The basic steps to close your account

To close a savings account, contact your bank or credit union directly — by phone, in person, or through their website — and tell them you want to close the account. They will ask what you want to do with any remaining balance (transfer it, receive a check, or move it to another account at the same institution). Once you confirm, the bank will process the closure, which usually takes a few business days. You will receive written confirmation by mail or email.

Before you call, withdraw or transfer any money you want to keep. Some banks charge a fee if you close an account within a certain period (often 90 days to six months of opening), so check your account agreement or ask the bank whether a closure fee applies. If there is a fee and you want to avoid it, you may need to wait until the fee period ends.

Key Takeaways

  • Contact your bank by phone, in person, or online to request closure and decide where your remaining balance should go.
  • Some banks charge a fee for closing an account within the first few months, so confirm whether a fee applies before you proceed.
  • The closure process typically takes a few business days, and you will receive written confirmation.
  • If you have automatic payments or direct deposits linked to the account, update those with your new account information before closing.
  • Request written confirmation of the closure in case you need proof later for tax or legal purposes.

What to do with your money before closing

Decide where your remaining balance will go. You can transfer it to another account at the same bank, move it to a different bank or credit union, or ask the bank to send you a check. If you are moving to a different institution, you can set up the transfer during the closure call — the bank will give you the routing and account number of your new account, and the funds usually arrive within three to five business days.

If you have a very small balance (under $25), some banks will send a check rather than process a transfer. Ask what the bank's policy is. Keep track of the transfer confirmation number in case the money does not arrive when expected.

Disconnect automatic payments and direct deposits

Before the account closes, update any automatic bill payments, subscription services, or payroll direct deposits that are linked to the account. Log into each service (your utility company, insurance provider, employer payroll system, streaming services) and change the account information to your new bank account. This step is critical — if you do not update these, payments will fail and you may face late fees or service interruptions.

Give yourself at least one week before the closure date to make these changes. If you miss updating a payment, contact the company immediately to provide new account details and ask them to resubmit the transaction.

Understand early closure fees

Many banks impose a fee (typically $25 to $100) if you close an account within a set window, often 90 days to six months after opening. This fee is stated in your account agreement or deposit terms. Call the bank and ask directly: "Is there a fee to close this account right now?" If there is a fee and you want to avoid it, you can wait until the fee period expires before closing.

Some banks will waive the fee if you ask, especially if you have been a customer for years or if you are closing because of poor service. It does not hurt to ask, but do not assume the fee will be removed.

What happens after you close the account

Once the bank processes your closure, the account will no longer exist. You will not be able to make deposits or withdrawals, and any debit card linked to the account will stop working. The bank will send you written confirmation by mail or email within a few days.

Keep this confirmation letter for your records. If you ever need to prove the account is closed (for tax purposes, a dispute, or a background check), you will have documentation. If you do not receive confirmation within two weeks, contact the bank and ask for it in writing.

Closing an account with a negative balance

If your account is overdrawn (you owe the bank money), you must pay the negative balance before the bank will close the account. The bank will not let you transfer a negative balance to another account. You can pay the overdraft by transferring money from another account, depositing cash, or sending a check. Once the balance is zero or positive, you can proceed with closure.

If you ignore an overdrawn account, the bank may close it on their own and send the debt to a collection agency. This will damage your credit. Pay the overdraft as soon as you can.

Frequently Asked Questions

Can I close my account online, or do I have to call?

Many banks allow you to close an account through their website or mobile app, but some require a phone call. Check your bank's website first — look for "close account" or "account settings." If the option is not available online, call customer service. Some banks require you to visit a branch in person if the account has a large balance or unusual activity.

What if I have pending transactions when I close the account?

Wait until all pending transactions have cleared before closing. A pending charge (a hold on funds from a debit card purchase or ATM withdrawal) can take several days to post. If you close the account while a transaction is still pending, it may fail or bounce, and you could face overdraft fees. Check your recent activity and wait for everything to settle.

Will closing my account hurt my credit score?

Closing a savings account does not directly affect your credit score because savings accounts do not appear on your credit report. However, if the account is overdrawn and you do not pay it, the bank may report it to a collection agency, which will harm your credit. Pay any negative balance before closing.

How long does it take to close an account?

The request itself takes minutes — a phone call or online form. Processing the closure usually takes three to five business days. If you are transferring your balance to another bank, add another three to five business days for the transfer to complete. You will receive written confirmation once the account is fully closed.

What if I change my mind after closing the account?

Once an account is closed, you cannot reopen it — you will have to open a new account instead. Some banks waive the new account fee if you explain you closed by mistake, but there is no may provide. If you think you might want the account back, wait a few days before requesting closure to make sure you have made the right choice.