The Office of the Comptroller of the Currency states that banks generally won’t close accounts with a negative balance, so even if you ask for it to be closed while it’s in a negative status, the bank is likely to ignore you. A negative balance indicates that you owe money to the bank.
No. You can’t close your bank account if it has a negative balance. After bringing your balance to positive and paying the associated fines, you may only terminate it if it has a positive amount. If you do not fulfill your debt within the timeframe given by your bank, however, your bank might be able to force the closure of your account.
Understand Your Bank’s Overdraft Fees. Remove Yourself from the Account. Balance Your Account. As Soon As Possible, Bring Your Account to a Positive State. Consult with a Bank Manager or Representative. Take Steps to Stop Making Overdrafts in the Future.
After 60 days, most banks will close an overdrawn account, whereas credit unions only have 45 days. The bank closes your account and sends the information to the collections department.
Banks have their own rules regarding how quickly they close negative accounts, which is often determined by the amount of the overdraft and the consumer’s previous bank history. This is when banking loyalty works in your favor. Many people wait 30 to 60 days before closing an account, while others may wait four months.
