A minor can close a bank account only if the bank allows it and a parent or guardian gives permission — most banks require the adult on the account to close it instead.
The rules depend on your bank, your age, and whether you opened the account alone or with a parent. Some banks let teenagers close accounts at 16 or 17 with parental consent. Others require you to be 18. Many banks will only close the account if the parent or guardian who opened it comes in or calls to request the closure. The account itself belongs to the parent legally until you turn 18, even if you earned the money in it.
If you want to close the account, your first step is to call or visit your bank and ask directly: "What is your policy for minors closing accounts?" Write down the answer, including the name of the person who told you. Banks have different rules, and what one bank allows another may not.
Key Takeaways
- Most banks require a parent or guardian to close a minor's account, even if the minor opened it or deposited their own money.
- Some banks allow minors age 16 or older to close accounts with parental permission, but policies vary widely by institution.
- You will need to bring or have access to the account number, a photo ID, and proof of the parent's identity if they are closing it on your behalf.
- If the account has a balance, the bank will issue a check or transfer the funds to another account — you cannot withdraw cash for a large balance in most cases.
- Closing an account does not erase its history; the bank keeps records for at least five years for fraud and tax purposes.
Why banks require parental permission
A minor's bank account is a custodial account. The parent or guardian is the legal owner and has the right to control it until the child turns 18. This is true even if the minor earned all the money themselves through a job. The bank's job is to protect that account from being closed without the adult's knowledge or consent.
This rule also protects you. If you could close the account on your own, someone could pressure you to do it, or you could make a decision you later regret. The bank's requirement that a parent be involved is a safeguard, not a punishment.
What happens if you are 16 or 17
Some banks — including Chase, Bank of America, and Wells Fargo — allow minors age 16 or 17 to close accounts if a parent or guardian consents. The process usually works like this: you and the parent visit the bank together, or the parent calls and authorizes the closure while you are present. The bank verifies the parent's identity and the minor's identity, then processes the request.
Other banks have no policy allowing minors to close accounts at any age short of 18. Credit unions sometimes have different rules than large national banks. Before you make a plan, contact your specific bank and ask what age they allow account closures for minors. Do not assume based on what a friend's bank does.
What to do if your bank says no
If your bank will not let you close the account, you have two options: ask the parent or guardian to close it, or wait until you turn 18. If you turn 18 while the account is still open, you can close it yourself without anyone's permission — the account becomes yours at that point.
If the parent or guardian refuses to close the account and you are in a situation where you need the money or need to end the relationship with that account, talk to a school counselor, trusted adult, or local legal aid office. Some situations — like financial abuse or control — may have options beyond the normal bank closure process, though these are rare and depend on your specific circumstances.
How to close the account if you get permission
Once you have permission from the parent or guardian, here is what to do:
- Call the bank's customer service line or visit a branch in person and say you want to close the account.
- Have the account number ready, plus a photo ID for yourself and the parent or guardian.
- If closing in person, both of you should go together. If closing by phone, the parent may need to be on the call to verify their identity.
- Ask what happens to the balance. For small amounts, the bank may issue a check. For larger amounts, you can request a transfer to another account instead.
- Ask the bank to confirm the closure in writing — get a reference number or email confirmation.
The closure usually takes effect when ready, though it may take a few business days for checks to arrive or transfers to process. Any automatic payments or direct deposits linked to the account will fail after closure, so contact your employer or any services using that account beforehand.
What happens to the money in the account
When you close the account, the bank will not let the balance sit. You have to tell them where it goes. Your options are usually:
- A check mailed to the address on file. This takes 5 to 10 business days to arrive.
- A transfer to another bank account. This is faster — usually 1 to 3 business days — and you can use an account in your name or the parent's name.
- Cash withdrawal at the branch. Most banks will only do this for amounts under $1,000 or $2,500, depending on their policy. Larger amounts require a check or transfer.
Do not assume the bank will hold the money or let you decide later. You must choose at the time of closure.
What closing does and does not do
Closing the account stops new transactions, but it does not erase the account's history. The bank keeps records of the account for at least five years. If there was fraud on the account, those records are still there. If you had overdrafts or fees, closing the account does not remove them from your credit report or banking history.
Closing also does not affect your credit score directly — minors typically do not have credit scores yet. But if the account had negative marks, those may follow you when you open a new account at 18. Some banks check a system called ChexSystems, which tracks banking history across institutions.
Frequently Asked Questions
Can I close the account without telling the parent?
No. Banks require the parent or guardian to authorize the closure. If you try to close it without permission, the bank will refuse. The account legally belongs to the parent until you turn 18.
What if the parent lost the debit card or forgot the PIN?
That does not matter for closing. The parent does not need the card or PIN — they just need to prove their identity with a photo ID. Call the bank and ask what ID they accept.
Can I move the money to a different account instead of closing?
Yes. You can ask the bank to transfer the balance to another account without closing the original one. This is useful if you want to keep the account open but move the money somewhere else. The parent still needs to authorize the transfer if you are under 18.
What if I turn 18 before the closure is complete?
Once you turn 18, the account becomes yours and you can close it yourself without anyone's permission. If a closure request is already in progress, the bank may ask you to confirm it in your own name instead of the parent's.
Will closing the account hurt my credit?
Closing a checking or savings account does not affect your credit score. Credit scores are based on credit accounts like credit cards and loans, not bank accounts. However, if the account had overdrafts or went to collections, that history may appear on your banking record.