Closing a checking or savings account does not affect your credit score
Closing a bank account — whether checking, savings, or both — will not show up on your credit report and will not change your credit score. Banks do not report account closures to the three credit bureaus (Equifax, Experian, and TransUnion), and credit scores are built only from borrowing and payment history, not from deposit accounts.
The confusion often comes from mixing up two different financial systems. Your credit score tracks how you handle borrowed money: credit cards, loans, mortgages. Your bank account is a place to store your own money. Closing one has no connection to the other.
That said, closing an account can create practical problems if you are not careful — overdraft fees, bounced checks, lost direct deposits — but those are separate from credit damage.
Key Takeaways
- Bank account closures do not appear on your credit report because banks report to different systems than credit bureaus.
- Closing a checking or savings account will not lower your credit score, even if you close multiple accounts in a short time.
- The real risks of closing an account are operational: missed payments, bounced checks, or lost direct deposits if you do not redirect them first.
- If you close an account with an outstanding balance or unpaid fees, the bank may send the debt to a collection agency, which would then damage your credit.
Why banks and credit bureaus are separate systems
Credit bureaus collect information only about credit — money you borrowed and how you paid it back. They track credit cards, personal loans, auto loans, mortgages, and payment history. They do not track how much money sits in your savings account, how many checking accounts you have, or whether you close them.
Banks report to different systems. They report to ChexSystems and Early Warning Services, which are banking networks that track account history, overdrafts, and fraud — not credit. If you close an account in good standing, nothing goes into either system that would harm you later.
Your credit score is a three-digit number built from five categories: payment history (35%), amounts owed (30%), length of credit history (15%), credit mix (10%), and new credit inquiries (10%). A bank account closure touches none of these.
When closing an account could indirectly hurt your credit
Closing an account itself does not damage credit, but what happens around the closure can. If you close an account and leave behind an unpaid balance, overdraft fees, or other debt, the bank may send that debt to a collection agency. A collection account will appear on your credit report and lower your score.
This is rare with simple checking or savings accounts, because they do not carry balances the way credit cards do. But if your account is overdrawn when you close it, or if you owe the bank money for fees or returned checks, that debt can follow you.
Before you close any account, check the balance, confirm there are no pending transactions, and verify that any automatic payments or direct deposits have been moved to a new account. If the account is overdrawn, pay the overdraft before closing.
Closing an account and your credit mix
Credit mix — the variety of credit types you use — makes up 10% of your credit score. This includes credit cards, installment loans, and mortgages. Checking and savings accounts do not count as credit, so closing them does not change your credit mix at all.
If you are worried about your credit score, the real concern is not closing bank accounts but closing credit cards. Closing a credit card can lower your score because it reduces your available credit and may shorten your average account age. Bank accounts have no such effect.
What actually happens when you close a bank account
When you close a checking or savings account, the bank stops accepting deposits and withdrawals on that account. Any money still in the account is returned to you — usually by check, transfer to another account, or direct deposit, depending on what you request.
The bank may keep the account open in a "closed" status for a period (often 90 days to a year) to process any outstanding checks or automatic payments. After that, the account is fully closed and no longer appears in your banking profile.
The closure itself is recorded in your banking history with ChexSystems or Early Warning Services, but only as a closed account — not as a negative mark. Future banks may see that you closed an account, but they cannot see why, and a simple closure does not prevent you from opening a new account elsewhere.
How to close an account without creating problems
To close an account safely, start by redirecting any automatic payments or direct deposits to a new account. Contact your employer, government agencies, and any companies that send you regular payments and give them your new account number.
Next, review your account for any pending transactions or outstanding checks. Wait until those clear, or ask the bank to hold the account open until they do. Then pay any overdraft fees or other charges the bank is owed.
Finally, request the closure in writing or in person at your bank. Ask for written confirmation that the account is closed and that no balance remains. Keep that confirmation in case questions arise later.
Frequently Asked Questions
Will closing multiple bank accounts hurt my credit?
No. Closing five checking accounts or ten savings accounts will not affect your credit score because banks do not report account closures to credit bureaus. The only risk is if you leave unpaid balances or fees behind, which could be sent to collection.
Can a bank deny me a new account because I closed one?
A bank can see your history with ChexSystems or Early Warning Services, which may show closed accounts. A simple closure does not disqualify you, but a history of overdrafts, fraud, or unpaid fees might. Most banks will open an account for you if your banking history is clean.
Does closing a savings account affect my credit differently than closing checking?
No. Savings accounts and checking accounts are both deposit accounts, and neither type is reported to credit bureaus. Closing either one has no effect on your credit score.
What if I close an account and the bank later finds an error or unpaid fee?
If the bank discovers an unpaid balance after closure, they will contact you to collect it. If you do not pay, they may send it to a collection agency, which would then report it to credit bureaus. This is why it is important to confirm the account balance and any fees before closing.
Does my credit score go up if I close accounts I am not using?
No. Closing unused accounts does not raise your score. In fact, closing credit cards can lower your score slightly because it reduces your available credit. Closing bank accounts has no effect either way.