What would happen if I close my checking account without notifying loan companies I still owe that are taking payments from that account?
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Once the account is truly closed, which can take one to two months from the time you bring the account to a zero balance, your bank will start returning any direct debits to their originators. That will trigger a response from the loan companies, which will attempt to contact you to arrange for payments, including any that have piled up as returned before the lenders figured out what was going on.
Late charges could accrue on your loans, and you could have multiple payments to make up before getting caught up, and that can lead to negative reports being filed with the credit bureaus, adversely affecting your credit standing. The long and the short of this is that it's not a good idea to close out your account unless you make arrangements for payments to come from a new account or get paid in some other way.
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Once the account is truly closed, which can take one to two months from the time you bring the account to a zero balance, your bank will start returning any direct debits to their originators. That will trigger a response from the loan companies, which will attempt to contact you to arrange for payments, including any that have piled up as returned before the lenders figured out what was going on.