Call TD Bank or visit a branch to close your account
TD Bank will close your Simple Savings account when you contact them directly. You can do this by phone, in person at a branch, or through their online banking portal. The fastest route is usually a phone call to the number on the back of your debit card or your account statement, where you can reach a representative who handles account closures.
When you call or visit, have your account number ready. The representative will confirm your identity, check for any remaining balance, and process the closure. If you have money in the account, TD will either transfer it to another account you specify or issue a check to your mailing address on file.
If you close the account online through TD's banking portal, look for account settings or account management options. Not all account types can be closed through the portal, so if you don't see a closure option, phone or branch closure is your next step.
Key Takeaways
- Contact TD Bank by phone, in person, or through online banking to request closure of your Simple Savings account.
- Have your account number and a form of ID ready when you contact them.
- Any remaining balance will be transferred to another account or sent as a check, depending on your instructions.
- Confirm that the account is fully closed and ask for written confirmation if you need it for your records.
- If you have automatic payments or direct deposits linked to the account, cancel or redirect them before closure to avoid failed transactions.
What happens to your money when you close
TD will not delete money in your account when you close it. Before you initiate closure, decide where you want the balance to go. You can have TD transfer the funds to another bank account in your name, or request a check mailed to your address.
If you choose a transfer to another account, provide the receiving bank's routing number and your account number at that bank. Transfers typically take one to three business days. If you request a check, allow five to ten business days for it to arrive by mail.
If your account has a zero balance, closure is immediate and no funds need to be moved. Some accounts may have a small monthly maintenance fee that will be deducted before closure, so check your recent statements to see if fees are being charged.
Redirect automatic payments and direct deposits first
Before you close the account, update any services that send money to or take money from it. This includes direct deposit from your employer, automatic bill payments, subscription charges, and transfers from other accounts.
Contact your employer's payroll department or your payroll system to change your direct deposit to a new account. This usually takes one to two pay periods to take effect, so make the change well before your account closure date.
For automatic bill payments and subscriptions, log into each service individually and update the payment method or account number. Do not rely on the old account being closed to stop these payments — they may fail and create late fees or service interruptions. Confirm the change has been saved before you close your TD account.
Timing and what to expect after closure
Account closure is usually processed the same day you request it, though it may take one to two business days for the closure to appear in your records. Once closed, you will no longer be able to use the debit card, make deposits, or access the account through online banking.
If you have pending transactions — checks you wrote, transfers in progress, or pending charges — they may still post after the account is closed. TD will typically honor these transactions and deduct them from your transferred balance or from another account you have with them. Ask the representative what will happen to pending items before you finalize closure.
Keep your account closure confirmation for your records. You may need it if a payment fails after closure or if you need to prove the account was closed on a specific date.
If you need to reopen the account later
TD allows you to reopen a closed savings account within a certain timeframe, though policies vary by region and account type. Contact TD directly to ask whether your account can be reopened and whether there are any fees or requirements to do so.
If you closed the account due to inactivity or a service issue, reopening may be simpler than opening a new account. However, if the account was closed due to fraud or violation of TD's terms, reopening may not be possible.
Frequently Asked Questions
Can I close my TD Simple Savings account online?
Some account closures can be completed through TD's online banking portal, but not all account types support this option. If you don't see a closure option in your account settings, you will need to call or visit a branch. Calling is usually faster if you want to close the account the same day.
What if I have a negative balance or owe TD money?
TD will not close an account with a negative balance. You must bring the account to zero or positive before closure. If you owe fees or have an overdraft, pay that amount first, then request closure. The representative can tell you the exact amount owed when you call.
Will closing my account hurt my credit score?
Closing a savings account does not affect your credit score. Credit scores are based on credit history and borrowing activity, not on savings accounts. Closing a TD savings account has no impact on your credit report or rating.
How long does it take to receive my money after I close the account?
If you request a transfer to another bank account, the funds typically arrive within one to three business days. If you request a check, allow five to ten business days for delivery by mail. Ask the representative which method is fastest when you request closure.
Do I need to visit a branch in person to close my account?
No. You can close your account by phone or online without visiting a branch. Phone closure is usually the quickest option and requires only your account number and a form of ID for verification. Visit a branch only if you prefer to close in person or if phone closure is not available for your account type.