to return the money to your employer. You might not get paid on time, so don’t leave yourself dangling if you need a paycheck in the meantime.
Step 4: How to Transfer Funds From Your Old Account
At this stage, you can start transferring funds to your new account. Many banks have a required minimum balance. Leave enough money to cover it and any pending payments. Some banks have transfer limits so you may need to transfer your funds in stages. Be aware that $0 balance accounts don’t always close automatically.
Step 5: Closing Your Bank Account
Finally, you can close your bank account. Visit an account representative at your home branch, call a customer service line or close your account online. A customer service representative of an online bank will send you paperwork to sign and mail back to the bank. Request a written confirmation of the account closure and the bank will pay you the remaining balance in your account.
How to Close a Chase Account
Chase Bank requires a minimum balance as you close your account. You’ll pay a $25 per month fee if your account falls below the minimum. You will not have to pay the $25 account closing fee if your account is over 3 months old. Also, the bank will ask you to supply your driver’s license number, Social Security number, username, etc.
Here are your options for closing a Chase Account:
- Visit a local branch. Inform the customer service representative that you wish to close your account. The banker will take it from there.
- Call a Chase customer service representative at 1-800-935-9933. The representative will ask you to confirm your identity using the last 4 digits of your Social Security number.
- Log in to the website to close your account online. From there, email the customer service representative through the secure message center. For confirmation purposes, a Chase representative will respond to your email and will close out your bank account.
- You can also close a Chase account by mail. The bank requires that you mail in a 30-day written notice of your intent to cancel your account. Mail your closure request to National Bank by Mail, P.O. Box 36520, Louisville, Kentucky, 40233-6520.
How to Close a TD Account
It is easy to close out a bank account with a $0 balance through TD Bank. Choose between these 2 options:
- Close out your account online.
- Call customer service at 888-751-9000.
If you have money in your account, the bank requires you to visit a TD Bank near you. You can also submit a signed and notarized written request that includes your account number. You can mail the request to TD Bank, N.A., P.O. Box 1377, Lewiston, Maine, 04243-1377.
When your account balance reaches $0, you can expect the account to close in 2 to 3 business days. TD doesn’t charge a fee for closing out a bank account.
How to Close a Bank of America Account
To close out a checking or savings account at Bank of America, choose between 3 options:
- Visit a local financial center.
- Call 800-432-1000.
- Submit a written request to Bank of America, FL1-300-01-29, P.O. Box 25118, Tampa, Florida, 33622-5118. In the written request, you must explain how you want to receive the balance. Bank of America has no account closing fee.
How to Close a Wells Fargo Account
Wells Fargo requires account holders to have a $0 or positive balance. All deposits and pending items must be current. If your account has been inactive, it can’t close out until your banker reactivates it. Wells Fargo doesn’t charge a fee to close out a bank account. The bank suggests 3 ways to close an account:
- Call customer service at 1-800-869-3557.
- Visit a local branch near you.
- Customers outside the U.S. must fill out the account closure or partial withdrawal request form. Mail it to Wells Fargo Bank, Exception Payments MAC R4058-018, P.O. Box 13327, Roanoke, Virginia, 24040.
How Long Does it Take for Your Account to Close?
On average, it takes about 2 weeks to close out a bank account — but it may take longer. It’s a good idea to shred all your old checks and debit cards so they don’t fall into the wrong hands. Keep at least a year of your old bank statements for tax purposes. Go to the bank’s website and download copies if you don’t receive paper statements in your mailbox.