Posted by William Charles on January 20, 2016
Bank Account Bonuses

Published on January 20th, 2016 | by William Charles


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.

16 Responses to What Are The Easiest Ways To Close Bank Accounts?

  1. Cowboyguy says:

    Didn’t know where to post this but will you write a post on 4X ebay bucks promo that many of us have received today, and if there are any good GC deale available to stack?

  2. Dave says:

    Is it easy to downgrade Citigold to Basic checking this way as well?

    • Drew R says:

      I was in a live chat that somebody was downgrading it for me, until my computer literally crapped out mid convo – but the rep said he could do it over live chat before then, so that should work.

      I later sent a secure message because of fear I’d get disconnected again over chat. They sent an SM back the next morning confirming the decision and that worked as well.

  3. Darv says:

    Doc, what percent of the time is number one successful?

    I do the branch thing when I can because it is fool proof but I would prefer to avoid that hassle. I did a phone closure with Bank of America. Most of the accounts I need to close in the next year do not have branches in my state.

    Certified mail sounds extreme.

    Thanks for everything here.

  4. Andrew says:

    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.

  5. Sam says:

    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?

  6. Pingback: Complete List Of Ways To Close Bank Accounts At Each Bank - Doctor Of Credit

  7. Ryan R says:

    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!

    • Anon says:

      I’d love to know the answer to this question as well.

    • paul says:

      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.

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