So you’ve made the decision to close your bank account. By this point, you’ve probably realized that their rosy promises of 'free' checking accounts and 'high-yield' savings accounts eventually lead to a labyrinth of hidden fees and charges. Minimum balance requirements. Monthly service fees. Overdraft fees. Ridiculous wire transfer charges. And to add insult to injury, an interest rate that hovers between 0 and 0.01%; making you effectively zero income on your precious deposits.

Use our detailed guide and checklists to understand how to close your bank account with ease.

How to Close a Chase Account

There are four main options if you're looking to close a Chase account.

1. The easiest way to close your Chase checking account is to log onto the Chase online banking website and head to the Secure Message Center, where you can send an email requesting account closure. You should receive a response within 2 working days with follow up questions and account closing confirmation.
2. Visit your local Chase branch and speak to an account executive. You will need to provide identity proof, so carry along your social security number, valid ID, address details, pin numbers etc. You can find the closest branch to you on this online locator.
3. If you don't have access to a local branch, call the official support center at 1-800-935-9935 and request them to close your Chase account.
4. You can also submit your request in writing to National Bank By Mail, P.O. Box 36520, Louisville, KY 40233-6520. For rush delivery, send to National Bank By Mail, Mail Code KY1-0900, 416 West Jefferson, Floor L1, Louisville, KY, 40202-3202.

How To Close a Bank of America Account

Unfortunately, you cannot close a Bank of America account online. It can only be done by the following three routes.

1. If you want to close your Bank of America account in-person, visit a nearby branch and speak to an account executive. You will need to provide identity proof, so carry along your social security number, valid ID, address details, pin numbers etc. You can find the branch closest to you on this online locator.
2. If you don't have access to a local branch, call the support center at 800.432.1000 and request the customer care executive to close your account.
3. You can also submit your request in writing to Bank of America, FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118. Be sure to have all account owners sign the letter and mention how you would like to receive your balance, if any.

How To Close a Wells Fargo Account

There are three main options available if you're looking to close a Wells Fargo account.

1. The easiest way to close your account is to log onto the Wells Fargo online banking website, head to the Contact Us section, where you can send an email requesting account closure. If you've maintained zero balance, you should receive a confirmation email within a few days.
2. Visit your local Wells Fargo branch and speak to an account executive. You will need to provide identity proof, so carry along your social security number, valid ID, address details, pin numbers etc. You can find the closest branch to you on this online locator.
3. If you don't have access to a local branch, call the Wells Fargo support center at 1-800-869-3557 and request for account closure.
4. Set Up a New Account - This may seem obvious, but make sure you have a new bank account set up before you close any existing accounts.
5. Transfer Utility Bills - Review your most recent monthly statement for any recurring charges like water, electricity, gas and rental bills. Make sure that you transfer over all these essential charges to your new account at least 15 days before they are due.
6. Transfer Your Subscriptions - Take note off all your online subscriptions like Netflix, Apple Music, and Spotify and transfer them over from your old checking account to your new account.
7. Sort out Your Direct Deposits - If your salary's direct deposit is attached to your old checking account, transfer it to your new bank at least a full working week before it is expected.
8. Spot the Hidden Charges - Check for any recurring or overdue bank fees and resolve them. This is essential to protect your credit score (explained later).
9. Make the Switch - Transfer any remaining balances over to your new account and go make that evening margarita. You're now ready to close your account.

   Can I Close My Bank Account Online?

   While it is certainly convenient to close your bank account online, many banks are yet to offer this service. Most national banks like Chase and Wells Fargo offer the ability to initiate and complete bank account closure via their online portals, while some like Bank of America still recommend customers to walk into a branch or call in. Similarly, many smaller credit unions only offer account closing in-person or by phone.

   Is It Bad to Close a Bank Account?

   Not at all. You have every right under consumer protection laws to close your bank account if you are dissatisfied with their service. Let's be honest, be it monthly maintenance fees, hidden costs, overdraft charges or poor customer service, we've all been burnt by our banking relationships. If you are privy to better banking options, warn your financial institution of your impending departure, follow our bank account closing checklist, and be on your way!

   Will My Credit Score Be Affected if I Close My Bank Account?

   No, it won't! Credit bureaus are not privy to your bank account information and hence cannot report your transactional activity to the credit bureau. The only case where your credit score might be affected is if you have negative overdraft balance and haven't repaid in a long time. Banks will pass on the overdue amount to collection agencies, who can report to credit bureaus, thus affecting your credit score.

   This is why it is essential that you clear all bank dues before you close your bank account.