How to Close a Bank Account (2024)

Table of Contents

  • How do you close a bank account?
  • How to close an inactive bank or overdrawn account
  • Does it cost anything to close a bank account?
  • Does closing a bank account hurt your credit?
  • Can you close a bank account online?
  • The bottom line

Money Banking

Article updated on Jul 3, 2024

Ready to find a new home for your money? Follow these easy steps.

Why You Can Trust CNET Money

Our Experts

How to Close a Bank Account (1)

How to Close a Bank Account (2)

Written by

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.

See full bio ,

David McMillin

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.

See full bio

Edited by

How to Close a Bank Account (4)

Kelly Ernst

Editor

Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.

See full bio

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

Reviews ethics statement

Our Experts

How to Close a Bank Account (5)

How to Close a Bank Account (6)

Written by

How to Close a Bank Account (7)

Toni Husbands

Staff Writer

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.

See full bio ,

David McMillin

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.

See full bio

Edited by

How to Close a Bank Account (8)

Kelly Ernst

Editor

Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.

See full bio

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

Reviews ethics statement

Why You Can Trust CNET Money

Table of Contents

  • How do you close a bank account?
  • How to close an inactive bank or overdrawn account
  • Does it cost anything to close a bank account?
  • Does closing a bank account hurt your credit?
  • Can you close a bank account online?
  • The bottom line
How to Close a Bank Account (9)

How to Close a Bank Account (10)

Written by

Toni Husbands

Staff Writer

Read more from Toni

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.

Written by

David McMillin

Read more from David

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.

Advertiser Disclosure

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.

Editorial Guidelines

Writers and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisem*nts, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.

How we make money

CNET Money is an advertising-supported publisher and comparison service. We’re compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact where and in what order affiliate links appear within advertising units. While we strive to provide a wide range of products and services, CNET Money does not include information about every financial or credit product or service.

How to Close a Bank Account (2024)

FAQs

Is there a fee for closing a bank account? ›

Most of the time, you won't be charged a fee simply for closing a bank account, although there are a few exceptions.

Can you close a bank account online? ›

Once you're certain there's no more activity on the old account, you may close it online, over the phone or at a local branch. You'll likely need to complete a closing request form and have it notarized. A notary should be available at the bank. Ask for written confirmation of the account closure.

What to do before closing a bank account? ›

Call your old bank or send a secure message through your online banking portal to confirm there are no pending transactions or outstanding charges and the account balance is zero. Then you can ask the bank to close the account. Some banks require written notice that you want to close your account.

How do I permanently close my bank account? ›

Visit the nearest branch and submit the closure form in person. You have to show the KYC documents, like Aadhar and PAN, of all the account signatories while submitting the account closure request. You need to submit all the unused cheque leaves and your passbook to the bank at the time of closing the Current Account.

What is a valid reason for closing a bank account? ›

Your bank account could be closed by your bank for many reasons, including inactivity or low usage. Banks aren't required to give notice when they close an account. Consult your bank's deposit account agreement for guidelines on when an account might be closed.

Does closing a bank account hurt you in any way? ›

When closing a bank account, a common question people ask is whether it's bad for their credit scores to close a bank account. Fortunately, closing a savings or checking account that's in good standing won't hurt your credit in any way.

Can a bank refuse to close your account? ›

Generally, the bank will not close a checking account that is in an overdraft status. Such an account will be kept open until it is brought current. Then, the account can be closed. Review your deposit account agreement for policies specific to your bank and account.

Is it difficult to close a bank account? ›

In many cases, it should take only one or two days to close a bank account. But the process could last longer, perhaps several weeks, if any glitches occur. For instance, the closure could be delayed if you didn't leave enough money in your account to cover automatic payments or withdrawals.

How many days does it take to close a bank account? ›

You may need to clear your dues and pay closure fees, if any, before the bank processes your request. Usually, it takes about a week for the SBI bank to close the account after submission.

