there's a waiting period to ensure that any transactions you made are complete.
During the waiting period, you won't be able to bid, make purchases, list items, or change your contact information, but you'll still have access to your account information.
When the waiting period is over, you'll receive an email confirming that your account is closed.
As far as I can see, you have to submit a request that they close it. For more information, check out this link on Ebay explaining their procedure: http://funadvice.com/r/15ps75hjdpr