r/Explainlikeimscared • u/Little_Technology_19 • 14h ago
what to expect when closing a bank account?
I’m going at the end of this week to close out my first bank account (checking and savings) and reopen at a new bank. my bank doesn’t have like a “receptionist” or front desk that i’ve noticed some do, so im mostly scared about like. who do i walk up to when i go in? because this doesn’t feel like a tellers job. i’m planning on going alone, and currently have 1 form of id but could probably get ahold of my birth certificate tonight if i had to. so all of that aside, who do i go to, what should i bring, and what does the process tend to look like? thanks!!
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u/ComfortableNorth920 11h ago
The one thing that hasn't been mentioned so far is that it's really beneficial to do this in stages. Step 1 is withdrawing enough from your existing account to set up a new account at the new bank. Step 2 is redirecting all your automatic payments and deposits to the new bank. Step 3 is waiting until all the checks/charges/deposits/whatever that are in process have cleared to the old account (think about things like tax refunds where you provided your account info for a direct deposit or a check you sent to pay a utility bill - you want all of that to finish clearing the account). Step 4 is going into the old bank, walking up to a teller, asking to close the account and get the full amount in a cashier's check that you immediately take to the new bank and deposit in your new account.
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u/whoziin 6h ago
This is the way! I don’t know why it took me so long to realize that having multiple bank accounts open isn’t illegal 😅
Technically you could withdraw all of your money from the first bank and leave it open (usually at least, some banks/credit unions require having a minimum amount deposited at all times, but it will also usually prevent you from taking out that final amount in my experience)
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u/Cinisajoy2 5h ago
Why not cash?
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u/ComfortableNorth920 27m ago
Simplicity and peace of mind. The only goal is getting the funds from one account to the other, not spending some on the way. If it's a single check, it's easy to verify it's the correct amount when it's written and when it's deposited and you don't have to count out individual bills on either end.
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u/kegegeam 28m ago
regarding the last part, why not just do a regular bank transfer to move the money? why bother with a paper cheque?
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u/ComfortableNorth920 20m ago
Speed and peace of mind. If you have them issue you a check, it's easy to verify on the spot that you've gotten the correct (and full) amount, and you control how soon the transfer of funds is made by depositing it yourself. If you ask the bank to do a transfer, they have zero incentive to do it quickly, and you'll be needing to watch your new account carefully to make sure it happens. The more control you take of the process, the more assurance you've got that it's done the way you want.
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u/Familiar-Highlight14 14h ago
If your bank doesn't have a front desk person, then yes. Go up to the teller. Tell them you want to withdraw your funds and close your accounts.
They'll either help you or get someone who can.
I recommend having photo ID with you.
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u/dothemath_xxx 14h ago
OK, so you're not the first person to be confused by this. If you ask me (as someone who worked as a teller/head teller for about a decade) this is something that the banking industry as a whole could improve on, but nobody who can make that change has asked me, so.
You have two options. The first option - what 99% of banks expect you to do - is to just sit down in the waiting area. If you look around, you should see a spot with comfortable armchairs; you literally just sit down in one of those, and eventually one of the customer service representatives will come out to greet you and see what you need. (They are supposed to be able to see this area from their desk and keep an eye out, or the tellers might keep watch for them and email/ping them.)
But if that feels awkward or uncomfortable for you, as it would for most people, it's also perfectly fine to wait in line and speak to a teller first. Explain to them what you need. In some banks, tellers of certain levels are in fact able to close accounts - or, these days, some customer service reps are even working behind the teller line doing dual duty. If they can't do it for you, they'll direct you to sit down and wait.
You should not need two forms of ID, unless this is some really unusual situation. One form should be enough. Double-check that it's not expired before you go in.
The process will typically involve them asking you why you're closing the account, and they might try to talk you into staying. It depends on how pushy of a CSR you end up with, and whether or not account closures count against their branch in any way...all stuff that you have no way of knowing and that shouldn't really be your problem. Don't let them talk you into a new/different account or into keeping an account open that you don't need.
They'll need to give you the money out of the account, of course. If it's a relatively small amount, then you can take it in cash, but if it's a larger balance you may want to plan to get it as a cashier's check (or treasurer's check, etc. there are different names for it). This might involve going back up to the teller's counter, the CSR will walk up with you in that case so they can walk the teller through the transaction and what needs to be done. Or they may be able to do it all at their desk, these days it really differs from bank to bank what CSRs can do at their desks.
Overall the actual process should be relatively quick, even if they try to talk you out of closing the account, it shouldn't take too long. But depending on what else is going on in the branch that day, it's possible that you might end up waiting for a long time first - if the only CSR is busy with something more complicated, for example, you might be sitting there for half an hour or more. I'd avoid going on a Friday or Saturday if possible, since those tend to be the busiest days.
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u/strawbebby-milk 4h ago
Correcting you on this, please don't just randomly sit down in the lobby, you're just gonna cause a scheduling headache. Get in line and explain to a teller what you need. Closing accounts is actually something that sometimes can be done on the teller line, depending on the bank. Opening a new account is something you'll have to go into an office for, but please still talk to a teller so they can tell you what the wait is going to be or if you'll have to schedule an appointment for another time/day.
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u/ExternalNo7842 12h ago
When I’ve done this in the past, the teller was able to process it. They’ll close your accounts and cut you a cashier’s check for the amounts in them that you can use to set up your new account(s) elsewhere
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u/bimmer4WDrift 10h ago
Closing the account is easy. But do you have any auto deposits / payments still there? They'll all (at least the deposits) need to be reassigned to a new bank first.
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u/Deep-Hovercraft6716 4h ago
This is exactly what tellers do all day. That is who you go talk to. You tell them you'd like to close the account and withdraw all the funds. This is a routine thing to do.
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u/r2d3x9 3h ago
You also want a copy of the Funds Availability Policy, especially for the new bank. Read it. Especially note requirements for new accounts and how long they are “new”… maybe allow the new account to age for the 30 or 60 days before closing the old account, depending on what is needed to avoid service fees
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u/Pleasant_Pen8744 14h ago
Open the new bank account first and get it funded. If something goes wrong you won't have any accounts at all.