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How to close your traditional bank account

Over time, we go through several changes: moving to a new house or apartment, starting a new job, switching schools, or moving out of state. Just like the various life events that come our way, closing a traditional bank account can also be a new beginning. Whether you’re looking for better budgeting tools or searching for a higher savings yield, closing your old bank account is a necessary step.

While the process may seem unnerving, closing a bank account is much easier than you expect. Find out more about what steps you should follow to ensure a seamless account transition and a safe transfer of your hard-earned money. 

 

Checklist: how to close your old bank account

 

1. Open a new account 

Out with the old, in with the new, is appropriate to say. Before closing your old account permanently, you need to transfer your current deposits into a new account. You now have the chance to think about what you’re looking for in a new banking service: better saving rates? No fees? Automated budgeting tools? Whatever your reason, make sure your new account is fully functioning before moving forward.

Nowadays, switching to online banking is a very common reason for traditional bank account closures, as many people are looking for convenient ways to manage money on the go. With One you can manage your money directly from your mobile device. From higher savings interest rates to free on-going credit monitoring to no fees, digital banking has now become easier than ever. 

 

2. Transfer money from old bank to One

Once your new One account is active, it’s time to transfer your money. Plaid helps you link an external bank account to One in a few minutes, so you can transfer your funds conveniently and without stepping foot into your old bank branch. Check with your old bank if there are any hidden transfer fees or withdrawal limits. 

 

3. Reassign any auto-pay bills from the old account

If you’re someone who automates their household bills, car expenses, credit cards, or student loans, make sure all transactions are reassigned to your new One account. Bear in mind that you must first cancel the payments from your old account, and then you can set up the new automatic payments. This shouldn’t affect your automatic billing but keep an eye on your next statement to make sure you’re not double paying.

 

4. Set up your direct deposit

Don’t forget to set up your paycheck direct deposit to your new account. The most important direct transaction that goes into your account is your salary or paycheck. If your employer is not part of One’s automatic direct deposit system, provide your employer a completed form to make sure your next paycheck is rerouted to the new One account.

 

5. Final check and request of a written confirmation

The last thing you want to check is pending transactions on your old account. Once all your money is transferred and the automatic payments have been properly canceled, you’re ready to close the old bank account permanently. Remember to request a written document confirming that the account has been closed, on what day, and with zero outstanding balances. Keep a record of all closing paperwork, as well as final receipts and billing statements. You may need these documents to prove the account is no longer active.

 

6. Review the final statement

Once the bank confirms that your old account is in good standing, they will mark it as closed. You can now review your final statement to make sure all automatic payments have been transferred to the new account and that you recognize all the remaining transactions.

 

 

How to close a bank account at the top 5 banks

 

Bank of America

Bank of America has some of the most expensive monthly fees – up to $25 a month, which may prompt you to close your account. You can close your Bank of America account a few ways: 

  • Visit your local Bank of America branch 
  • Call Bank of America at 1-800-432-1000 
  • Send a written request to Bank of America, FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118 

Pro Tip You can’t close a Bank of America account online.

 

Wells Fargo

Wells Fargo’s reputation has taken a heavy downturn over the past few years. If you’re looking to close your Wells Fargo account you can: 

  • Call Wells Fargo at 1-800-869-3557 
  • Visit a Wells Fargo branch near you 
  • Complete a Wells Fargo’s “Account Closure or Partial Withdrawal Request form” and mail it to them

Pro Tip Make sure you receive confirmation that your account has been successfully closed. 

 

Chase

Chase’s fee schedule and low savings rates may have you looking to switch. If you’re looking to move your money and close your Chase account there are two methods:

  • Fill out the “Account Closing Form” and bring it to your local Chase branch 
  • Call Chase at 1-800-935-9935 

Pro Tip You can’t close a Chase account online.

 

PNC

Not a huge surprise, PNC’s website does not provide clear details about how to close a PNC account, though this can be done in three ways:   

  • Visit your local PNC branch 
  • Request to close the account via online chat 
  • Call PNC at 1-888-PNC-BANK (1-888-762-2265) 

 

BBVA

If you were a Simple user who was automatically converted to a BBVA account, you probably already know how to close a BBVA account. If you haven’t yet and are ready to switch you can:

  • Visit your local BBVA branch 
  • Fill out an “Account Closing Form” and bring it to a BBVA branch 

Pro Tip If you’re trying to close a joint account, check if they require both signatures or both people present at account closure.

 

 

Top 5 reasons people are leaving traditional banks to come to One

If you are still researching what banking service would best fit your needs, here are some reasons why One customers made the switch.  

 

Better interest savings rates

  • “Auto-save is awesome. Plus, 3.00% APY* and 1.00% APY* beats the hell out of most banks’ savings rates.”
    – Ian D.

 

  • “Great interest rates, especially Auto-Save! That 3.00% APY* is great motivation to not dip into savings.”
    – Chelsea G.

 

  • “Pockets are better than a singular savings account with abysmal interest rates. 1.00% APY* and 3.00% APY* are a boon to One! Superior to all major banks!
    – Daniel G.

 

Better customer service

  • “Of the times I have contacted your customer service I have had an outstanding experience. I’ve even seen features I have suggested be implemented.”
    – Steven B.

 

  • “Customer service has been exceptional.”
    – Carrie W.

 

  • “Great customer service, fast resolutions. Friendly reps.”
    – Danny T.

 

Better budgeting tools

  • “One is a fantastic money management tool.”
    – Tamara S.

 

  • “The Pockets combined with Scheduled Transfers make it very easy for me to set up seamless automatic bill payment. This way, no matter what time or day I look at my Spend Pocket balance, I know that all of my bills are covered!”
    – Garrett S.

 

  • “It allows me to manage my money in a way that works for my brain. I love it.”
    – Erin S

 

No fees

  • “It’s just real simple, straightforward, no fees. I’ve never had any issues with One at all, extremely satisfied.”
    – Misty L.

 

  • “My husband and I were tired of getting screwed over by surprise fees that come with traditional banking. We love ONE!!”
    – Rachell N.

 

  • “Much better and with no fees.”
    – Sue G.

 

Not limited to joint accounts

  • “The Pockets are super helpful to keep track of spending and useful for budgeting with another person!”
    – Dandi L.

 

  • “One of my favorite things about One is the ability to create Pockets. This feature is so convenient without having to open multiple accounts.”
    – Crystal M.

 

  • The Shared Pockets work great as a joint alternative. It’s easy to use and it’s like having multiple accounts in one.”
    – Steve R.

 


 

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