You can close a bank account at any time, for any reason
There is no rule stopping you from closing a bank account. You do not need permission from the bank, and you do not need a reason. You can walk in, call, or go online and ask to close it. The bank will process the request, usually within a few business days.
The main thing to know before you close is what happens to money still in the account and what bills or payments are tied to it. Once you understand those two things, closing is straightforward.
Key Takeaways
- You can close a bank account by visiting a branch, calling the bank's customer service number, or using the bank's website or app — the method depends on your bank.
- Before closing, withdraw or transfer any remaining money and make sure no automatic payments (like direct deposit or bill pay) are still linked to the account.
- The bank will send you written confirmation of the closure, usually within one to two weeks, and you should keep this for your records.
- If you have an outstanding balance or owe the bank money, they may refuse to close the account until the debt is settled.
- Closing an account does not hurt your credit score, but leaving it open unused will not help it either.
The three steps before you close
Do these things in order, before you contact the bank to close.
First, move your money out. Withdraw cash or transfer the balance to another account. If you have a small amount, you can ask the bank to send you a check. If the account is overdrawn (you owe the bank money), you will need to pay that balance first — the bank will not close an account with a negative balance.
Second, stop all automatic payments. Check whether your paycheck, government benefits, or other regular deposits go into this account. If they do, you will need to change the deposit information with your employer or the agency sending the money. Also look for any bills you set up to pay automatically from this account — credit card payments, utilities, rent, insurance, anything. Change those to pull from a different account or set them up to pay another way. If you forget and a payment tries to go through after closure, it will bounce, and you may face late fees.
Third, give it a week or two. After you have moved the money and stopped the payments, wait a few days to make sure nothing else tries to come out of the account. Then close it.
How to close the account
The method depends on your bank. Most banks offer at least two ways.
In person: Go to any branch of your bank with a photo ID. Tell the teller you want to close the account. They will print a form, you will sign it, and they will process it on the spot. You will get a receipt. This is the fastest way and the clearest — you leave with proof the account is closed.
By phone: Call the customer service number on the back of your debit card or on the bank's website. Tell them you want to close the account. They will ask for your account number and may ask security questions to confirm you are the account holder. They will process the closure and send you written confirmation in the mail within a few days.
Online or through the app: Some banks let you close an account through their website or mobile app. Log in, find the account settings or account management section, and look for a "close account" option. Not all banks offer this, so if you do not see it, use the phone or in-person method.
What happens after you close
The bank will send you a written confirmation letter in the mail. This letter will say the account is closed and the date it closed. Keep this letter in a safe place — you may need it later if there is a question about the account.
Your debit card for that account will stop working when ready. If you have checks for that account, do not use them — they will bounce. Shred or destroy any checks you have left.
If the bank owed you money (for example, a refund on a fee), they will send you a check in the mail. This can take a few weeks.
Reasons a bank might refuse to close your account
Banks rarely refuse, but it can happen. The most common reason is that you owe the bank money — an overdraft fee you have not paid, a negative balance, or a debt the bank is trying to collect. You will need to pay what you owe before they will close it.
Some banks will not close an account if there is an active dispute or investigation. If you reported fraud or the bank is looking into a transaction, they may ask you to wait until that is resolved.
If you are not the account holder — for example, you are a co-signer or authorized user but not the primary owner — you may not be able to close it. Only the primary account holder can close the account.
Closing a joint account
A joint account is one that two or more people own together. Both owners have equal rights to the money and equal responsibility for any debt.
If you want to close a joint account, the bank usually requires both owners to agree and sign the closure form. If only one owner wants to close it, the other owner can object. In that case, the bank will not close it unless both owners consent or a court orders it.
If you are a joint account holder and want out, you have two options: ask the other owner to close the account with you, or ask the bank to remove you as an owner (this is sometimes called "removing yourself from the account"). If you remove yourself, the other owner keeps the account open and keeps all the money in it.
What closing does and does not do to your credit
Closing a bank account does not hurt your credit score. Banks do not report account closures to credit bureaus the way credit card companies do. Your credit score is based on borrowed money — credit cards, loans, and lines of credit — not on checking or savings accounts.
However, if you close an account and a payment bounces because you forgot to move it, that missed payment could hurt your credit if the creditor reports it. That is why the step of stopping automatic payments before you close is so important.
Leaving an account open and unused also does not help or hurt your credit. The account straightforward sits there. Some people keep old accounts open for this reason — it does not cost anything if there is no monthly fee, and it gives them a backup account if they need it.
Frequently Asked Questions
Can I close my account if I still have pending transactions?
It depends on the bank. Most banks will close an account even if a transaction is still processing, but the transaction may bounce or be returned. Before you close, wait for any pending transactions to clear, or contact the bank to ask whether they will honor pending transactions after closure.
What if I closed my account and a bill payment bounced?
Contact the creditor when ready and explain what happened. Ask them not to report the late payment to credit bureaus. Pay the bill right away and ask if they will waive the late fee. Some creditors will, especially if it is your first missed payment. If the creditor reports it, you can dispute it with the credit bureau if you believe it was an error.
Do I need to close my account before opening a new one?
No. You can open a new account at any time, even while the old one is still open. In fact, many people open a new account first, move their money and payments over, and then close the old one. This way you do not have a gap in banking.
Can I reopen an account after I close it?
Usually yes, but it depends on the bank and why you closed it. If you closed it on good terms, you can often reopen it by going to a branch or calling. If you owed the bank money or closed it because of fraud, the bank may refuse to reopen it.
What if the bank closed my account without asking?
Banks can close accounts, but they must tell you first — usually by mail. If your account was closed without notice, contact the bank when ready to find out why. Common reasons are suspicious activity, repeated overdrafts, or violation of the account agreement. Ask the bank to explain and request that they reopen it if you believe it was a mistake.