Yes, you can close your account or pause it temporarily
You can close a bank account whenever you want — there is no lock-in period, and the bank cannot force you to keep it open. You can also pause using an account without closing it, which is useful if you think you might need it again. The process takes a few minutes to a few days depending on whether you owe the bank money or have pending transactions.
The main thing to know before you start: make sure you have moved your money out first, paid any outstanding fees, and redirected any automatic payments (like direct deposit from your employer) to another account. If you skip these steps, the bank may hold your money, charge you fees, or send your paycheck to an account that no longer exists.
Key Takeaways
- You can close an account by calling your bank, visiting a branch, or using online banking — most banks let you do it any of these ways.
- Before closing, withdraw your remaining balance, cancel automatic payments and direct deposits, and check that no pending transactions are waiting to clear.
- If you owe the bank money (overdraft fees, unpaid charges), they will deduct it from your account before closing it.
- Temporarily stopping use of an account is different from closing it — you can leave it open and straightforward not use it, though some banks charge monthly fees on inactive accounts.
- After you close an account, keep your final statement and any records of the closure in case you need proof later.
The difference between closing and pausing
Closing means the account ends permanently. The bank stops holding your money there, and you cannot use the debit card or write checks from it anymore. Once closed, the account number is retired — you cannot reopen the exact same account.
Pausing or stopping use means you leave the account open but straightforward do not use it. Your money stays there, the account number stays active, and you can use it again anytime. This is useful if you want to keep a backup account or if you are not sure whether you will need it in the future.
Some banks charge a monthly maintenance fee even on accounts you do not use. If that is the case with your bank, closing might make more sense than leaving it dormant. Check your account terms or call your bank to find out whether you are being charged for an inactive account.
Steps to close your account
Step 1: Move your money out. Withdraw the full balance or transfer it to another account. You can do this at an ATM, at a branch, or through online banking — whichever is fastest for you. If you have a very large balance, ask the bank how long a transfer takes; some banks process transfers within hours, others within one to three business days.
Step 2: Cancel automatic payments. Look through your recent statements and identify any automatic payments — direct deposit from your job, bill payments, subscription charges, or transfers to other accounts. Contact each company or service to change the payment method or account number. This usually takes a few minutes per service. Do not rely on the bank to notify them; you are responsible for making sure payments go to the right place.
Step 3: Wait for pending transactions to clear. If you have written checks or made debit card purchases that have not yet cleared, wait a few days for them to process. You can see pending transactions in your online banking or by calling the bank. Closing an account with pending transactions can cause those payments to bounce or be rejected.
Step 4: Contact the bank to close. Call the customer service number on the back of your debit card, visit a branch in person, or use online banking if your bank offers account closure there. You will need to confirm your identity (usually with your account number and PIN or password). The bank will ask why you are closing — you do not have to give a detailed reason, but some banks ask for feedback. The closure usually takes effect when ready, though it may take a few business days for the account to fully disappear from the system.
What happens if you owe the bank money
If your account has a negative balance — meaning you owe the bank money because of overdraft fees or unpaid charges — the bank will deduct what you owe before closing the account. For example, if you have $50 in your account but owe $75 in fees, the bank will close the account and you will still owe $25.
The bank may send you a bill for the remaining balance, or they may try to collect it through other means. If you cannot pay it right away, contact the bank and ask about a payment plan. Some banks will negotiate or waive fees if you explain your situation, especially if you have been a customer for a long time.
If you close an account while owing money and do not pay it, the debt does not disappear — it stays on your record and can affect your ability to open accounts at other banks. Some banks use a system called ChexSystems that tracks closed accounts with unpaid balances, and other banks check this system before opening new accounts for you.
Closing an account with a negative balance
If your account is overdrawn (you have spent more than you have), you cannot close it until the balance is zero or positive. You will need to deposit money to cover the overdraft first. Once the balance is at zero or above, you can proceed with closure.
If you do not have the money to cover the overdraft right now, call the bank and explain your situation. Some banks will work with you on a payment plan or may waive the fee as a one-time courtesy. It is worth asking — the worst they can say is no.
What to do after closing
Once your account is closed, keep your final statement for your records. This shows the closing date, your final balance, and any fees charged at the end. You may need this for tax purposes, to prove you closed the account, or to dispute a charge later.
If you had direct deposit set up, make sure your employer has your new account information before your next paycheck. If you had automatic bill payments, confirm that they are now coming from your new account. Check your new account for the first few weeks to make sure everything is working correctly.
If the bank sends you a bill for any remaining balance, pay it as soon as you can. If you believe the charges are wrong, contact the bank in writing and ask them to explain the fees. Keep copies of all correspondence.
Reasons people close accounts and what to consider instead
People close accounts for different reasons. If you are closing because of high fees, you might first try calling the bank and asking them to waive the fee or switch you to a no-fee account. Many banks will do this to keep your business, especially if you have been a customer for a while.
If you are closing because you are unhappy with the bank's service, switching to a different bank might make sense. You can keep your old account open (in case a payment is still pending) and open a new one at the same time. Once you are sure everything has cleared, you can close the old account.
If you are closing because you do not use the account, consider whether you might need it as a backup. Having a second account at a different bank can be useful if your main bank has a system outage or if you need cash quickly and your main bank's ATM is not nearby.
Frequently Asked Questions
How long does it take to close a bank account?
Closing usually happens when ready when you contact the bank, but it can take a few business days for the account to fully disappear from the system. Any pending transactions may take longer to clear. If you are waiting for a refund or final payment, ask the bank how long it will take.
Can I close my account online?
Many banks let you close accounts through their website or app, but some still require you to call or visit a branch. Check your bank's website or call the number on the back of your card to find out which methods are available to you.
What if I closed my account and then a check I wrote bounces?
If a check clears after you close the account, it will bounce and the person who wrote it (or received it) may be charged a fee. This is why it is important to wait for pending transactions to clear before closing. If this happens, contact the bank and explain the situation — they may be able to help you resolve it.
Will closing my account hurt my credit score?
Closing a checking or savings account does not directly affect your credit score because these accounts do not appear on your credit report. However, if you owe the bank money and do not pay it, that debt can be reported and may hurt your credit.
Can I reopen an account I closed?
You can open a new account at the same bank, but it will have a different account number. Whether the bank will let you open a new account depends on your history with them — if you left owing money or closed the account in bad standing, they may decline. Ask the bank before you close if you think you might want to return.