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Home >> Accounts >> Checking Accounts
Closing Account, Wants Cash, not Check
When closing a checking account, can a bank refuse to give me cash for my balance, assuming no holds on any deposits?
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 Yes and no. The bank may require you to take a cashier's check so that your endorsement provides them documentation of the payment. Depending on how large that check is, the bank should be fine with cashing it for you.
If the closing balance is substantial, the bank may not be able to provide it all to you in cash, simply because banks have to keep only limited cash balances for security reasons. In such cases, the bank might be willing to provide part of the payout in cash and ask you to take the balance in another check, which you can deposit at your new bank. If your account is held by an entity or trust or in a fiduciary capacity, the bank may legitimately refuse to pay it out in cash, and may ask you to make the disbursements from the account to whoever will get the cash, and let those payees deposit or negotiate your checks.
Published on BankingQuestions.com 10/01/09
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