You must make a formal request to close a bank account.
Commercial banks offer a wide variety of accounts for customers. One of the most common is the checking account, but savings accounts and investment accounts are also common. A time may come when customers decide to close accounts to simplify their finances or to switch to a different bank. Closing an account can be a difficult process, especially if the account has a lot of activity. Users should follow a basic set of steps to successfully close the account.
Check the Checkbook
One of the most common problems with closing an account is that there may be checks outstanding that have not cleared yet. If the account closes before these checks have been cashed, problems will occur when others try to access an account that does not exist. Start by going through your checkbook and making sure all the checks you have written are accounted for so you can alert the bank and wait for all checks to clear.
Check Online
You can easily access immediate information concerning your account online. This is very useful when waiting for checks to clear and checking exact balances. Use online access to your account to plan for the time when you can safely close the account. Switch over all automatic payment systems to another account.
Make the Request
Most banks require you to close the account in writing. Sometimes they offer forms that you can fill out and sign online. These requests usually do not take much time to process, especially if you go into the bank to close the account. Be sure that all checks and payments are cleared before you make the request --- the account should be completely inert.
Transfer Funds and Close the Account
When you write to close the account, the bank will ask what account you will transfer the money in the account to. If you want, you can receive the funds as a cash withdrawal, but if you want to transfer to an account, you should have another one ready.
