The basic steps to reopen a savings account
Reopening a closed savings account usually means contacting your bank directly and asking them to restore the account, though the bank may treat it as opening a new account instead. Most banks can reopen an account within one business day if the account closed recently and you're still in good standing. If the account closed years ago, the bank may have purged the records and will require you to open a fresh account with a new account number.
The fastest route is to call the customer service number on your bank's website or a recent statement. Have your Social Security number, former account number (if you have it), and the approximate date the account closed. The bank will check whether they can restore the old account or whether you need to start over. Some banks allow you to reopen online through their website or app if the closure was recent; others require a phone call or in-person visit.
If your account was closed because of inactivity, overdrafts, or low balance, you can almost always reopen it. If it was closed because of fraud, suspicious activity, or violation of the bank's terms, the bank may refuse to reopen it and may require you to open an account at a different bank instead.
Key Takeaways
- Call your bank's customer service line with your Social Security number and former account number to start the reopening process.
- Accounts closed due to inactivity or low balance can usually be reopened within one business day, but accounts closed for fraud or policy violations may be permanently closed.
- If your account closed more than a few years ago, the bank may have deleted the records and will open a new account with a different account number instead of restoring the old one.
- Some banks charge a fee to reopen an account or require a minimum deposit, so ask about any costs before you commit.
What happens during the reopening call
When you contact the bank, have your identification ready and be prepared to answer security questions. The representative will look up your Social Security number in the bank's system to find your closed account. They'll ask why you want to reopen it and may ask about your current employment or income, though this is less common for reopening than for opening a new account.
The bank will tell you whether the account can be restored or whether you need to open a new one. If they can restore it, they'll confirm the account details and may ask you to set a new PIN or password. If you need a new account, they'll walk you through the process on the phone or direct you to do it online. Either way, the account should be active by the next business day.
Ask the representative whether there are any fees to reopen the account and whether you need to make a minimum deposit. Some banks waive fees for reopening, while others charge $25 to $50. A few banks require you to deposit a minimum amount (often $25 to $100) before the account is fully active.
Accounts closed for inactivity or low balance
Banks close savings accounts for inactivity when you haven't made a deposit or withdrawal for a set period, usually 12 to 24 months. They also close accounts when the balance falls below the minimum required amount and stays there for several months. These are the easiest closures to reverse.
When you reopen an account that closed for inactivity, the bank will restore your old account number and any remaining balance. If there was money in the account when it closed, that money is still there. The bank may have charged monthly fees while the account was closed, which would have reduced the balance, but the account itself can be reopened immediately.
If the account closed because of low balance, you'll need to meet the minimum balance requirement going forward. Ask the representative what the current minimum is, because it may have changed since the account closed. Some banks have lowered their minimums in recent years, so your old requirement may no longer apply.
Accounts closed for overdrafts or policy violations
Banks sometimes close accounts after repeated overdrafts, especially if you owed the bank money when the account closed. If you still owe the bank fees or overdraft charges, you'll need to pay that debt before the account can be reopened. The bank will tell you the exact amount owed and may require payment before they'll proceed.
If the account was closed because you violated the bank's terms of service—for example, by depositing checks that bounced repeatedly or by using the account for business purposes when it was a personal account—the bank may refuse to reopen it. In that case, you'll need to open an account at a different bank. Some banks share information about closed accounts through systems like ChexSystems, so a bank that closed your account may flag you in that system, making it harder to open an account elsewhere.
If you believe the closure was unfair or made in error, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state's banking regulator. This won't automatically reopen the account, but it creates a record if the bank's decision was based on discrimination or other illegal reasons.
Reopening an account that closed years ago
If your account closed more than three to five years ago, the bank may have deleted the records from their active system. In that case, they cannot restore the old account, and you'll need to open a new account instead. The new account will have a different account number, and you'll start with a zero balance.
The bank will still check your Social Security number and may run a ChexSystems report to see whether you had problems at other banks. If you had overdrafts or other issues at your previous bank, that history may still appear on the report, and the new bank may deny your request to open an account. If that happens, you can dispute the ChexSystems report or open an account at a bank that doesn't use ChexSystems (some smaller banks and credit unions don't).
Ask the bank whether they can tell you why the account closed and when. This information can help you avoid the same problem with your new account. For example, if the account closed because of inactivity, you know you need to make at least one transaction per year to keep the new account open.
Reopening an account after a fraud investigation
If your account was closed because the bank suspected fraud or unauthorized activity, the reopening process is more complicated. The bank may have frozen the account while investigating, and they may not reopen it until the investigation is complete. This can take several weeks or longer.
During the investigation, the bank will review transactions to determine whether the activity was actually fraudulent. If they find that it was, they'll refund the fraudulent charges and may reopen the account. If they find that you authorized the activity, they may keep the account closed and refuse to reopen it.
If you believe the bank closed your account in error or treated you unfairly during the investigation, contact the bank's fraud department directly and ask for a supervisor. You can also file a complaint with the CFPB or your state's banking regulator. Keep copies of all correspondence with the bank, including emails and the dates of phone calls.
What to do if the bank refuses to reopen your account
If your bank refuses to reopen the account, your options are limited. You cannot force the bank to reopen it, but you can open an account at a different bank. Some banks are more willing to work with customers who have had problems in the past, so you may have better luck at a smaller bank or credit union.
Before you open a new account, check your ChexSystems report to see whether negative information from your closed account is listed. You can get a free copy of your report at www.chexsystems.com. If there are errors on the report, you can dispute them. If the information is accurate, some banks will still open an account for you, though they may charge higher fees or require a larger minimum deposit.
If you were denied an account because of ChexSystems, look for banks or credit unions that don't use ChexSystems. Many community banks and credit unions use alternative systems or don't check reports at all. You can also open a second-chance checking account, which is designed for people with banking problems in their history.
Frequently Asked Questions
How long does it take to reopen a savings account?
Most banks can reopen an account within one business day if the account closed recently and the records are still in the system. If the account closed years ago and the bank has to create a new account, it may take one to three business days. Some banks allow you to reopen online and use the account immediately, while others require a phone call and may take longer.
Will I get my old account number back?
If the account closed recently and the bank can restore it, you'll get the same account number back. If the account closed years ago and the bank has purged the records, you'll get a new account number. Ask the representative which situation applies to you before you hang up.
Do I have to pay fees to reopen an account?
Some banks charge a fee to reopen an account, usually $25 to $50, while others waive the fee. A few banks require a minimum deposit before the account is active. Ask about fees and minimum deposits when you call, and ask whether the bank will waive the fee if you agree to set up direct deposit or keep a certain balance.
What if I owed the bank money when the account closed?
You'll need to pay the debt before the bank will reopen the account. The bank will tell you the exact amount owed, including any fees or interest that accrued after the account closed. Once you pay, the bank can reopen the account, usually within one business day.
Can I reopen an account if I'm on ChexSystems?
Being listed on ChexSystems doesn't prevent you from reopening an account at the same bank, but it may prevent you from opening an account at a different bank. If you want to open an account elsewhere, look for banks that don't use ChexSystems or that have second-chance programs for people with banking problems in their history.