Steps to close your Beneficial checking account
You can close a Beneficial checking account by calling their customer service line at 1-800-937-0816, visiting a branch in person, or using their online banking portal if that option is available on your account. The phone route is fastest if you do not have a nearby branch — the call takes about 10 to 15 minutes and you will have confirmation the same day.
Before you call or visit, make sure your account balance is zero or close to it. Beneficial will not close an account with an outstanding balance, and they will not transfer money out on your behalf. If you have pending deposits or checks that have not cleared, wait for those to post first so you know the true balance.
When you contact them, have your account number and a form of ID ready. Tell them you want to close the account. They will confirm there are no outstanding transactions, ask where you want any remaining balance sent (usually a check mailed to your address on file, though some branches can cut a check on the spot), and process the closure. The account will close within one to three business days.
Key Takeaways
- Call Beneficial at 1-800-937-0816 to close your account by phone, which takes 10 to 15 minutes and closes the account within one to three business days.
- Your account balance must be zero before closure — Beneficial will not close an account with money still in it or transfer funds out for you.
- If you have pending checks or deposits, wait for them to clear so you know the exact balance and can withdraw or transfer the remainder.
- Beneficial will send any remaining balance as a check to your address on file unless you arrange otherwise at the time of closure.
- Keep your account number and ID handy when you contact them, and ask for a confirmation number once the closure is complete.
What happens to your debit card and checks
Your Beneficial debit card will stop working within 24 hours of closure, though Beneficial recommends destroying it yourself to be safe. Any checks you have printed from that account will bounce if they are deposited after the account closes, so contact anyone you have written checks to and let them know the account is closing.
If you have automatic bill payments set up on the account, those will fail once the account closes. Before you close, log into your online banking or call to review what is set to auto-pay and either cancel those payments or move them to a new account. This step prevents late fees or service interruptions at the places you pay.
Moving money before you close
If you want to keep your money in a bank account rather than receive it by check, transfer the balance to another account before you close. You can do this through Beneficial's online banking (if available on your account), by visiting a branch, or by calling customer service and asking them to process an internal transfer.
External transfers — moving money to a bank account at a different institution — can take one to three business days. If you are closing your account soon, start the transfer at least three to five business days before you plan to close so the money arrives in time. Once the transfer clears, call Beneficial back to close the account.
If your account has a negative balance
If your account is overdrawn, you cannot close it until the negative balance is paid off. Beneficial will tell you the amount owed when you call. You can pay this by transferring money from another account, depositing cash or a check at a branch, or arranging a payment over the phone with a debit card.
Once the negative balance is cleared and your account shows zero, you can proceed with closure. Beneficial may also charge overdraft fees or monthly maintenance fees while the account is negative, so settling this quickly saves money.
Closing a joint account
If the account is held jointly with another person, both account holders must agree to close it. Call Beneficial and ask whether both people need to be on the call or whether one person can authorize closure on behalf of both. Some branches require both people to visit in person to close a joint account, while others allow one person to handle it by phone with written authorization from the other.
If you and the other account holder disagree about closing the account, Beneficial cannot close it without both signatures or a court order. In that case, you may need to speak with a lawyer about your options.
What to do after closure
Once your account is closed, keep the confirmation number Beneficial gives you. If there are any disputes later — for example, if a check you wrote bounces and you need to prove the account was already closed — that confirmation is your proof.
If you closed the account because of a problem with Beneficial's service, consider leaving feedback with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB tracks complaints about banks and uses that information to identify patterns of poor service.
Frequently Asked Questions
How long does it take to close a Beneficial checking account?
Closure usually takes one to three business days from the time you request it. If you close in person at a branch, you may get immediate confirmation, but the account will still take one to three days to fully close in their system.
Can I close my account online?
Some Beneficial accounts allow closure through online banking, but not all. Call 1-800-937-0816 or log into your account to see if the option is available. If it is not, you can close by phone or in person at a branch.
What if I have a pending direct deposit that has not hit yet?
Wait for the direct deposit to clear before you close. Once it posts, you will see the full balance and can withdraw or transfer it. If you close before it arrives, the deposit may bounce back to your employer, and you will have to contact them to reissue it.
Will closing my account hurt my credit score?
No. Closing a checking account does not affect your credit score because checking accounts are not reported to credit bureaus. Your credit is only affected by credit products like credit cards, loans, and lines of credit.
What if Beneficial sends me a check after closure and I never cash it?
Checks typically expire after six months, though some banks honor them longer. If your check expires, contact Beneficial and ask them to reissue it. Keep the original check so you can show them you did not cash it.