"Effortlessly Close Your Bank Account at the 5 Largest U.S. Banks with These Simple Steps!"
Banking Basics: What to Consider When Closing Your Account
Melanie Lockert • June 11, 2021
As a financial technology company, Chime offers banking services and debit cards provided by The Bancorp Bank, N.A. or Stride Bank, N.A. If you're looking to switch financial institutions, it's important to know that not all banks are created equal. Often unclear is how to close an account and take charge of your money. Whether you're moving, upgrading your banking features, or tired of pesky fees, explore other banking options that fit your needs and help you keep more of your hard-earned money.
Closing a bank account is usually simple; consider visiting a local branch, calling your bank, or sending a letter. Here's what to do before you close your account:
1. Open a New Account
First, decide where to open a new account and what's most important to you. For some, it's no hidden fees or mobile features that make banking on the go easy. Once you've made a decision, follow the steps to open a new account.
2. Transfer Your Money
Next, move all money out of your old account into the new account. Discuss withdrawal/transfer limits with your bank. If you delay closing your account, you might get hit with a balance limit fee. Closing your account on the same day as the transfer helps avoid this. Consider keeping a small amount in the account to cover unexpected fees. Banks typically send a check with your remaining balance after closing the account.
3. Change Automatic Payments
If you have any automatic transactions set up, switch them to the new account. Think electric bills, credit cards, car payments, etc. Review your last billing statement to ensure you've covered everything.
4. Switch Your Direct Deposit
If you have direct deposit set up, change it to the new account. Usually, this requires providing your employer with a voided check from the new account or a permission form. This ensures your paycheck arrives in the right spot.
Don't forget, Chime is a financial technology company, not a bank. With fee-free overdraft up to $2001, no hidden fees2, and early direct deposits3, Chime provides advanced banking features and helps customers take control of their finances.
5. Verify ClearancesBefore closing your Bank of America account, ensure that all transactions have cleared. Review your account for pending transactions and ensure deposits have been processed, and any money you spent has left the account.
Once these steps are complete, you can proceed with closing your account. Keep track of all receipts, billing statements, or other related materials. These documents will help confirm your account switch was done correctly.
If you're looking to close a Bank of America account, the fees might be the reason. Bank of America's monthly fees can amount to $25, which means up to $300 per year. If you're ready to say goodbye to these charges, follow one of the below steps:
- - Visit a local Bank of America branch and request to close your account
- - Call Bank of America at 1-800-432-1000 and follow the prompts to cancel your account
- Write a letter to close your account and send it to Bank of America, FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118, and sign it. You may also include instructions for receiving your balance if applicable.
You're probably wondering, "Can I close my bank account online?" Unfortunately, you cannot close Bank of America accounts online, same as Chase Bank. For a confirmed account closure, request a written confirmation from Bank of America.
Next in line is Wells Fargo. If you wish to close your Wells Fargo account for any reason, take one of these steps:
- - Call 1-800-869-3557 and request an account closure over the phone
- - Visit a Wells Fargo branch near you and request to close your account in person
- - Complete and mail "Account Closure or Partial Withdrawal Request Form" to Wells Fargo
If you close your account via mail, expect to receive a check for your remaining balance. Make sure you obtain a confirmation from Wells Fargo that your account has been successfully closed before expecting any additional fees.
Next, let's discuss closing a Chase bank account:
- - Fill out the "Account Closing Form" and bring it to a nearby Chase branch
- - Call Chase at 1-800-935-9935 and state you want to close your checking or savings account
- Chase doesn't offer online account closures. Make sure you get a written confirmation that your account is closed for your records.
If you're having trouble closing a PNC bank account, check these options suggested by ex-PNC customers:
- - Visit a PNC branch near you and request to close your account
- - Call PNC at 1-888-762-2265 and state you want to close your checking or savings account
- While PNC doesn't provide clear instructions on their website, following any of these steps will likely bring you closer to successfully closing your PNC account.
To close your PNC bank account, you have multiple options. You can use PNC's chat system on their website to make a request online, visit your local PNC branch in person and inform them of your decision, or call their customer service line at 1-888-PNC-BANK (1-888-762-2265) to inquire on how to close your account. As a precautionary measure, make sure to obtain written confirmation of account closure for your records.
If you want to close your Citibank account, you have several options to do so. You can either visit your local Citibank branch and inform them of your intention to close the account, call 1-888-374-9700 to speak to a representative and explain that you want to close a banking account, or send a request through your online Citibank portal to close the account. Whatever method you choose, ensure that you receive a written confirmation of your account closure for future reference.
Closing an account with different banks may require different methods. Some banks allow you to request an account closure via online messaging or an online chat with a representative, while others mandate in-person visits or phone calls. Nevertheless, most banks require a valid form of identification that meets their Customer Identification Program (CIP) before executing any withdrawal or closure. In some cases, you may even get your remaining funds via a check disbursed through mail.
The process of closing a joint bank account differs depending on the bank. Some banks require approval from both account holders, while others allow unilateral closure by either holder provided one of them visits the branch in person.
Switching to a new bank can be a hassle-free experience if one plans correctly. But beware of account closure fees that may occur, especially if the account is relatively new. You should also pay attention to minimum balance fees and automatic transactions that may lead to the bank reopening your account without your permission.
Closing a bank account has no direct impact on your credit score. However, it may damage your score if the account had a negative balance, and you did not pay any outstanding fees or clear pending transactions. Therefore, it is essential to have a clean slate before closing any account.
Lastly, when exploring banking options, always prioritize what's important to you and make your decisions accordingly. If you decide to move on from traditional banks, be sure to follow the right steps to make the process as seamless as possible.
Experience the convenience of Chime Checkbook, which gives you the freedom to send checks to anyone, anytime, from anywhere. Keep in mind that Chime does not issue personal checkbooks for writing checks. The full details of Chime Checkbook can be found in your issuing bank's Deposit Account Agreement.
Please note that by clicking on certain links above, you will be redirected to a third-party website outside of Chime's control. It is important to review the privacy statements of these third-party websites, as their practices may differ from Chime's.
Any opinions, advice, services, or other information expressed or contributed by customers, users, or others are solely the views of the respective author(s) or contributor(s) and do not necessarily represent the views of The Bancorp Bank, N.A. and Stride Bank, N.A. ("Banks"). The accuracy of content provided by author(s) or contributor(s) is not the responsibility of the Banks.
For more information on deposit accounts, please visit the following websites:
- Bank of America: https://www.bankofamerica.com/deposits/account-information-and-access-faqs/
- Wells Fargo: https://www.wellsfargo.com/help/checking-savings/open-close-account-faqs/
- Chase: https://www.chase.com/digital/customer-service
- PNC: https://www.pnc.com/en/customer-service.html
- Citibank: https://online.citi.com/US/ag/contactus
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