How to close your bank account in a few steps

How to close your bank account in a few steps

Opening a bank account is a lot much easier than closing it. So, before you go to the bank and close your account, you should take a look at this guide in how to close your bank account in a few steps and check if you are doing it right!

Although it may seem an easy procedure, closing a bank account can get complicated. Some banks have hidden procedures in the contract, others may charge you an extra fee and it some cases it may even end up affecting your finances.

So, before you pay a visit to the bank and close your account you should check these tips!

Define your next banking experience

Step 1: Prepare yourself

Before you actually close your current bank account you should prepare yourself! You may want to check the following points before moving on:

Get ready to close your bank account

Step 2: Transfer funds

Now your new account is set up, you may want to make sure that you check your old account's balance. Check if you have pending payments before you transfer all your funds to another account.

You should also check if the bank has any restrictions on transferring money. So, call customer services or visit the bank and learn if they have any additional fees or limits. Bear in mind that the Federal Reserve Board only allows six transfers per month from your savings or money market account.

Once again, don't forget to check if you've canceled all bank services associated with your account! Check that you've already completed or moved transfers and automatic payments.

Transfer all your funds 

Step 3: Close your account!

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