How to Close a Bank Account

Many banking customers consider closing one or more of their bank accounts at some point in time for a variety of reasons.

Sometimes it is because of frustration with a bank over unexpected fees, to switch to a different bank with better interest rates, or to trim down on the number of open accounts for convenience.

Regardless of the reason you are considering closing a bank account, it is important to have a plan in place and take the proper steps to avoid the hassle and wasted time.


Find a new bank before closing your account

It is important to have a new account set up before terminating the existing one. This will allow you to set up direct deposit and recurring bill payments without extra trouble. It will also give you time to receive new checks if you choose to have a checking account.


Transfer auto payments and direct deposit to the new account

Check your bank statements and make sure you are aware of all direct deposits and of all automatic payments from your account. Since these are already set up, you should be able to simply update your information with each company to start using your new account and routing numbers.

If you have any that are billed less frequently, such as a magazine subscription or insurance, be sure to include those as well. Forgetting to transfer an auto payment could result in fees from the company as well as the bank. It is best to check 12 months worth of statements to be sure not to miss any. After making the appropriate changes, it is good to wait 2-3 weeks to be sure everything is set up correctly. If you pay for online shopping with your bank account, then it is also wise to change those to the new account before accidentally using the old one.


Transfer money from the old bank to the new one

After ensuring all auto payments and direct deposits are transferred correctly, you can move most of your money to the new account. You will want to be sure to leave enough in the old account to cover any outstanding charges as well as any minimum balance requirements you will need to satisfy until you actually close the account. It’s important to remember that zero balance accounts are not always closed automatically.


Close the old account and request written documentation

Go to the bank in person and request that your account be closed. Online-only banks typically require a signed form faxed or mailed which you can receive from customer support.

Any remaining funds will be given or mailed to you as a cashier’s check. You can also request to have the money moved to your new account with an ACH transfer.

It is important to get a letter from the bank stating your account has been closed. This documentation should be retained for potential future disputes. Banks are known to re-open accounts if a company tries to withdraw money from it (if an auto-payment is not transferred correctly, or a company makes an error). After closing your account, you can now destroy your credit and debit cards associated with the closed account.


Official instructions for how to close a checking or savings bank account with: Wells Fargo, Bank of America, Chase, TD Bank

How to close Wells Fargo account:

We appreciate your business, but if you need or want to close your account, the information provided will assist you in completing your request.

Step 1: Prepare your account for closure:

  • Your account must have a positive or zero balance.
  • All deposits, outstanding and pending items must be posted.

Step 2: Contact us to close your account:

Important Reminders:

  • Accounts with a zero balance will continue to be charged applicable fees (like the monthly service fee) until you request to close your account.
  • Any recurring payments or withdrawals from your account need to be cancelled before your request to close (examples include bill payments and debit card payments) otherwise, they may be returned unpaid.
  • Certain conditions on your account may prevent closure:
    • Inactive accounts need to be reactivated before they can be closed. Ask your banker to reactivate your account. Or you can sign on to Online Banking to see if you have the option to reactivate your account online.
    • Portfolio by Wells Fargo® Checking accounts need to process a statement at month end, the statement will be finalized no later than the third business day of the month.
    • Claims, disputes, legal or bank restrictions need to be resolved.
    • Funds pledged for collateral or other purposes need to be released.
  • Overdrawn accounts need to be brought back to zero or a positive balance. This information may help you avoid additional transactions and fees:
    • Ask your banker to unenroll your account from the optional Debit Card Overdraft Service.
    • Review your statements for automatic transactions and cancel them by contacting the merchant(s).
    • When you have a previously authorized transaction, such as ATM and debit card transactions, transfers, and Wells Fargo Online Bill Pay transactions, presented for payment and your account doesn’t have enough money, we will pay the item(s) into overdraft and an overdraft fee may be assessed.
    • When checks and checking account automatic payments (ACH) are presented for payment and your account doesn’t have enough money, we may pay the item(s) into overdraft or return the item(s) unpaid and overdraft or return item (Non-Sufficient Funds/NSF) fees may be assessed.


How to close a Bank of America account:

We’re sorry to hear that you want to close your account. If we can improve your banking experience with us, please let us know what we can do. Call us at 800.432.1000 if we can assist you in any way.


To close your account, please ensure that you have canceled any recurring debits or credits linked to your account and your outstanding transactions have cleared. Then do one of the following:


Closing a checking or savings account

  • Visit a local financial center to speak with a personal banker
  • Call us at 800.432.1000
  • Submit your request in writing to Bank of America, FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118. Be sure to have all account owners sign the letter and tell us how you would like to receive your balance, if any.

Read more about this in our article titled: How to Close a Bank of America Account.


How to close Chase bank account:

Chase does not provide official instructions. Read more in our article How to Close a Chase Bank Account. You can either visit your local branch, call Chase at 800-935-9935, or mail this account closing form to Chase.


How to close TD Bank account:

You may close an account by visiting your local TD Bank store or by mailing in a written request.

If the account has a zero balance, you may also close an account via Online Banking by sending a secure e-mail request or by calling Customer Service at 888-751-9000.

If there is money in the account, it may only be closed by visiting one of our stores or by written request. When submitting a written request, you must include the account number(s) that you are requesting to close. Additionally, for your security, the letter must be signed and notarized.

If your account is a passbook-type account, please include the passbook with the letter. Please send your written request to:

TD Bank, N.A
P.O. Box 1377
Lewiston, Maine

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