How to close a teen checking account depends on who owns it
If the account is in your teen's name alone, they can close it themselves by visiting the bank branch or calling customer service. If it's a joint account with a parent as co-owner, either the teen or the parent can initiate the closure, but the bank may require both signatures or both people present. If the account is owned entirely by a parent with the teen as an authorized user, only the parent can close it. The specific process varies by bank, but the basic steps are the same: gather any remaining funds, settle any outstanding transactions, and submit a closure request.
Before you close the account, check the balance, wait for any pending deposits or payments to clear, and confirm there are no automatic bill payments or direct deposits still linked to it. Some banks charge a fee if you close an account within a certain timeframe (often 90 days to a year), though many waive this for minors. Ask the bank about any fees before you proceed.
Key Takeaways
- A teen can close their own account if it's in their name alone; a parent must be involved if the account is joint or parent-owned.
- You must wait for all pending transactions to clear and cancel any automatic payments or direct deposits before closing.
- Some banks charge an early closure fee if the account is closed within a set period, though policies vary and may be waived for minors.
- You can close the account in person at a branch, by phone, or by mail, depending on the bank's options.
- After closure, the bank will send a final statement and any remaining balance as a check or transfer to another account.
Steps to close the account in person or by phone
The fastest way to close a teen checking account is to visit the bank branch where it was opened. Bring a photo ID (the teen's ID if they're closing it themselves, or the parent's ID if a parent is closing a joint or parent-owned account). Tell the teller you want to close the account and ask if there are any outstanding fees or holds. The teller will confirm the current balance and ask how you want to receive the remaining money—usually as a check mailed to the address on file, a transfer to another bank account, or cash if you're closing in person.
If visiting a branch isn't practical, call the bank's customer service number on the back of the debit card or on the bank's website. Have the account number and the teen's Social Security number ready. The representative will walk you through the closure process and may ask security questions to verify identity. They'll confirm the balance and payment method for any remaining funds. Some banks allow you to request closure by phone but require a follow-up signature by mail.
If the account is joint or parent-owned, ask the bank whether both account holders need to be present or if one person can authorize closure on behalf of both. Policies differ by institution.
What to do before you close the account
Check the account balance online or by calling the bank at least a few days before you plan to close it. Look for any pending transactions—deposits that haven't posted yet, checks that haven't cleared, or payments that are scheduled but not yet processed. These can take several business days to complete, and closing the account before they clear can cause problems like bounced checks or failed payments.
Cancel any automatic bill payments or recurring charges linked to the account. This includes subscriptions, gym memberships, app store charges, or any service that pulls money from the account automatically. Log into the account online and review the transaction history for the past month to catch anything you might have missed. Contact each merchant or service directly to confirm the cancellation, or change the payment method to a different account or card.
If the teen receives direct deposits (paychecks, allowance transfers, or government benefits), update the deposit instructions with the new account information before closing the old one. Redirect the deposits to a different account or ask the payer to pause deposits until a new account is set up.
Early closure fees and what to expect
Many banks charge a fee to close an account within a set timeframe, typically 90 days to one year after opening. This fee usually ranges from $25 to $50, though some banks charge more. However, many banks waive early closure fees for accounts held by minors, so ask before assuming you'll pay. The fee, if charged, will be deducted from the final balance before the remaining money is sent to you.
Some banks also charge monthly maintenance fees if the account doesn't meet a minimum balance or doesn't receive regular deposits. If the account has been open for a while and has accumulated fees, the final balance may be lower than expected. Request an itemized statement showing all fees charged over the life of the account so you know exactly what you're paying for.
How the remaining balance is returned to you
After you close the account, the bank will send any remaining balance to you in one of three ways: a check mailed to the address on file, a transfer to another bank account you specify, or cash if you closed in person at a branch. Ask the bank which option is fastest for your situation. A check typically arrives within 5 to 10 business days. A transfer to another account can take 1 to 3 business days if it's to an account at the same bank, or 3 to 5 business days if it's to a different bank.
If you request a check and it doesn't arrive within two weeks, contact the bank to confirm it was mailed and ask them to issue a replacement or process a transfer instead. Keep the account open until you've received the final balance and confirmed it matches what the bank told you it would be.
Closing a teen account when the teen turns 18
When a teen turns 18, the account may automatically convert from a teen or minor account to a standard adult account. This doesn't require any action on your part unless you want to close it. If the account is joint and you want to remove the teen as a co-owner (rather than closing it entirely), contact the bank to discuss converting it to a single-owner account in the teen's name.
If you want to close the account at the time of conversion, do so before the account switches to adult status, since some banks have different closure policies for adult accounts. Ask the bank when the conversion will happen and whether closure fees change after the conversion.
What happens if you don't close the account
If you stop using a teen checking account but don't formally close it, the bank will keep it open and may charge monthly maintenance fees even if there's no activity. These fees will be deducted from any remaining balance until the account is depleted. Once the balance reaches zero, the bank may close the account automatically, but this can take months or longer depending on the bank's policy.
An inactive account can also affect the teen's credit history or banking record if it goes into negative balance due to fees. It's better to close the account formally than to abandon it. If you've lost track of an old teen account, contact the bank with the teen's name and Social Security number to locate it, then proceed with closure.
Frequently Asked Questions
Can a teen close their own account without a parent?
If the account is in the teen's name alone, yes—they can close it by visiting a branch or calling customer service with their ID. If it's a joint account or parent-owned, the parent must be involved. Check with your bank about the age at which teens can make this decision independently; most banks allow it at 16 or 18.
What if there's a negative balance when I try to close?
The bank will not close the account until the balance is positive. You'll need to deposit money to cover the negative balance and any outstanding fees first. Once the account is in the positive, you can proceed with closure.
How long does it take to close a teen checking account?
The closure itself is when ready—the bank processes it the same day you request it. However, receiving the final balance can take 5 to 10 business days if it's mailed as a check, or 1 to 3 business days if transferred to another account at the same bank.
Will closing the account hurt the teen's credit?
No. Closing a checking account does not affect credit scores because checking accounts are not reported to credit bureaus. Credit scores are based on credit history—loans, credit cards, and payment history—not on bank accounts.
What if the teen is away at college when we want to close the account?
You can close the account by phone or mail without the teen present if you're a co-owner or authorized signer. If the account is in the teen's name alone, they can authorize closure by phone or mail. Arrange for the final balance to be transferred to an account the teen can access easily, or have the check mailed to their college address.