There was a story somewhere, some years ago, about a guy who tried to do some banking business and discovered that his bank account had mysteriously ceased to exist, vanished without a trace. Even the bank employees took a long time to figure out what had happened.
It turned out, he had written a check for exactly the amount in his account which, when it cleared, reduced his balance to $0.00. It further turned out, that in this bank’s computer implementation, setting the balance to zero was the way an account was closed. If he had overdrawn and had a negative balance this would not have happened. But withdrawing exactly the total balance, as in this case, closed the account.
So, fortuitously, no real harm was done because he lost this account only when the balance was 0 so he didn’t lose any money. Still, as I recall the story, he went to a different bank after that and took his $0.00 there.
Here’s another true story that actually happened to me: Once upon a time, I closed an account and took my money elsewhere, for whatever reason. This was in the before-times when bank accounts could generate some non-trivial amount of interest. Later, I moved. So I called the bank of the now-closed account to give them my new mailing address.
The rep I spoke to said they couldn’t take an address change for an account that no longer existed, and wondered why I thought they would need my new address.
Well, duh. Account records continue to exist even after an account is closed, because reasons. In particular, I pointed out, they would need to send me a 1099 at the end of the year. Thus explained, the rep suddenly discovered that yes, they could take an address update for the non-existing account. (Because the account actually still exists, even in its closed status.)