Closing your Capital One bank account is a good idea if you think another bank caters to your unique needs better.
However, you cannot simply call the Capital One customer service line and ask them to close your account – it’ll just get reopened again.
It is essential to have a game plan ready to ensure that your Capital One account is closed for good and doesn’t attract reopening fees.
Here’s a five-step process you can follow to close Capital One account for good:
How To Close Capital One Account
Step #1: Open A Bank Account At Another Bank
Opening an account at your new bank before you close your Capital One account down is very important.
As soon as you make your new account, give your employer the details of your new account, since it can sometimes take weeks for your check to reroute to your account.
It will also take you a while to get used to the new app and card, and you need to be ready to handle any financial need when your old account closes down.
However, the most important reason to open a new bank account first is so you can reset your automatic payments.
Step #2: Reset Automatic Payments
It’s really easy to reset your automatic payments to your new bank account.
But this step is also very critical because if you accidentally leave any current payees or automated payments active, your account will reopen, which will also incur charges.
It is also vital to ensure that any automatic deposits are stopped.
Take a look at your bank statements from the past year and identify every automated payment.
You may be paying for a service on an annual basis, and since you pay for these infrequently, it is easy to forget to reset them to your new account.
Don’t ignore this part of the process – dealing with account reopening can be very hectic.
There are two ways of setting up automatic payments to your new bank:
The first way is to make your new bank make the payments automatically every month.
The second way is to instruct to the company you’re paying to take the money from your new bank account every month moving forward.
Regardless of how you do it, though, it’s important to make sure that automatic payments are set up correctly.
Sometimes, you may need to call the company and give them your new account and routing number.
But most of the time, you can set up a new payment method via the company’s online portal.
If you’re worried that you will miss something, you can always go back to paying your bills manually till you make the switch.
Step #3: Wait For A Month
Do not skip this step. Here’s why:
It takes up to a month for banks and companies to shift your automatic payments to your new bank account.
Sit tight for a month and confirm that all of your subscriptions are being paid for by your new bank account. Also, ensure that your paycheck is reaching your new bank account.
But don’t withdraw all of the money from your Capital One during the waiting period.
Let’s say you forget to reset automatic payments for a certain subscription, and your old account gets charged. You want your Capital One account to have enough funds to pay the bill.
Better safe than sorry. It’s better to wait for a month to ensure that your new bank account is taking care of your due payments without any hitches.
Step #4: Make The Call
After you’ve waited for a month and are sure that your new bank account is ready for a full takeover of your financial life, it’s officially time to call Capital One.
To close Capital One account, call them up at 1-877-514-2265. Their lines are open 8 AM – 11 PM ET, seven days a week.
Navigate through the robot’s prompts if you encounter any, and say “close account” when asked why you’re calling.
You will then need to verify your identity by entering some basic personal information.
Next, you must wait to speak to a customer service representative and ask them to close your account.
Follow their instructions, and your account will officially be closed.
You can also do this over online chat on the official Capital One website; however, it’s faster to get it done over the phone.
Customers report that it usually takes five minutes to close an account with Capital One.
There are two ways to withdraw your remaining funds your Capital One account:
1. Request a check from the bank when closing the account. It’ll be mailed to your registered address in a few days.
2. Transfer the remainder of your funds to your new bank account using an application like PayPal or Google Pay.
Step #5: Make Sure You Get A Written Confirmation
Typically, a written confirmation of account closure is mailed to your registered address after you formally make a request.
If there are any issues with your closed Capital One account later, having the confirmation at hand will help.
So, if you don’t hear from your bank for two weeks, it’s a good idea to call up the customer service line again and follow up.
It is also important to note that closed accounts remain “visible” online for 105 days after closure.
Therefore, if you get your confirmation of account closure, you don’t have to worry if you see your account online.
You can download your account statements or print them in these 105 days. After that, the account statements will never be accessible again.
Remember: it’s your money. Taking the slow and sure path to close Capital One account is better than rushing it and paying unnecessary reopening fees.
If you follow this five-step guide, you won’t have anything to worry about.