What documents are required for closing a bank account? ›

Some of the documents that are required to close a bank account include the following:
  • A duly filled account closure application form.
  • Identity proof (passport, Aadhaar card, driver's licence).
  • Address proof (rental agreement, utility bills).
  • Debit card and unused cheques.
Jun 5, 2024

Can I close my bank account without visiting the bank? ›

Many banks provide online banking services that allow you to manage your account from anywhere, including closing it. You can close the account by logging into your online banking account, going to the "Close Account" option, and following the instructions. However, not all banks may provide this option, so c.

Should I close my bank account if I don't use it? ›

If the account has annual fees or high interest rates, it may be worth closing it to save money in the long run. But if it's an account that you've had for a long time and it's done well for your credit history, it might be better to keep it open.

Do I need to pay charges to close bank account? ›

You will not have to pay any amount if you close the account within 14 days of opening it or after 12 months of opening the account. However, you must pay Rs. 1,000 upon closing the account between 15 days and 6 months and Rs. 500 upon closing the account between 6 months to 12 months.

Do you get penalized for closing a bank account? ›

You can usually close a checking or savings account at any time, unless the account is overdrawn. Closing some accounts, such as certificates of deposit (CDs), may result in a penalty or early withdrawal fee. Closing a bank account won't impact your credit unless it makes you miss pre-authorized bill payments.

Why do banks charge a closing fee? ›

These costs come about through the process of creating your loan. Closing costs cover the fees for services like your home appraisal and searches on your home's title. The specific closing costs you'll need to pay depend on the type of loan you borrow and where you live.

Top Articles
Can Police Remotely Access My Phone?
IMC Code of Ethics | Montessori Foundation | MFA
Nyu Paralegal Program
Insidious 5 Showtimes Near Cinemark Tinseltown 290 And Xd
Eric Rohan Justin Obituary
Farmers Branch Isd Calendar
Irving Hac
Otr Cross Reference
Jscc Jweb
Craigslist Greenville Craigslist
Myql Loan Login
David Turner Evangelist Net Worth
Colts seventh rotation of thin secondary raises concerns on roster evaluation
Fairy Liquid Near Me
Five Day National Weather Forecast
Der Megatrend Urbanisierung
Andhrajyothy Sunday Magazine
Nordstrom Rack Glendale Photos
Indiana Wesleyan Transcripts
Uconn Health Outlook
Closest Bj Near Me
Vegito Clothes Xenoverse 2
Xsensual Portland
A Person That Creates Movie Basis Figgerits
Mybiglots Net Associates
How To Tighten Lug Nuts Properly (Torque Specs) | TireGrades
Prep Spotlight Tv Mn
UCLA Study Abroad | International Education Office
No Limit Telegram Channel
Goodwill Of Central Iowa Outlet Des Moines Photos
Taylored Services Hardeeville Sc
Package Store Open Near Me Open Now
Account Now Login In
25Cc To Tbsp
Davita Salary
Usf Football Wiki
9781644854013
7543460065
Ticket To Paradise Showtimes Near Regal Citrus Park
Craigslist Pa Altoona
Entry of the Globbots - 20th Century Electro​-​Synthesis, Avant Garde & Experimental Music 02;31,​07 - Volume II, by Various
craigslist: modesto jobs, apartments, for sale, services, community, and events
Arnesons Webcam
Booknet.com Contract Marriage 2
Hdmovie2 Sbs
Call2Recycle Sites At The Home Depot
Chitterlings (Chitlins)
Subdomain Finer
Nfhs Network On Direct Tv
Pauline Frommer's Paris 2007 (Pauline Frommer Guides) - SILO.PUB
Latest Posts
Article information

Author: Arielle Torp

Last Updated:

Views: 6235

Rating: 4 / 5 (41 voted)

Reviews: 88% of readers found this page helpful

Author information

Name: Arielle Torp

Birthday: 1997-09-20

Address: 87313 Erdman Vista, North Dustinborough, WA 37563

Phone: +97216742823598

Job: Central Technology Officer

Hobby: Taekwondo, Macrame, Foreign language learning, Kite flying, Cooking, Skiing, Computer programming

Introduction: My name is Arielle Torp, I am a comfortable, kind, zealous, lovely, jolly, colorful, adventurous person who loves writing and wants to share my knowledge and understanding with you.