Yes, you can close the account, but timing and terms matter
You can close a checking account after receiving a bonus, but the bank may claw back the bonus money if you close too soon. Most banks require you to keep the account open for a set period — often 90 days, sometimes up to a year — before you can close without losing the bonus. If you close before that window ends, the bank will subtract the bonus from your final balance or charge it back to a linked account.
The specific rules depend entirely on the bank's bonus terms. Before you open any account for a bonus, read the fine print to find the exact closing important date. This is the single most important step, because the terms vary widely and the bank will enforce them.
Key Takeaways
- Banks typically require you to hold the account open for 60 to 365 days after receiving the bonus, or they will take the bonus back.
- The closing important date is stated in the bonus terms when you open the account — you must read this before you sign up.
- If you close early, the bank usually deducts the bonus from your final balance or reverses it from a linked account.
- Some banks also require a minimum deposit or monthly activity to keep the bonus, not just the account itself.
- Marking your calendar with the earliest safe closing date prevents accidental forfeiture.
Where to find the closing important date
The bonus terms appear in the account offer itself — usually on the bank's website, in the email that invited you, or in the paperwork you signed when you opened the account. Look for language like "bonus will be forfeited if account is closed within [X] days" or "account must remain open for [X] days to receive bonus."
If you cannot find the terms, call the bank's customer service line and ask directly: "What is the earliest date I can close this account without losing my bonus?" Write down the answer and the date you called. This protects you if there is a dispute later.
Some banks also list the terms in your online account dashboard under "Promotions" or "Offers." Check there first before calling.
What happens if you close before the important date
If you close the account before the required holding period ends, the bank will reverse the bonus. The most common method is to deduct it from your final balance when you close. If your account balance is lower than the bonus amount, the bank will charge the difference to a linked account or send you a bill.
For example: if you received a $200 bonus and close the account 30 days later, the bank might deduct $200 from your closing balance. If you only have $150 in the account, you would owe $50.
The reversal happens automatically — you do not have to do anything. The bank straightforward removes the bonus as part of the closing process.
Other requirements beyond the holding period
Some banks attach additional conditions to the bonus beyond just keeping the account open. Read the full terms to check for these common ones:
- Minimum deposit: You may need to deposit a certain amount (often $500 to $2,500) within a set timeframe to earn the bonus. If you do not meet this, the bonus does not post at all.
- Direct deposit: A few banks require at least one direct deposit to the account before the bonus posts.
- Monthly activity: Some require a minimum number of debit card transactions or transfers each month to keep the bonus.
- No other accounts: Rarely, a bank will void the bonus if you open a second account with them during the holding period.
If you fail any of these conditions, the bonus straightforward will not post — you will not receive it in the first place. This is different from closing early, which reverses a bonus you already have.
How to plan your closing date safely
Once you know the important date, write it down in your calendar or phone with a reminder set for one week before. This gives you a buffer in case the bank takes a few days to process the closure.
The safest approach is to wait until the important date has fully passed before closing. If the terms say "account must remain open for 90 days," close on day 91 or later. Do not close on day 90 — banks sometimes interpret "90 days" as 90 full business days, not calendar days, and the exact count can vary.
Before you close, move any remaining money to another account. Then call the bank to close, confirm the bonus was not reversed, and ask for written confirmation of the closure. Keep this confirmation in case you need to dispute a charge later.
What to do if the bonus was reversed by mistake
If you closed after the important date and the bonus was still taken back, contact the bank's customer service when ready. Explain that you closed after the required holding period and ask them to restore the bonus.
Have your closing date and the bonus terms ready when you call. If the bank made an error, they will usually add the bonus back within a few business days. If they insist you closed too early, ask them to show you the exact language from the terms and the exact date you closed — sometimes there is a genuine misunderstanding about how the important date was calculated.
If the bank refuses and you believe they are wrong, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. Include your account number, the bonus amount, the terms you were given, and the date you closed.
Frequently Asked Questions
Can I close the account online, or do I have to call?
Most banks let you close online through your account dashboard, but some require a phone call. Check your bank's website first. If you cannot find a close option online, call customer service. Either way, ask for written confirmation of the closure date.
What if the bonus terms say "90 days" but I am not sure when my 90 days started?
The holding period usually starts the day you open the account or the day the bonus posts — whichever the terms specify. Call the bank and ask them to tell you the exact start date and the exact end date. Write both down. This removes any guesswork.
If I have a second account at the same bank, does closing one affect the other?
Closing one account does not affect another account at the same bank, unless the bonus terms specifically say otherwise. Check your bonus terms to see if they mention multiple accounts. If they do not, you are safe to close one without affecting the other.
Can I move money out of the account before closing without losing the bonus?
Yes. Moving money out does not affect the bonus as long as you keep the account open until the important date. The bonus is tied to the account being open, not to the balance in it. You can empty the account and close it on the same day, as long as that day is after the important date.
What if I forgot to close by the important date and it has been months?
You can still close the account whenever you want — there is no penalty for closing late. The bonus was already yours once the holding period ended. Just close the account normally and move on.