Fill out the account closure form neatly, noting the reason for closure on the back. After that, submit all of your required documents, including your identification pieces and bank kit containing your passbook, checkbook, and debit card.
Closing an account may save you money on annual fees, or avoid fraudulent activity on your existing accounts, but closing the wrong ones might harm your credit score. Check your credit reports to see whether any of your accounts have been closed before you close them so that they don’t lower your credit score.
Call, go to a branch, or do it online, depending on your preferences and what the bank allows, to close a bank account. However, there are other things to do first. Here’s how to terminate checking and savings accounts.
The good news is that closing your account usually comes at no cost. Most banks do not charge a fee to close a basic savings account, and doing so will not hurt your credit score. If the amount in your account is negative, you must pay it back when you terminate the relationship.
Closing all of your bank accounts at the same time might be a bad idea since having at least one bank account makes your financial life a lot easier. There won’t be any negative consequences if you close a bank account as long as you keep at least one other open and the closed account is in good standing.
