Closing your teenager's bank account is straightforward once you understand who has the legal authority to do so and what steps to follow. Whether your teen has reached adulthood or you have other reasons for closing the account, you need to gather the right documents and choose how to close it—by visiting the bank, calling, or using online services. This guide explains the legal requirements, necessary paperwork, step-by-step instructions for different banks, and what happens to the funds and cards after closure to help you complete the process smoothly.
Who Can Legally Close a Teen’s Bank Account?
A teen’s bank account is often a joint account held by the parent or guardian and the minor, or it could be a custodial account managed by an adult until the teen reaches a certain age. If the teen is still a minor, the parent or legal guardian usually has the authority to close the account because they are responsible for it. Once the teen reaches the age of majority—usually 18 but sometimes older depending on the state—the account may convert to a standard adult account, or the teen gains full control of it. At that point, only the teen can close the account. If the teen already controls the account, you cannot close it without their consent unless you have legal authorization such as a power of attorney.
What You Need Before Closing the Account
Before you start, gather these items to avoid delays:
- Valid government-issued IDs for both the parent or guardian and the teen if applicable (such as a driver’s license, passport, or state ID).
- The teen’s bank account number.
- Any debit or credit cards linked to the account.
- The teen’s Social Security number or Tax Identification Number if the bank requires it.
- Proof of legal guardianship or authorization if you’re closing the account on the teen’s behalf.
- Details of any outstanding checks or pending transactions to ensure they clear before closure.
Having these documents ready will help the bank verify your identity and authority quickly.
How to Close the Teen’s Bank Account Step by Step
- Check with the bank to see which closure methods they allow: in person, by phone, or online.
- For in-person closure, go to the branch where the account was opened or any branch of the bank. Bring your ID and the teen’s ID if needed.
- Tell the bank representative you want to close the account. If the teen is an adult, both of you may need to be present.
- For phone closure, call the bank’s customer service line with all identification and account details ready. The bank might require security questions or a written confirmation later.
- For online closure, log into the teen’s online banking account. Look for an option to close the account or send a secure message with your request. Some banks still require a signed form to complete the process.
- Confirm there are no pending transactions or holds before closing. The bank may delay closure until all transactions clear.
- Request written confirmation or a receipt that the account has been closed.
If you have questions, ask the bank representative to explain any specific procedures or requirements.
What Happens to the Money and Debit Cards After Closure?
Before closing, withdraw or transfer all remaining funds. If you don’t specify what to do with the leftover balance, the bank may send a check to the last known address. Debit or credit cards linked to the account will be deactivated immediately after closure. Destroy these cards to prevent accidental use.
Also, check for any automatic payments or linked services using the account. Cancel or update them before closing to avoid failed payments or fees.
If there are pending transactions, the bank might delay closing the account until those clear. Confirm the closure timing and account accessibility with the bank.
Common Problems and How to Prevent Them
Holds on funds due to pending deposits or transactions can delay closure. Wait several business days after the last transaction before closing.
If the teen is now an adult, you must have their permission or legal authority to close the account. Without that, the bank will refuse.
Missing or incorrect identification and paperwork cause delays. Prepare all required documents before you begin.
Failing to cancel automatic payments can lead to overdrafts or fees. Review and update linked services before closing the account.
Conclusion
Once you have the necessary documents and have chosen your method, closing your teen’s bank account is a matter of following the bank’s process carefully. Remember who has the legal right to close the account, transfer or withdraw remaining funds, and deactivate any linked cards. These steps will help you avoid common delays or confusion and complete the closure smoothly.
Frequently Asked Questions
How long does it usually take to close a teen’s bank account?
The time varies by bank and method. In-person closures are often immediate, while phone or online requests can take several business days, especially if there are pending transactions.
Will closing a teen’s bank account affect their credit score?
Closing a basic checking or savings account usually does not affect credit scores because these accounts aren’t reported to credit bureaus. However, closing linked credit products might impact credit.
Can the teen reopen the account after it’s closed?
Once closed, an account generally cannot be reopened under the same number. The teen would need to open a new account if desired.