- 1). Read your account agreement thoroughly and look for the clauses on closing the account or satisfying the financial agreement. If there are terms you don't understand, clarify them with your financial institution, an attorney or an accountant.
- 2). Plan your steps to meet the account-closure terms. On a personal checking or savings account, you can usually close it at any time unless it is linked to a loan or line of credit you have with the bank that requires you to maintain an account. Credit cards and loan agreements always require repayment of the outstanding balance including interest, although some have closing fees and penalties for early repayment. Figure out exactly how much money you'll need to satisfy your loan or credit terms.
- 3). Present your financial institution or service provider with a written request to close your account and satisfy any outstanding balances or obligations of your agreement. Have any monies owed with you at the time to settle matters. In cases of stocks and investments, arrange to have any stock certificates or paperwork associated with your ownership handed over or sent to you.
- 4). Inquire if closing an account and opening a new one is a possibility. In some cases, financial institution and services representatives do not have the authority to change terms on existing accounts, but can offer new accounts with different terms, features and promotional specials. In these cases, clearing out one account and opening another with new agreement terms may be desirable for both parties.
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