The basic steps to close your account
Closing a checking account takes one phone call or a visit to your branch, but you need to handle three things first: move any money out, stop automatic payments, and get confirmation in writing. Most banks will close your account the same day you request it, though some take up to a week. The key is doing these steps in the right order so you don't lose track of money or miss a bill.
Start by withdrawing or transferring your remaining balance. You can move money to another bank account online, write yourself a check, or withdraw cash at a teller. Next, contact your bank by phone or in person and tell them you want to close the account. They will ask why (they don't need a reason to close it, but they may ask), confirm your balance one more time, and process the closure. Ask them to send you written confirmation of the closure date and final balance.
Key Takeaways
- Move your money out before you close the account—either to another bank, as a check, or as cash.
- Stop or redirect any automatic payments (paychecks, bills, subscriptions) at least one week before closure to avoid failed transactions.
- Contact your bank by phone or in person to request closure; most banks process it the same day.
- Ask for written confirmation of the closure date and your final balance, and keep it for your records.
- If the account is overdrawn or has a hold on it, the bank may delay closure until the issue is resolved.
Stop automatic payments and deposits before you close
This is the step most people skip and then regret. Any automatic payment set to come out of that account—a utility bill, insurance premium, subscription, or loan payment—will fail once the account closes. A failed payment can trigger a late fee, damage your credit, or cause a service to be cut off. The same goes for direct deposits like your paycheck.
Log into each service that pulls money from this account and change the payment method to your new bank account or a different card. For paychecks, contact your employer's payroll department and give them your new account number. Do this at least one week before you plan to close the account, so you have time to catch any you missed. If you're not sure what's set up on the account, log into your online banking and look at the last three months of transactions—anything that repeats is likely an automatic payment.
What to do if your account is overdrawn or has a hold
If your account balance is negative, you owe the bank money before they will close it. You must deposit enough to bring the balance to zero or positive. The bank will not close an overdrawn account, and the debt does not disappear—it will be sent to a collection agency if you ignore it.
A hold on the account (usually placed because of a large deposit, a dispute, or suspected fraud) also blocks closure. Contact your bank and ask why the hold is there and when it will be lifted. Holds typically last three to five business days, but fraud holds can take longer. Once the hold is removed and the balance is positive, you can proceed with closure.
Closing in person versus by phone
Both methods work, and the choice depends on what's easiest for you. Closing by phone is faster if you've already moved your money out and stopped automatic payments. Call the customer service number on the back of your debit card, confirm your identity, and ask to close the account. The representative will walk you through it and can email or mail you confirmation.
Closing in person at a branch gives you a chance to ask questions face-to-face and walk out with written confirmation when ready. This is useful if you have complications (like a hold or an unusual balance) or if you want to be absolutely certain the account is closed. Bring your debit card and a photo ID. If you don't have a local branch, phone closure is your only option.
What happens to unclaimed money after closure
If you close the account and forget about money in it, that money becomes unclaimed property held by your state. Each state has its own unclaimed property program, and the bank is required to turn over dormant accounts after a set period (usually three to five years). You can search for unclaimed money in your name on your state's unclaimed property website, typically run by the state treasurer or comptroller.
This is why getting a final balance confirmation from your bank is important—it gives you a record of exactly how much was in the account on the day it closed. If you later find money missing, you have proof of what should have been there.
Timing and what to expect after closure
Most banks close accounts when ready or within one business day. You will no longer be able to use the debit card, and any pending transactions may still post (and bounce) for a few days after closure. This is why stopping automatic payments beforehand is critical.
The bank will send you a final statement showing the closure date and your last balance. This statement is important for your records—keep it for at least one year. If you had checks printed for this account, destroy any unused checks so no one else can use them. If a check you wrote hasn't cleared yet, it may still clear after the account closes, which can cause an overdraft fee. Contact the bank if this happens and ask them to reverse the fee.
Closing a joint account
If the account is held jointly with another person, both account holders usually need to agree to close it. Contact the bank and ask what their policy is—some require both people to be present or to sign a form, while others allow one person to close it if they're listed as the primary account holder. If you and the other person disagree about closure, the bank will not close the account without both signatures or a court order.
Before you close a joint account, make sure the other person knows and has moved their money out. If you close it without telling them, they may have automatic payments fail or lose access to funds they were counting on, which can create legal problems for you.
Frequently Asked Questions
Can I close my account if I still have pending transactions?
Yes, but pending transactions may still post and clear after the account closes. If a transaction posts after closure and there's no money in the account, it will bounce and you may be charged a fee. Move your money out only after all pending transactions have cleared, or keep a small balance to cover them.
What if the bank won't close my account?
Banks can refuse to close an account if it's overdrawn, has a fraud hold, or is involved in a dispute. Ask the bank specifically why they won't close it and what you need to do to resolve the issue. If they still refuse without a valid reason, contact your state's banking regulator or the Consumer Financial Protection Bureau.
Do I need to close the account in person if I opened it online?
No. Online banks can close accounts by phone or through their website. Log into your account and look for a "close account" or "account settings" option, or call the number on your statement. You don't need to visit a physical location.
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 it's overdrawn and don't pay the debt, that debt can be sent to collections and will hurt your credit.
How long does it take to close an account after I request it?
Most banks close accounts the same day or within one business day. Some may take up to a week if they need to process pending transactions first. Ask the bank for a specific timeline when you request closure, and ask them to email or mail you confirmation once it's complete.