The basic process: what happens when you close
To close a savings account, you contact your bank, withdraw or transfer any remaining money, and ask them to shut it down. The bank will confirm the account is empty, process the closure, and send you a final statement. Most banks let you close an account the same day you request it, though some take a few business days to process.
You do not need a reason to close an account, and the bank cannot force you to keep it open. However, if you have a negative balance—meaning you owe the bank money—you must pay that amount before they will close the account.
The steps are straightforward, but the order matters. If you close the account before moving your money, you risk losing access to funds or having checks bounce.
Key Takeaways
- Withdraw or transfer all your money before asking the bank to close the account, or the bank may return funds to you after closure.
- Contact your bank by phone, in person, or through online banking—most banks offer all three methods.
- If you have automatic deposits or payments linked to the account, change those to a different account first.
- Ask the bank for written confirmation of the closure and keep it for your records.
- Check your credit report a few weeks later to make sure the account shows as closed, not delinquent.
Step 1: Move your money out
Before you ask the bank to close the account, decide what to do with the money inside. You can withdraw it in cash, transfer it to another account at the same bank, or move it to an account at a different bank.
If you leave money in the account when you request closure, the bank may return it to you by check or transfer it to a linked account. This can take weeks and creates confusion about whether the account is actually closed. Moving the money yourself first keeps you in control of the timeline.
If the account has a negative balance—for example, because of overdraft fees or a returned deposit—you must pay that amount before closure. The bank will not close an account with money owed.
Step 2: Stop automatic transactions
Check whether you have any automatic deposits or payments tied to this account. Common examples include direct deposit from your employer, automatic bill payments, or recurring transfers to savings.
Before closing the account, update those transactions to use a different account. If you do not, your paycheck may bounce, bills may go unpaid, or transfers may fail. This can damage your credit or result in late fees.
Log into your online banking to see what is set up, or call the bank and ask them to review your account with you. It takes only a few minutes and prevents problems after closure.
Step 3: Contact the bank and request closure
You can close an account by phone, in person at a branch, or through online banking—whichever is easiest for you. Have your account number ready, and be prepared to confirm your identity with a PIN, password, or other verification.
When you call or visit, straightforward say: "I would like to close my savings account." You do not need to explain why. The bank may ask if there is a problem with the account or offer you incentives to keep it open. You can decline politely and proceed with closure.
If you are closing the account because of a problem—such as high fees or poor customer service—you can mention that, but it is not required. The bank's job is to process your request, not to talk you out of it.
Step 4: Confirm the account is empty and get written confirmation
Before the bank officially closes the account, they will verify that the balance is zero. If there is still money in the account, they will ask what you want to do with it. Once the balance is confirmed at zero, the closure can proceed.
Ask the bank for written confirmation of the closure. This might be an email, a letter, or a note in your online banking portal. Keep this confirmation for your records. You may need it later if a problem arises—for example, if a company tries to charge the closed account or if you need to prove the account is no longer active.
The bank should also send you a final statement showing the account is closed. This usually arrives within one to two weeks.
Step 5: Monitor your credit report
A few weeks after closure, check your credit report to make sure the account appears as closed. You can view your credit report for free once per year at annualcreditreport.com, which is run by the three major credit bureaus.
The account should show a status of "closed by consumer" or "closed at consumer's request." If it shows as delinquent, past due, or closed by the bank, contact the bank when ready to correct it. A wrong status can hurt your credit score.
Closed accounts typically stay on your credit report for seven to ten years, but they stop affecting your score after a few years. This is normal and not a problem.
What to do if you cannot reach your bank or they refuse to close
If your bank is not responding to your closure request, send a written letter to the branch manager or the bank's customer service address. Include your account number, your name, and a clear statement that you want the account closed. Send it certified mail so you have proof of delivery.
If the bank still refuses, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB investigates complaints against banks and can require them to respond. You can also contact your state's banking regulator, which oversees banks in your state.
In practice, banks rarely refuse to close accounts. If yours does, there is usually a specific reason—such as a negative balance or a fraud investigation—and the bank should explain it clearly.
Frequently Asked Questions
What happens to checks I wrote from this account after it closes?
Checks will bounce if they are deposited after the account is closed. Before closing, make sure all checks you have written have cleared. If you are worried about an outstanding check, wait a few weeks before requesting closure, or contact the person you wrote the check to and ask them to deposit it before you close the account.
Can I reopen a closed savings account?
Most banks will let you reopen a recently closed account by visiting a branch or calling customer service. However, if the account was closed due to fraud or repeated overdrafts, the bank may refuse. If you think you might need the account again, consider leaving it open but unused instead of closing it.
Will closing my savings account hurt my credit score?
Closing a savings account does not directly hurt your credit score because savings accounts do not appear on your credit report. However, if the account has a negative balance that goes unpaid, the bank may report it as a debt, which can damage your score. Pay any balance before closure to avoid this.
Do I need to close the account in person, or can I do it by phone?
Most banks let you close an account by phone or online without visiting a branch. However, some banks require you to close in person if the account has a large balance or if there are security concerns. Call your bank to ask what method they accept.
What if I have a joint account—can I close it without the other person?
No. If the account is joint, both owners usually have to agree to close it. Contact the bank to ask about their specific policy. Some banks may let one owner close the account if they can prove the other owner has abandoned it, but this is rare and requires documentation.