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As long as you keep at least one account open, and the account you're closing is in good standing, then there won't be any negative effects when you close a bank account. Closing credit accounts—like credit cards—can hurt your credit score, but that doesn't apply to standard deposit accounts.
- Do banks report when you close your account?
- What happens when you close an account at a bank?
- Can a bank not let you close your account?
- Is it OK to close a savings account?
Do banks report when you close your account?
If you've had your account closed due to an unpaid negative balance, the bank or credit union would typically report this “involuntary closure” to a checking account reporting company. You may also be reported if you were suspected of fraudulent activity by the bank or credit union.
What happens when you close an account at a bank?
The bank will check your account to ensure it's in good standing and that you've resolved any outstanding issues before it marks the account as closed. If there are any remaining funds in the account, you should be able to request a transfer to your new account or receive a check by mail.
Can a bank not let you close your account?
Yes. Generally, banks may close accounts, for any reason and without notice. Some reasons could include inactivity or low usage. Review your deposit account agreement for policies specific to your bank and your account.
Is it OK to close a savings account?
The good news is that, unlike closing a credit card account, closing a bank account generally won't hurt your credit score.
