There are many different reasons for you wanting to close a checking account. For instance, you may have found better rates with another bank, or perhaps you are moving to another country!
On the other hand, you could just want to open a different account if the one you have is not working for you, or it’s the same one you have had since you were a kid. Whatever the reason, you will need to know how to close a checking account and how long it takes to close a checking account.
Fortunately, we are here to help you, to make sure that the transition happens smoothly and easily! But first, you will need to know how to close your checking account.
If you have decided to close your checking account, then there are a few things that you should know before you get started.
First and foremost, closing a checking account is the right idea, especially if you do not use it much, as the bank can sometimes charge you fees for keeping your account open, without any transactions.
When you are ready to close the checking account, you can do this via one of three methods.
You can either go to the branch directly and request that they close the bank account, or you can call the bank’s customer service line and request the checking account be closed, or alternatively, you can write a letter to ask the bank to close your checking account.
However, before the account can be successfully closed, you will need to make a few changes.
For instance, if you have direct debits set up on that account, you will need to change those to another bank account, so we advise opening a new checking account with another bank before you close the old one!
In addition to this, make sure that you tell your employer to send your payroll to the new bank account rather than the old checking account, or you may be delayed when it comes to pay day!
You will also not be able to close the checking account until all of your checks have cleared, and all bills, charges and transitions paid for.
You should then transfer any remaining funds or balances to another account in order to speed up the process. Then, you will be able to close the checking account fully!
To do this, it would only take a few minutes at the bank or on the phone, and the bank should release your funds straight away. However, if you close the account by letter or by phone, you may have to wait a few days for a check in the mail of your remaining balance.
You may be wondering how long the whole process takes to complete. The good news is that it does not take long at all to close your checking account.
Once you have all of your affairs in order, all you need to do is take a trip down to the bank, or call them on their customer service phone number to speak to a representative.
They will then ask a few security questions, and start the process for you. You may also be required to show identification, such as a driver’s license, passport or a document with your account number or account information on it.
Once you have these, the bank will be able to close your account immediately, although it may take up to 2-3 business days for the money to clear in your new bank account.
If you close the bank account on the phone or by letter, then it could take up to 10 days for you to receive a check with your funds, and for the account to be completely closed.
For the most part, you are able to close a checking account at any time, and move to another bank as your personal bank cannot stop you. However, you cannot close a checking account if you have an outstanding balance, unpaid fees, or checks that have not yet cleared.
Most banks will close your checking account with simplicity and ease, as long as you have settled your account, and you are not overdrawn.
In addition, closing a checking account properly does not affect your credit score, and most banks are happy to oblige if you want to close your account due to lack of use.
