So many banking options exist these days. At some point in your financial life, you may find yourself in the market for a bank account option that better meets your needs. Closing an account with your current bank doesn't have to be stressful, but there are some guidelines you'll need to follow to get the job done.
How to close a bank account
The steps to closing a bank account are similar across brands and bank branches. Generally, you'll need to do the following:
• Have a place for the money to go. When you close an account, all the money is withdrawn. If you have thousands of dollars in there, you will likely need to set up a new account somewhere for the money to land. If there are just a few pennies available, you may not need to transfer your money anywhere and can instead simply cash out when you're ready to close the account.
• Check the account for automatic payments and transactions. Next, you'll want to look at all of the transactions that deduct from the account on a regular basis. These may be from bills, income tax payments, or school loans. These will need to be stopped and each payment set up through another account, or you may choose to pay these bills manually until your new account is up and running.
• Check the account for automatic deposits. Does your employer direct deposit funds into your account each week? You will have to contact them with another way to pay you for now. The same goes for other payments you receive at this bank, such as child support, income tax refunds, or payments from friends and family through a Venmo or PayPal account.
• Talk to your bank. Whether you can do this via a phone call, the mail, or in person depends on your bank. Letting the bank know you want to close the account sets everything in motion. From there, the bank can tell you what they need from you to close out the account. Be prepared to provide additional documentation, such as a photo ID or written request. If you share the account with another person, both of you may be required to get the job done.
• Get written confirmation. Once the account is closed, ask for a letter or email confirming the account is closed. You don't want to incur additional fees for an inactive account, which some banks may charge.
How to close a bank account at Chase
For accounts with a balance of $5,000 or lower, you can go to your nearest bank location to close your Chase bank account in person. Also, you may log in to your account online and use the Secure Message Center to send a message using the close account option. A rep should reach out within two business days to help you complete the process.
You can also call the customer service center at 800-935-9935 and ask a rep to help you. A few things that you may be asked to do before closing an account at Chase: • Tell them why you are closing the account
• Tell them how to send any money that is still left in your account
Pro Tip: Before you close the account, make sure that anything outstanding has cleared your account and that you don’t have any pending debits, direct deposits, checks, etc. that have not yet cleared.
How to close a bank account at Bank of America
Bank of America prefers customers to visit them in person to discuss closing an account. If you don't want to go to a local branch, however, you can call 800-432-1000 and ask about how to close your checking or savings account.
How to close a bank account at Wells Fargo
Wells Fargo offers two ways for U.S. residents to close their accounts, which include calling them at 800-869-3557 or visiting a local branch in person.
For those outside of the U.S., they offer an account closure form on their website. This must be completed and sent through the mail at the address on the form.
How to close a bank account at US Bank
If you don't want to visit a branch in person, you can close a consumer checking or savings account at US Bank by calling 800-872-2657. Through the automated system, you can talk to a rep, where you can ask about closing your account.
You may also write a letter asking to close your account. Include your full account number and signature. Send it to:
Customer Care Unit
P.O. Box 64991
Saint Paul, MN 55164-9505
How to close a bank account at Capital One
Both online (360 Accounts) and retail branch accounts can be closed the same way. Start by calling the bank at:
• 888-464-0727 (online accounts)
• 800-655-2265 (retail branch accounts)
Make sure all payments, transfers, and deposits are stopped. Ensure your contact information, including your address, is up to date. They can walk you through the process from there. After your account is closed, you can access your account details and statements online for 105 days.
Ready to close your bank account?
You will have your own reasons for closing an account. Some customers switch banks to access new lines of credit and intuitive mobile apps or because different branch locations are closer to where they live. Whatever motivates you to shop around, don't let the process of closing an account hold you back.