What Are The Easiest Ways To Close Bank Accounts?

I’ve recently started opening a few different bank accounts for the sign up bonuses, I’m wondering what the easiest way to close these accounts is?

First of all you’ll want to make sure your bonus has posted and your account has been open long enough to avoid any early account termination fees (this is listed in the fee schedule and we also list it at the top of every bank bonus we post to save you some time). I then try to close the account in the following order:

  1. Send a secured message
  2. Phone call (if not allowed, ask about three)
  3. Send a signed certified letter
  4. Go into the branch

Once the account is closed, it’s also a good idea to record the date when the account was closed (along with the opening date and the date you received a bonus).  As it’s often possible to get the sign up bonus more than once in a life time and sometimes they exclude people based on when their account was last closed.

View Comments (29)

  • Jan 5 2024 - $75k deposit
    Apr 4 2024 - $1k bonus cleared

    $25k outbound daily limit
    $50k outbound monthly limit!! Monies are stuck for a month now. :(

  • I am opening a chase checking/savings account to qualify for the 900 bonus. I'll sign up fo rthe direct deposit which will only start in January 2024. My question is how many months should the direct deposit go into this new chase account ?
    I am planning to close the chase account after the bonus so to switch direct deposit banks will take another 2 months.
    So can I start a direct deposit to Chase from January and then stop the direct deposit from March ?

  • Just closed Citibank Basic Account Package (i.e. Checking account) using their Live Chat. I had zeroed out the balance prior to closing.

  • Re: Chase thresholds - I was just able to close accounts via SM with balance >$1,500

  • I just opened a Legacy Texas Maximum checking account in time for the bonus. My question is should I even activate the debit card since I don't see me ever using it? I plan to close the account as soon as the bonus is deposited. Thanks

  • I closed Citibank by online chat and got the check about 3 days afterwards. CLosed Wells Fargo in person and Santander as well.

  • When you close accounts after meeting the bonus requirements, should you withdraw your money prior to closing, or have the money withdrawn while closing?

    If withdrawing prior, I’m concerned about getting hit with a monthly fee for having too low of a balance and then an overdraft fee. I see that for Citigold, you need to downgrade your account first, but for other accounts should I have any concern about this? This is my first time churning bank accounts for bonuses, so appreciate any help!

    • Check your billing cycle. If it's not close to your statement date, it doesn't matter.

    • Best is to check with bank Customer Rep, usually withdraw and close within few days and make sure you close after statement cycle is closed than near closing of statement cycle as you run into "0" balance for 2 statement cycles may lead to fee

    • @guest_355579 I'm wondering the same thing. What did you end up doing when closing Citi and your other accounts?

    • I've probably churned 20+ checking accounts over the last 5 years. I always maintain the min balance to avoid fees and then transfer the money out just before wanting to close it out. I do this all after receiving my new account financial incentive and after ensuring I've met the requirements to avoid any "early closure penalty" which usually means keeping the account open for a minimum of 3 or 6 months. After zeroing out the balance, I call the bank and close the account. I've never been assessed any fee for doing so.

  • I closed Citigold both checking and savings in October I think. Can I apply fresh for these accounts again in January?

    I am about to cancel Barclays A+ but am thinking if I should eat the AF if I have CC funding option for bank bonuses. Thoughts?

  • Chase depends on the account balance. I just tried the other day by SM, so I have the thresholds.

    You can also always close an account (with any amount) in person at a branch with valid government issued ID. However, they may charge you for a bank check. I have never been charged for a bank check if closing via phone or SM.

    Under $50: Secure Message (tell them if you want the balance transferred to another account, or if you want a check mailed).

    Under $5,000: Through phone call (again, any balance remaining they will mail or can transfer to another account).

    Under $100,000: Via written request, including the name as it appears on the account, full account numbers, full social security number, current address and phone numbers and how you want to receive the balance remaining (mail or transfer to another account). Note, that if your balance is over $1,000, the letter must be notarized.

    • Here's some updated information on closing Chase accounts. I contacted them via secure message on the Chase site to request they close my accounts and here was their reply:

      [...] here are the options for closing your accounts:

      1. Reply to this message or call us at the number listed
      below (only for accounts with a balance below $5,000;
      other limitations will apply if your address recently
      changed).

      - Tell us why you are closing the account.
      - Tell us how you want to receive any money that remains
      in your account. There are two options: either by U.S.
      mail or account transfer to another Chase deposit account
      you own (include the account number).
      - Confirm your mailing address, even if your balance is
      $0.

      2. Visit any of our branches and present a driver's
      license or other valid government-issued photo ID.
      - You may have a 30 minute wait to speak to a branch
      banker. To avoid the wait, you can call the branch and
      schedule an appointment before you visit.

      3. Send us a written request to close your account (only
      for accounts with a balance below $100,000). Please
      include the following information with your request:
      - Your full name as it appears on the account(s)
      - Your full account number(s)
      - Your full Social Security Number
      - Your current address
      - Your current phone numbers (daytime and evening, with
      area codes and country codes)
      - How you want to receive any money that remains in your
      account: by U.S. mail or account transfer to another Chase
      deposit account you own (include the account number)
      - Your signature and the date (For accounts with a balance
      greater than $1,000, your signature must be notarized.)

      Here's our contact information:

      JPMorgan Chase
      National Account Closing TX3-7861
      PO Box 659516
      San Antonio, TX 78265
      Fax: (225) 332-7787

      For overnight delivery:
      JPMorgan Chase
      National Account Closing TX3-7861
      20855 Stone Oak Pkwy
      San Antonio, TX 78258

      Please make sure all outstanding items have cleared your
      account before it closes. If any outstanding items (such
      as checks, authorized ATM/debit card transactions, direct
      deposits or other automatic/recurring debits or credits)
      are presented to this account, the items will either be
      returned unpaid, or could possibly re-open the account.

      • @guest_610730 - I want to close my Chase account, but I'm new to all of this. Can you offer any advice?

        I'm maintaining the minimum balance to avoid the monthly account fee. I'd prefer to transfer every penny of the money (+/-$2500) out to my hub account via ACH instead of waiting for Chase to process and mail me a check.

        However, I'm worried if it isn't timed perfectly, there may be an End of Business day in which I have a zero balance, which would trigger getting charged the account fee for not maintaining the minimum account balance.

        It seems the safest is to s minimikip the ACH and be patient awaiting the paper check. Do you agree?

        • "there may be an End of Business day in which I have a zero balance, which would trigger getting charged the account fee"

          I don't think they charge that kind of fee the day it happens, only the next time a statement period ends. So start the closeout process early in a statement cycle rather than later in it, and it'll be all done before they'd consider applying a fee.

        • They don't charge fees. I am actually in the process of closing my account now with Chase (and have in the past). I took out all the money to a 0 balance, waited for the transaction to clear from pending. And closed the account.

          Also, in the SM response, it stated:

          - We won't charge Monthly Service Fees or Insufficient
          Funds Fees to the account being closed.

    • The mailing address is: JPMorgan Chase, National Account Closing TX3-7861, PO Box 659516, San Antonio TX 78265.