If you think another bank is more suitable for your specific needs, it is a good idea to close your Capital One bank account.
However, you can’t just call Capital One’s customer service hotline and ask them to close your account, it will only reopen.
It is important to make a game plan to ensure that your Capital One account is permanently closed and no reopening fees are charged.
You can close your Capital One account permanently by following these five steps:
Table of Contents
How To Close Capital One Account
STEP #1. Open a bank account in another bank
Before closing your Capital One account, it is very important to open an account with a new bank.
After you create a new account, you need to provide your employer with the details of the new account, because sometimes it may take weeks for you to redirect checks to your account.
New apps and cards will also get used to it, and when you close your old account, you should be prepared to deal with your financial needs.
However, the most important reason is to open a new bank account first, because you can reset automatic payments.
Step #2: Resume automatic payments
It is very easy to restore automatic payments to a new bank account.
But this step is also very important, because if you accidentally leave the assets to the current beneficiary or make automatic payments, your account will be reopened, which will also involve costs.
It is also important to ensure that automatic deposits are stopped.
Check last year’s bank statement and confirm every automatic payment.
You may have to pay for the service every year, and because you pay irregularly, it’s easy to forget to restore it to a new account.
Don’t ignore this part of the process-reopening an account can be very busy.
There are two ways to set up automatic payments for your new bank:
The first method is to have your new bank pay automatically every month.
The second method is to instruct the company you are paying to withdraw funds from your new bank account every month in the future.
No matter how you do it, it’s important to ensure that automatic payments are set up correctly.
Sometimes you need to call the company and provide your new account and route number.
But most of the time, you can set up a new payment method through the company’s online portal.
If you are worried about losing something, you can manually pay the bill again until the conversion is made.
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Step #3: Wait a month
Don’t skip this step. This is because:
It can take up to a month for banks and businesses to transfer automatic payments to your new bank account.
Wait a month and confirm that all your subscriptions are paid for using your new bank account. Also, please make sure your check arrives in your new bank account.
However, do not withdraw all funds on Capital One during the waiting period.
Suppose we forgot to reset the automatic payment for a particular subscription, and your old account has been debited. You want your Capital One account to have enough funds to pay your bills.
Safety is better than regret. It is best to wait a month to ensure smooth processing of the new bank account payment.
Step #4: Make a call
After waiting a month and making sure that your new bank account is ready to take full control of your financial life, it’s time to call Capital One officially.
Call 1-877-514-2265 to close your Capital One account. The line is open from 08:00. A. M. Oriental time on page 11, 7 days a week.
When you receive a message, browse the bot message and say “close account” when asking why you are calling.
Next, you need to verify your identity by entering basic personal information.
Then, you should wait to talk to a customer service representative and ask them to close your account.
Follow your instructions and your account will be officially closed.
You can also do this via live chat on Capital One’s official website; however, it is faster to make a call over the phone.
Customers report that it usually takes five minutes to close a Capital One account.
There are two ways to withdraw the remaining funds from your Capital One account:
- When you close your account, ask the bank for a check. It will be sent to your registered address within a few days.
- Use an app like PayPal or Google Pay to transfer your remaining funds to your new bank account.
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Step #5: Ensure written confirmation
Usually after the order is officially placed, a written confirmation letter confirming the closure of the account will be sent to your registered address.
If you have problems closing your Capital One account later, it may be helpful to confirm at hand.
Therefore, if you have not received a letter from the bank for two weeks, it is best to call again and follow up with the customer service hotline.
It is also important to note that closed accounts can still be viewed online 105 days after closure.
Therefore, if you receive a confirmation letter to close your account, you don’t have to worry about seeing your account online.
You can download or print the bank statement within 105 days. After that, the account statement will never be accessible again.
Remember: this is your money. It’s best to close your Capital One account in a slow and safe way, rather than running around and paying unnecessary restart fees.
If you follow this five-step guide, you don’t need to worry.