If you follow a few easy steps, switching banks can be simple and straightforward. Get started on a great new relationship with Huntington.
How to switch banks
Step 1: Open your new checking account.
Before you close your current bank account, you should first open a new one. Take some time to research which bank you want to use and what kind of account you want to open. Opening a Huntington Checking account online only takes about 10 minutes, so this step can be accomplished quickly.
Not sure which checking account you want? Compare checking accounts.
Step 2: Transfer your deposits and payments.
Automated finance options, like direct deposit and recurring bill pay, are helpful and convenient. Before closing your old bank account, you’ll want to make sure there won’t be anything going into or coming out of it—you don’t want to miss a bill or a paycheck. First, take the time to set up direct deposit to your new checking account. Then, update any automatic bill payments with your new account information or debit card number.
You can start setting up other important features, likeonline bankingand automatic transfers to a savings account, and download theHuntington Mobile app. You should also make sure to apply for adebit cardandorder checksfor your checking account.
Now’s a good time to begin moving most of your funds into your new checking account, either by electronic transfer through Online Banking or the Huntington Mobile app, certified check, or cash.
Open a Huntington Checking Account
If you want a basic checking account with no monthly maintenance fee, or an interest-earning checking account, we've got the options that are right for you.
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Step 3: Wait a month before closing your old account.
When transferring funds into your new account, make sure to leave some funds in your old account for at least a month. This way, if you forgot any automatic payments when you were switching bank accounts, you won’t miss paying a bill. Once you are ready, it's easy to transfer any remaining funds into your Huntington account using the transfer methods mentioned in Step 2.
Step 4: Close your bank account.
Once you feel confident that all necessary updates have been made and you’re all set up with your new account, it’s time to close your old bank account. Some banks may allow you to close your bank account online, but a call to your local branch or customer service can help you determine the best process. Usually, banks require you to come into a branch to close your account, and you’ll need to withdraw any remaining funds while you’re in person.
Speak to a banker at the branch and they’ll let you know about any remaining conditions of closing your account and answer any last questions you might have. The Consumer Finance Protection Bureau also recommends that you get a written confirmation that your bank account has been closed.
Congratulations, you’ve successfully switched banks! Make sure you’re familiar with any terms and conditions of your new account, which can help you avoid Overdraft Fees or Monthly Maintenance Fees.
FAQs
While many banks and credit unions don't charge such a fee, others may charge between $5 and $50 to customers who don't hold onto their account for more than a few months.
Can I close a checking account without going to the bank? ›
Contact the Bank to Cancel the Account
Typically, you must call or visit your financial institution to do this. However, some banks and credit unions will let you close an account online. Be sure to download any statements you may need for purposes such as completing your tax return before the old account is closed.
What is the proper way to close a bank account? ›
Once you're certain there's no more activity on the old account, you may close it online, over the phone or at a local branch. You'll likely need to complete a closing request form and have it notarized. A notary should be available at the bank. Ask for written confirmation of the account closure.
What documents are needed to close a bank account? ›
To close your bank account, you must write an application letter to the manager of your respective bank branch. Along with the application, you must also include/attach the documentation required to shut your account, such as a passbook, chequebook, ATM card (debit/credit), identity proof and so on.
Is there a downside to closing a bank account? ›
Closing an account may save you money in annual fees, or reduce the risk of fraud on those accounts, but closing the wrong accounts could actually harm your credit score. Check your credit reports online to see your account status before you close accounts to help your credit score.
What is a valid reason for closing a bank account? ›
There are many reasons banks can close your account without notice. The most common reasons include suspicious account activity, too many overdraft fees and account policy violations.
Can a bank refuse to close your account? ›
No Bank can refuse to close your deposit account and even loan account if you are repaying all dues with interest. However, if the account is opened for some specific purpose and the purpose still exists, banks may in such cases refuse to close the account.
Can I close my bank account without going to the branch? ›
Contact Your Bank
Cancel your bank account. Although financial institutions allow you to do this online, they may require you to make a phone call to customer service or a visit to a local bank branch. Some banks and credit unions may require you to fill out an account closure request form or submit a written request.
What happens to your money when you close a bank account? ›
When you close a bank account, your bank will likely require you to withdraw all funds before the account is considered fully closed. If your account was closed by the bank, you'll need to get in touch to ask how to access your funds.
Is it a big deal to close a bank account? ›
While closing a bank account typically doesn't have a direct impact on your credit score (like, say, having your credit card closed on you), it could become a problem if your account has any outstanding balances, such as unpaid overdraft fees.
If you want to close your account, you should call your bank or credit union or go in person and give them your account information. Once you have made a request, state law generally requires banks or credit unions to close your account in a reasonable amount of time.
Will a bank account automatically close if it reaches zero balance? ›
Conclusion: In conclusion, a current account with a zero balance doesn't automatically face closure across the board. The fate of the account is influenced by a myriad of factors, including the bank's policies, the type of current account, and the duration of the zero balance.
Should I transfer money before closing my account? ›
If you still have money in the account after everything clears, withdraw the money or transfer it to your new account. If your bank account has a minimum balance requirement, only transfer money out of the account when you're ready to close it so that you're not charged a monthly maintenance fee.
What ID do I need to close a bank account? ›
You'll need to bring your: current account card. identification, like your passport or driving licence.
Do you need both signatures to close a bank account? ›
You May Need Consent to Close the Account
While some banks have policies that allow one of the account owners to close the account individually, it's sometimes the case that you'll need signatures from both owners to close a joint account.
Do I need to pay charges to close bank account? ›
Note that banks usually levy account closure charges ranging between Rs 500 to Rs 1,000 in case a current account is closed after 14 days. Keep in mind, the Reserve Bank of India (RBI) does not have any specific guidelines on closure charges. Hence, levying service charges depends totally on the bank's discretion.
Do you get penalized for closing a bank account? ›
Here's an explanation for how we make money . When closing a bank account, a common question people ask is whether it will negatively impact their credit scores. Fortunately, closing a savings or checking account that's in good standing won't hurt your credit in any way.
What happens when you close a bank account with money in it? ›
You'll get your money back (usually). You may receive a check in the mail for the remaining balance, unless the bank suspects terrorism or other illegal activities. You can also go to a branch and receive a cashier's check for the account balance. Customer service may not be very helpful.
How to close a bank account permanently? ›
Contact Your Bank
Although financial institutions allow you to do this online, they may require you to make a phone call to customer service or a visit to a local bank branch. Some banks and credit unions may require you to fill out an account closure request form or submit a written request.
