# How to Close a Business Bank Account When Dissolving a Company (2026)

> Close the business bank account last, after final taxes, refunds and owner payouts. Steps for Mercury, Wise, Relay, Chase, Bank of America and Wells Fargo.

- Canonical URL: https://useclosewise.com/blog/how-to-close-a-business-bank-account
- Published: 2026-10-22
- Last updated: 2026-10-22
- Publisher: CloseWise (https://useclosewise.com)

Close the business bank account last. Keep it open until the state taxes and fees are paid and the dissolution is filed, the final tax returns are filed and paid, any refunds have arrived and the remaining money has been paid out to the owners. Then download every statement and close it. The one exception is a Delaware corporation using the short-form dissolution, which must have no assets when it files, so its account is emptied first.

The bank part is short once the order is right. Below: why the account closes last, the checklist before any closure, and the exact steps at Mercury, Wise and Relay, which many non-US founders use, and at Chase, Bank of America and Wells Fargo.

## At a glance

- **When:** last, after taxes, refunds and payouts to owners
- **Before closing:** zero balance, nothing pending, cards and credit lines closed, statements downloaded
- **Who closes it:** an owner or authorized signer of the account
- **Leftover money:** moved out by you, or paid by the bank to the business, never to an individual owner
- **From abroad:** online at Mercury and Wise; chat or phone at Relay; a notarized form by mail at Wells Fargo

## Why the bank account closes last

**The state wants its money before it accepts the dissolution.** Delaware will not file a certificate of dissolution until all taxes due through its effective date are paid. Texas will not accept a termination until the Comptroller confirms that the final franchise tax report is filed and the tax is paid. Those payments come out of the company's account.

**The federal side comes after the state filing.** The final income tax return covers the period up to the dissolution, so it is filed after it, along with the final payroll forms if the company had employees. Any balance due is paid from the company's account.

**Refunds and late payments need somewhere to land.** A refund is paid to the company, and banks pay business money only in the company's name: Wells Fargo makes its closing check payable to the business name, and Chase pays business balances only to the business organization. The IRS is also phasing out paper refund checks for businesses in favor of direct deposit. Mercury cancels incoming payments after an account is closed, and Chase is not obliged to accept deposits to a closed account.

**Waiting too long costs a little.** Monthly fees continue until you ask the bank to close: Wells Fargo says zero-balance accounts keep being charged, Chase Business Complete Checking costs $15 a month unless the fee is waived, and Bank of America's Business Advantage Fundamentals costs $16. Banks may also close a $0 account on their own.

**The exception.** Delaware's short-form dissolution for corporations requires that the company have no assets, so a $50 balance disqualifies it. Pay or set aside the final costs, empty the account, then file. See [how to dissolve a Delaware corporation](/blog/how-to-dissolve-a-delaware-corporation).

## The order that works

1. Pay what the state requires and file the dissolution
2. File the final federal and state returns and finish payroll; send the [EIN closure letter](/blog/how-to-cancel-an-ein) once the final return is in
3. Collect any refunds and pay the remaining bills
4. Pay out what is left to the owners
5. Download every statement and transaction export
6. Close the account

You do not need the IRS confirmation of the EIN closure before closing the bank account. The full sequence is in [how to dissolve an LLC](/blog/how-to-dissolve-an-llc).

## Before you close any account

- **Bring the balance to zero.** Every bank on this page expects the money to be moved out first.
- **Let pending items clear.** Pending card payments, checks and transfers block or delay a closure. At Wise, pending card payments can stay open for up to 7 days and are the most common reason a closure fails.
- **Close cards and credit lines.** Pay off and close any credit product first, such as Mercury IO or the Relay Visa credit card.
- **Stop recurring payments and linked apps.** Move subscriptions elsewhere and disconnect accounting software.
- **Sell interest or treasury holdings.** Mercury Treasury and Wise Interest or Stocks must be sold and moved out first; Wise says selling takes up to 2 working days.
- **Download statements.** Wise and Relay remove access once the account is closed, and Bank of America says closed-account statements are not available online.

## Mercury

- **How:** from the web dashboard, under Settings, Company Profile, Close Account. Mercury says the closure cannot be started in the mobile app.
- **Who:** a beneficial owner on the account; Mercury needs only one owner to verify the closure.
- **Before:** a $0.00 balance and no pending transactions; pay off IO credit; sell any Treasury holdings and move the money out.
- **Leftover money:** if the account closes with a positive balance, Mercury mails a check to the shipping or legal address on file. For many non-US founders that is the registered agent's address, so move the money out yourself.
- **After closing:** incoming payments are canceled. Statements stay available when you log in.
- **Timing:** Mercury reviews closure requests within 2 business days.

## Wise Business

- **How:** in the app or on the website, under Settings, Actions and agreements, Close your account.
- **Who:** the account owner.
- **Before:** send every currency balance to an account outside Wise, disconnect accounting software, turn off Interest or Stocks, and wait for pending card payments to clear. For a tiny leftover balance, contact Wise support.
- **After closing:** you lose access permanently, so download statements first.

