Closing a bank account is a straightforward process, but it can take an unexpectedly long time if you aren’t prepared. Depending on a few different factors, the process can take a day, a week, or even a few months.
In most cases, closing a bank account can be finalized in one or two days. Causes of delay could be dependent on the amount of funds in your account and how quickly you deactivate or reroute direct deposits and online bill payments to a new account.
Closing a bank account is a great opportunity to take a look at your budget with a fresh perspective. Read below for more tips for closing your bank account.
1) Transfer Money to Another Bank Account or Open a New Account
If you are transferring funds to a new account at a different bank, be sure to follow the right protocol to avoid any mishaps. Typically, transferring money between two accounts is free, but be sure…