• Before closing a bank account, you need to check your account status and current transactions.
  • Most national and online banks will require you to call or go in person to close an account first.
  • You can reopen an account if it's inactive, but once you close an account it can't be undone.
  • See what you'll need to open a checking account on Insider.

The first bank account you open doesn't have to be a permanent fixture in your life.

Maybe you're moving somewhere that doesn't have any of your current bank's branches, you've decided to streamline your banking to only one account, or you simply find a bank account that's a better fit for you.

Whatever the case may be, you don't have to stay tied to your account forever. Closing a bank account won't negatively impact you in the same way that closing a credit card may affect your credit score. You just need to be mindful of how the process works so you can have a more seamless process.

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What to do before you close your account

Find out if the account is in good standing

Banks won't let you close an account if you have a negative balance, so you'll need to assess your current account's standing. Negative balances will require you to put some money in so that you have at least a $0 account balance to close the account.

The standing of your account may affect whether you'll have to pay fees. If you've overdrawn from your account and have a negative balance, you'll be charged an overdraft fee. New accounts that have been opened for a short time — usually less than six months — may be charged a closing fee around $25 or $30.

Create a plan for the money left in your account

If your account has a positive balance or is frequently used, you'll want to set up an alternative course of action. Your goal should be to leave your bank account with a $0 account balance to make the closing process more efficient.

For your current account balance, you may decide to open up a new account, transfer your money to another account, or take it all out in cash. 

If you use your account frequently to pay bills or accept paychecks, you'll also want to redirect these transactions to another account early on. 

How to close a bank account

You may be able to close it online, over the phone, or in person

With most banks, you won't be able to initiate the closing process online.

Most national brick-and-mortar banks like Bank of America, Wells Fargo, or Chase will require you to go to a branch location or call over the phone first. Online banks like Ally and Capital One will also want you to call. 

A few banks will let you initiate the process online. TD Bank lets you close an account through online banking or email if your account has a $0 balance. Axos Bank also allows customers to initiate closure by online banking. 

Calling a bank will be enough to close an account in most cases, but some institutions may require you to fill out an additional form or write up a quick note. For instance, if you have a joint account, you may have to fill out a form or write a note that states both individuals want to close the account. 

If you aren't sure what the process is like for your financial institution, try searching through a bank's FAQ section first, then call your bank if you still can't find the information.

Verify that your account is closed

A bank will verify once your account is closed. This will be done either over the phone, through email, or through online banking. Otherwise, it may still be open, and you might still be charged any fees associated with the account.

If your account requires you to pay a service fee on the same day each month, try to close the account at least a couple of days before you'd be charged the fee. This leaves you time in case it takes time to close the account and make the necessary adjustments, so you won't have to pay another fee. 

Can you reopen a closed bank account? 

Unfortunately, once you've taken steps to close your bank account, you can't reopen it if you have a change of heart. You'll have to reopen a new one with the bank and start again. 

If your account was closed by a bank, you may be able to reactivate it. In this situation, you'll want to contact your bank on possible courses of action. 
Sophia Acevedo
Personal Finance Reviews Fellow
Sophia Acevedo is a Personal Finance Reviews Fellow at Insider who covers banking and savings for Personal Finance Insider. Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020. You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>
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