## Relay

- **How:** not in the app. Ask Relay's customer experience team by live chat while signed in, or by phone at 1-888-205-9304.
- **Before:** a $0 balance with money moved out by ACH, wire or check, nothing pending, and the Relay Visa credit card closed first (that needs a $0 card balance and the desktop app).
- **Fee:** Relay does not charge to close an account.
- **After closing:** you cannot log back in and the account cannot be reopened, so export statements first from Settings, Account Statements (PDF, CSV or OFX).

## Chase

- **How:** Chase does not publish a step-by-step closing guide for business accounts. Call Chase business customer service at 1-800-242-7338, or 1-713-262-1679 from outside the US.
- **Before:** Chase is not required to close an account with pending transactions or an overdraft.
- **Leftover money:** Chase returns the balance less any fees or other amounts owed, and pays business accounts only to the business, not to an individual owner.
- **After closing:** Chase has no obligation to accept deposits or pay outstanding checks.
- **Cost of waiting:** Business Complete Checking costs $15 a month unless the fee is waived.

## Bank of America

- **How:** at a financial center (by appointment), by phone at 800-432-1000, or by a mailed letter signed by all account owners. A mailed request for a balance over $25,000 must be notarized.
- **Before:** bring the balance to zero, let every transaction post, cancel recurring payments, and contact Merchant Services or Remote Deposit Online first if you use them. Move the money a few days before closing; Bank of America says the process can take a while.
- **Several accounts:** if you close the primary account of a business banking package without naming a new one, the other accounts become separate packages, each with its own monthly fee.
- **Leftover money:** with a mailed request, a transfer to another Bank of America account or a cashier's check.
- **After closing:** statements are not available online. Copies can be requested, and a final statement is mailed.

## Wells Fargo

- **How:** by phone at 1-800-225-5935 or at a branch. From outside the US, Wells Fargo asks you to mail its Account Closure or Partial Withdrawal Request form, which must be notarized (at a US embassy or consulate, or with an apostille).
- **Who:** only an authorized signer. Anyone else must send proof of authority, such as a resolution or articles of dissolution.
- **Before:** a zero or positive balance, every item posted, recurring payments canceled, and no holds.
- **Leftover money:** a transfer to another Wells Fargo account, a cashier's check (US addresses only) or a wire, which may carry a fee. Checks are payable to the business name. Owners outside the US give wire instructions.
- **After closing:** Wells Fargo's statement help says statements stay available online for about 90 days after an account closes.

## At a glance by bank

| Bank | How to close | From outside the US | Statements after closing |
|---|---|---|---|
| Mercury | Web dashboard | Yes, online | Available when you log in |
| Wise Business | App or website | Yes, online | No access; download first |
| Relay | Live chat or phone | Yes, chat or phone | No access; export first |
| Chase | Phone | International phone line | Not stated; download first |
| Bank of America | Branch, phone or signed letter | By phone or mail | Not online; copies on request |
| Wells Fargo | Phone or branch | Notarized form by mail | About 90 days online |

## Three mistakes to avoid

**Closing before the refund arrives.** A refund made out to the company needs an open account in the company's name. If you expect one, wait for it.

**Paying the owners before the final taxes.** The state and the IRS come first. Distribute what is left only after the final returns are filed and paid.

**Losing the records.** Keep the statements, the dissolution filing and the final returns for at least 7 years. Several banks remove online access the day the account closes.

## Frequently asked questions

### Should I close the business bank account before or after dissolving the company?

After. Keep it open until the state taxes and fees are paid, the dissolution is filed, the final returns are filed and paid, any refunds have arrived and the remaining money has gone to the owners. Then download the statements and close it. The exception is a Delaware corporation using the short-form dissolution, which must hold no assets when it files.

### Can I close a Mercury or Wise business account from outside the US?

Yes. Mercury closes from the web dashboard and Wise from the app or website, so an owner abroad can do it without a branch visit. Relay closes through live chat or phone, and Wells Fargo accepts a notarized closure form by mail from abroad.

### What happens to money left in the account when it closes?

You normally move it out first. If a balance remains, the bank pays it to the business: Mercury mails a check to the address on file, Wells Fargo makes its check payable to the business name, and Chase pays business balances only to the business, not to individual owners.

### What if a tax refund arrives after the account is closed?

It may bounce or be hard to deposit. Refunds are paid to the company, banks pay business funds only in the company's name, and the IRS is moving business refunds from paper checks to direct deposit. Wait for expected refunds before closing.

### Do I need to show the bank a certificate of dissolution?

Not usually, when an owner or authorized signer closes the account. Wells Fargo asks for proof of authority, such as a resolution or articles of dissolution, only when someone else makes the request. Keep the filed dissolution with your records anyway.

## Close the account at the right moment

CloseWise runs the closure in order: the state filing, the final returns with a licensed preparer, and the EIN closure letter. It tells you when the last payment has cleared and the account can be closed. [Start your closure](/contact).