We have an account that we would like to get closed as soon as possible. Our account agreement states that the bank "may also close this account at any time upon reasonable notice to you...". The question is, what is "reasonable"? Some in management feel that as soon as we let them know we can close the account, others say several days. Is there an industry standard? Thanks in advance.

Our (canned) language states that "we will provide written notice in advance" and then goes on to state that "you agree that advance written notice from us will be reasonable if it is mailed to your statement mailing address immediately upon account closure."

I don't think we've ever invoked the immediacy of account closing except in cases of abuse. In general, we've given a couple of days after the notice is mailed.

Unless fraud or some other dishonesty is involved, it is pretty standard to freeze the account from future deposits, tell them to come get their money, or you will mail the account balance to them in five business days to allow any outstanding checks to clear.