Looking for the correct way to close a bank account? Do not be surprised if your current bank asks you why you are closing your bank account. They will often ask for feedback so that they can improve their service to others in the future.
- Open A New Bank Account. You should never close your current bank account before you have another bank account open. Generally speaking, you should open a new bank account about a month before you plan to close your current bank account. This is especially important if you have direct deposit for your paychecks or if you utilize the bill pay services that your bank offers.
- Stop Using Your Bank Account. As soon as you open a new bank account, stop using your current bank account. You need to make sure that all pending and future transactions get forwarded to your new bank account. Do not close your current bank account until all pending checks have cleared.
- Go To Your Bank. Once you are positive that no new transactions will hit your current bank account, go to your local branch to close the account. You will need to show identification in order to close your bank account. Most banks will accept a drivers license, credit card, and/or Social Security card. A customer service or personal banking representative at your bank will help you complete the paperwork that is needed to close your bank account.
Tip: If you have direct deposit for your paycheck, make sure you give your employer the account and routing number for your new bank account.