Close A Bank Account : What You Need To Do

The very first step to closing an account is to simply stop using it. You will have to wait two weeks before cheques have cleared your account. If you are not sure if you have any outstanding transactions, then ask at the bank or check online. You may also want to open a new account before your old one is closed. Do not rush the decision of who to open your new bank account with, as you need to make a good decision. The next step involves calling your bank and asking about its cancellation policy. You may be charged a fee for closing your account. When you familiarize yourself with their policies, it is time to pay a visit to the bank and close your account. You may consider going before 3pm so that the bank processes your request on the same day. It is possible to write a letter rather than paying a visit in person, but the cancellation process will take longer if you do this. Mind that some banks require that you show two forms of identification, making it difficult to close your account without being physically present. If the bank does not have it as a requirement, you may opt for a letter. Your letter should contain personal details such as your name and address, together with the number of your account. It is important to state clearly what you want the bank to do with your remaining balance. Do not forget to also close any accounts that are tied in with your main bank account. For example, you do not want to have lines of credit that were tied to this account. Leaving an unused account open makes it easier for someone to steal your identity. If you already made a request to have your account closed, you need to destroy your debit card and shred all remaining cheques. You do not want to use those by mistake and get in trouble with your bank. This step is quite important. Once the bank sends you a conformation letter that the account is closed, you have gone though all steps of the process. It is wise to keep the conformation letter on file for several years.

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This entry was posted on Tuesday, April 13th, 2010 at 1:51 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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