How do I close a money market account?

Closing a money market account (MMA) involves several steps, and the specific process may vary slightly depending on the financial institution where you hold the account. Here are the general steps to close an MMA:

1. Contact the Financial Institution:
Start by reaching out to your bank or credit union to initiate the account closure process. You can typically do this by visiting a local branch in person, calling the bank's customer service department, or sending a written request. Some financial institutions may also offer the option to request an account closure through their online banking or mobile app.

2. Provide Account Information:
You will need to provide your account details, such as your account number and any other required information, to verify your identity and the account you wish to close.

3. Settle Transactions:
Before closing the MMA, make sure that all outstanding checks and electronic transactions have cleared. You should also withdraw any remaining funds from the account. If you attempt to close the account with pending transactions, the bank may delay the closure until those transactions are completed.

4. Request a Written Confirmation:
Ask the bank for written confirmation of your account closure request. This documentation can serve as proof that you initiated the closure process.

5. Close the Account:
Follow the bank's instructions for completing the account closure. This may involve signing a closure request form or providing written consent. Be prepared to state your reasons for closing the account, although this is generally not a requirement.

6. Verify Zero Balance:
After the account closure is initiated, monitor your MMA to ensure that it reaches a zero balance. If you have any automatic deposits or withdrawals tied to the account, be sure to redirect them to another account.

7. Finalize the Closure:
The bank will review your account, process the closure, and issue any remaining funds to you. This can be done via a check, electronic transfer, or another method as specified by the bank.

8. Confirm Closure:
Once the account is officially closed, confirm with the bank that the closure has been completed and that there are no remaining obligations or fees associated with the account.

9. Destroy Checks and Debit Cards:
If your MMA came with checks or a debit card, ensure that you destroy them to prevent any unauthorized use.

10. Keep Documentation:
Retain all documentation related to the account closure for your records. This includes the written confirmation of your request and any correspondence with the bank.

11. Monitor Your Credit Report: Periodically check your credit report to confirm that the closed account is accurately reported as closed with a zero balance.

Remember that some banks may charge an account closure fee, especially if you close the account shortly after opening it. Review the terms and conditions of your MMA to understand any potential fees.

It's important to follow the specific procedures outlined by your financial institution to ensure a smooth account closure process. If you have any doubts or questions, don't hesitate to reach out to your bank's customer service department for guidance.