You may also have to check that all pending transactions are complete. You still have to ensure you have a zero or positive account balance. Instead, you must deposit at least enough to eliminate the negative balance and pay any overdraft fees. Most banks won’t let you voluntarily close an account with an outstanding overdraft.

Unpaid overdrafts leading to involuntary closure.

Suspected fraud related to your account.

Take Our Poll: Are You Concerned About the Safety of Your Money in Your Bank Accounts? Overdrawn AccountsĪccording to the Consumer Financial Protection Bureau, banks and credit unions can report negative information about your credit history.

It may be possible to make transfers from your savings account, but many institutions have withdrawal limits on savings.Ĭonsider setting up a different checking account before canceling the one you have. However, money orders are inconvenient, and not all bills are payable in cash.

Not having a checking account means paying bills with money orders or cash. While shopping for checking accounts can benefit your finances, closing a checking account without another lined up is not a good idea. That said, there are some issues to note when closing a checking account.

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