The basic steps to close your Beneficial account

To close a Beneficial checking account, you have three main routes: call their customer service line, visit a branch in person, or use their online banking platform if that option is available to your account type. Beneficial is owned by CIBC (Canadian Imperial Bank of Commerce), so the process depends on which Beneficial product you hold and whether you're in the United States or Canada.

Before you close, move any remaining money out of the account and set up where your direct deposits and automatic payments will go instead. Beneficial will not automatically forward these — you need to update them yourself with your employer, benefits provider, or creditors. Once the account is empty and all pending transactions have cleared, contact Beneficial to formally close it.

The closure itself is usually when ready or takes one business day, but the account may remain visible in your online banking for several weeks afterward. This is normal and does not mean the account is still active.

Key Takeaways

  • Move all money out of your account and update your direct deposits and automatic payments before you close, because Beneficial will not forward these for you.
  • You can close by phone, in person at a branch, or online depending on your account type — call customer service to confirm which methods are available to you.
  • Wait for all pending transactions to clear before closing, or they may bounce and create overdraft fees.
  • The account closure takes one business day or less, but the account may show in your online banking for several weeks after it closes.

Closing by phone

Call Beneficial customer service at the number on the back of your debit card or on your most recent statement. Have your account number and a form of ID ready — they will ask you to verify your identity before they process the closure.

Tell them you want to close your checking account. They will ask why (this is optional to answer), confirm that the account balance is zero, and check whether there are any pending transactions or automatic payments still linked to the account. If there are, they will tell you to cancel those first or move the money to cover them.

Once they confirm the account is ready to close, they will process it on the call. Ask them for a confirmation number and write down the date and time of the call. This protects you if there is a dispute later about whether the account was actually closed.

Closing in person at a branch

Find your nearest Beneficial branch using their branch locator on their website or by calling customer service. Bring a government-issued photo ID and your debit card.

Tell the teller you want to close your checking account. They will verify your identity, confirm the account balance is zero, and check for any pending transactions. If the account is ready, they will close it when ready and give you a written confirmation. Keep this receipt — it is your proof that the account was closed on that date.

Closing in person is often faster than by phone because there is no wait time, and you leave with a physical record in your hand.

Closing online or through the app

Not all Beneficial account types allow online closure. Log into your account and look for a "Close Account" or "Account Settings" option, usually found under account management or profile settings. If you do not see this option, the account cannot be closed online and you will need to call or visit a branch.

If the option is available, click it and follow the prompts. The system will confirm your account balance is zero and check for pending transactions. Once you complete the process, you should receive an on-screen confirmation and an email confirmation. Save or print both.

What to do before you close

Empty the account completely. Even a few cents left in the account can complicate the closure, and some banks charge a small fee to close an account with a balance. Transfer all remaining money to another account you control.

Cancel or update any automatic payments or recurring charges linked to this account. Log into each service (utilities, subscriptions, loan payments, insurance) and change the payment method to your new account or payment method. Do not rely on Beneficial to notify these companies — you are responsible for updating them.

Update your direct deposit. If your paycheck, benefits, or other regular deposits go to this account, contact your employer or benefits provider and give them your new account number. This usually takes one to two pay cycles to take effect, so do this well before you close the account.

Wait for all pending transactions to clear. If you have written checks, pending online bill payments, or debit card charges that have not yet posted, wait until they appear in your account and are deducted. Then close the account. If you close before pending transactions clear, they may bounce and create overdraft fees on an account you no longer own.

What happens after you close

The account will no longer accept deposits or withdrawals. Any attempt to use the debit card will be declined. Direct deposits sent to this account after closure will be returned to the sender, which can delay your paycheck or benefits — this is why updating your direct deposit before closing is critical.

Beneficial will send you a final statement showing all activity through the closure date. This may arrive by mail or email depending on your account settings. Keep this statement for your records.

The account will remain visible in your online banking for several weeks or even months, but it will be marked as closed. You can still view the transaction history, which is useful if you need to reference old charges or deposits. Eventually it will disappear from your active account list.

If you have overdraft protection or a linked savings account

If your checking account has overdraft protection linked to a savings account, credit line, or another account, that link will be removed when you close the checking account. Make sure you understand what will happen to any overdraft protection before you close.

If you have a linked savings account that you want to keep, closing the checking account will not affect it — the savings account remains open and separate. Only the checking account closes.

Frequently Asked Questions

Can I reopen a Beneficial checking account after I close it?

Yes, you can open a new Beneficial checking account at any time. However, if you closed the account due to a problem or dispute, contact customer service first to understand whether there are any restrictions on your account status that might prevent you from opening a new one.

What if I close my account but then receive a check or deposit meant for it?

Checks sent to a closed account will be returned to the sender marked "Account Closed." Direct deposits will also be returned. This is why updating your direct deposit before closing is so important. If this happens, contact the sender and provide your new account information so they can resubmit the payment.

Do I need to destroy my debit card after I close?

Yes, cut or shred your debit card so it cannot be used. The card will not work after the account closes, but destroying it prevents confusion or accidental use attempts. Some people prefer to keep one card for their records, but the safest practice is to destroy it.

Will closing my account hurt my credit score?

Closing a checking account does not directly affect your credit score because checking accounts are not reported to credit bureaus. However, if you close the account while you have an outstanding overdraft or unpaid fee, that could be reported and affect your credit. Pay any outstanding balance before closing.

How long does it take for my account to fully close?

The closure itself takes one business day or less. However, the account may remain visible in your online banking for several weeks. If you need confirmation that the account is closed for a specific reason (like opening an account elsewhere), ask Beneficial for a written closure confirmation on the day you close it.