How to Close a Capital One Account

Posted by in Banking | Updated on August 23, 2022

Capital One is one of the big banks of America, and you most likely know someone who has an account with them, or you have one yourself. Still, at some point, you might decide to part ways with the bank due to certain changes in your life. How to close a Capital One account, though? Don’t worry, it’s not that difficult – we’ll walk you through the entire process.

Reasons for Closing a Capital One Bank Account

As one of the largest banks in the United States, Capital One managed to stick around for a good period. After being established as a credit card company in 1994, Capital One expanded into retail banking and loans as well. With so many people owning a bank account with them and given the fact that most of the profits of the company come from credit cards, it’s hard to imagine people giving up on their accounts. After all, why would they move from a popular bank to another bank that offers the same things?

There are actually several reasons why someone might decide to put an end to their old bank account. Some people might move from a state to another, and therefore they need to change their lives and everything that comes with this. When they’re going to a new state, they might want to switch banks too, especially if they found a better deal over there or if the bank is closer to where they live.

Availability is yet another reason why some individuals say goodbye to Capital One. Capital One has only 2,000 ATMs available across nine states. If you move to a state where Capital One doesn’t exist, then there’s no reason to keep your bank account. Non-Capital One ATMs will charge customers $2, so why deal with this fee when you can use a different bank that doesn’t charge you for ATM operations?

In other situations, people might just not be happy with the fees and requirements and seek something else. The minimum requirements and fees might just be too high for some people to keep up with, so they go to banks where they can get lower ones. Parting ways is better than struggling to maintain fees and pay a minimum required amount every month.

Also, some people are not tech-savvy and the continuously growing world of technology may be too difficult for them to handle. Not all people are good at managing banking operations online, and this may prompt them to stop having one altogether.

4 Ways to Close Your Capital One Bank Account

If you wish to close your bank account, there are four easy ways to do so. You can choose a method based on your possibilities or your preference.

By Phone

You can call the Customer Service of the bank to ask for account closure. But first, you should make sure the account has zero balance. Once you are sure this is the case, you can call and wait for the closure process to start.

In-Person

If possible, you can also visit one of the physical banks in your state. It’s an easy way to close your bank account, especially if you still have money in your account. The written request you make to the bank should include the account number.

Online

Online banking clients can also choose to close their accounts online. All you have to do is send a secure email request to Customer Service, and they will take care of it.

By Mail

Mailing your request to the bank is also possible. You just have to make sure you send it to the right address of the bank, and you’re set.

Steps to Close a Capital One Bank Account

How to close a Capital One account?It’s an easy process and here is what you have to do:

Open an Account at a New Bank

Before you close your old bank account, open a new account with a different one. After all, you will need to deposit your remaining balance, or you may need another place to receive your paycheck. The employer should also get the new information as soon as possible, especially since rerouting the paycheck might take several weeks.

Reset Automatic Payments

You might have automatic payments, in which case you should move them to a different bank account. It’s essential to not let any activity on the old bank account. Check the bank statements from the past 6 to 12 months to see where your money is going every month, and discover every automatic payment account.

Again, do it in advance so you’re ready for the account closure. You can even switch accounts online.

Contact the Bank

Is everything set? If that’s the case, you should now contact your bank and let them know about your decision to close the account. You can either mail or fax a request, go to them in person, do it online, or phone customer service. All you have to do is be clear that you want to close your bank account for good.

Also, remember the type of bank account you own. If you have a single-holder bank account, for instance, you should close all deposits and automatic payments to terminate it. Luckily, with joint accounts, you can close them without permission from the other party.

Celebrate

It might take a while for your account to be closed for good, but once it’s done, you can start celebrating. The great part is that closing your Capital One account will not hurt your credit, so you can do it without any worry.

Things to Do Before Closing Your Capital One Bank Account

Before you close your account, you need to make sure this is the right thing to do, so you don’t end up regretting your decision. Closing your bank account is a serious thing, and as such, you should take it seriously.

On top of that, you should wait for credits and deposits to clear first, and also reroute direct deposits. For instance, if you are getting your paycheck on that bank account, you should talk to your employer and let them know about the change, so you could reroute your deposits. This will happen by filling out a new form for the payroll department.

Also, updating your bills is necessary, so they don’t end up trying to charge money from the old account. Otherwise, your old bank will either reject it or reopen the closed account to let the payment go through. That’s the last thing you want to happen.

If you also had an old account linked to savings, retirement, or investment account, you should change the information by removing the old one and adding the details for your new financial institution. This is especially important if you had automatic investments set up.

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Conclusion

Do you have a Capital One account that you want to close? If that’s the case, you should start changing automatic payments and deposits to another account, and then let Capital One know what you decided. Just like with other banks such as Wells Fargo and the Bank of America, it’s easy to close your account and it will not affect your credit.


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