How to Close a Bank Account in the US: A Full Guide

Whichever route you take to close your account, you may need to take a few steps first. Here’s what you may need to do before you initiate your account closure, to avoid unnecessary fees, delays and hassle:

Choose an alternative provider and open a new account
Switch over any ongoing payments from your old account to your new one
Confirm that all payments have cleared from your old account
Transfer out your balance from your old account - check the transfer limits in place on your account to understand how best to do this

Your bank will not allow you to close an account which is overdrawn, and you may find you’re hit with extra fees if unexpected charges come out of the account before it closes. Consider leaving your balance in the account until the day you’re closing the account - or even leave a little money in at the point of closure to avoid any surprises. Your old bank will then return the balance to you by check or a transfer to your new account once everything is settled.

To close your account in branch you’ll need to go along with your personal ID, and proof of your account details. This may be a card or pass book, or correspondence from the bank in your name. Some banks may need additional specific documents, such as an account closure form - calling in advance is the best way to make sure you have everything you need before you head out.

In most cases you won’t be charged any fees for closing your bank account. However, some banks do impose early closure fees if your account has been opened for 6 months or less - check the terms and conditions on your account before you initiate the closure.

There are other fees you may unintentionally run into while closing your account, which are well worth watching out for. These may include:

Service or fall below fees if you withdraw your balance and then do not immediately close the account
Overdraft or returned item fees if you withdraw your balance and payments or checks have not yet cleared
Costs of transferring out your balance - especially if you’re closing your account because you’re moving abroad, and need to send your money to a foreign currency. More on that later.

Bank of America customers can close accounts in person, by phone, and in some cases, in writing. Here’s how.

In person:

Close any Bank of America account in person by visiting your local branch

By phone:

To close a checking or savings account call 800 432 1000
To close a credit card account call 800 732 9194
To close a CD account or IRA, call 888 827 1812

In writing:

To close a checking or savings account write to Bank of America, FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118
To close a credit card account write to Bank of America, PO Box 982234, El Paso, TX 79998-2234
IRAs and CD accounts can not be closed in writing

Applications to close an account in writing must include signatures from all account holders, and set out how you’d like to receive any remaining balance. This may be via a mailed check or a transfer to your new account for example.

Closing a Chase bank account can be done in person or by phone. You can also confirm you want to close your account in writing, although the address you need to write to may vary depending on where you opened your account.

Find your local Chase branch using the branch locator tool and call in
Schedule a meeting by phone or in person using the Chase meeting scheduler tool
Get in touch with Chase customer service on 1-800-935-9935 to either close your account by phone, or request the correct address to mail in your account closure letter

Revolut Account

Revolut offers customers one of 3 account options:

Standard - a free standard plan
Premium - with a fee of USD9.99/month
Metal - an account with a USD16.99/month fee, which comes with a broad range of perks and benefits compared to the standard plan.

Revolut key features:

Choose the account plan that suits you best
Send money up to your account foreign exchange limit, using the mid-market exchange rate and with no extra fees for standard transfers
Access money management tools to help you budget
Account options for kids and people who wish to save
Deal in crypto as well as foreign currencies

Wise

You can send money from the US to bank accounts all over the world with Wise, using the mid-market exchange rate. This can mean you get a better conversion rate for your transfer compared to other providers, bringing down overall costs.

Wise key features:

Set up your account online in just a few steps
Send money online or using the Wise app
Transparent service charge and no minimum transfer amount
The mid-market exchange rate is typically the best rate available for retail customers
Scores 4.6/5 on Trustpilot

XE

Create an online XE account and send money all over the word right from your phone or computer screen. You’ll be able to model the payment to see the costs for your transfer 24/7, so you can compare it with other providers.

It’s worth noting that the exchange rate may include a markup on the mid-market rate you’ll find online.