What is the Process to Close My Bank Account?
If you have a bank account with any of the banks around the globe. Then one or the other day you will make a decision to close your account.
It can be because of anything. However, it is a fact that there are many people who close their accounts every day and it is a common process for the banks.
But there is a difference between the banks and the normal people who want to close the account. And that is people closing the account is common for the one who works in the banks.
But normal people like me and you who are just a customer of the bank. For us, it is not a common task and we don’t do it every day or very often I can say.
And that is the reason why the normal people or the customers of the bank need help in closing the account. They need someone to guide them through the process to close the bank account.
If you are looking for someone who can guide you through the process. Then here I am with an article which speaks everything you need to know about the process of closing.
What are the Steps to Get your Bank Account Closed?
The number of steps involved is very less. Find them all below.
#1 Get another Bank Account for You
Banking is a very important part of our day-to-day life. So we can not afford to lose access to the banking system. That is the reason why you should avoid closing your account if you don’t have another account.
If you already have then you can continue the process of closing down. But in case you don’t have then you should first think of opening a new account and then closing the one which you don’t want to have anymore.
#2 Check Your Balance, Clear the Dues
The next thing is you should check the amount of balance you have in your bank account. When you are closing the account you should try to withdraw all the money you have in your account.
If you don’t do that in advance then later you will have to tell the bank how you want to receive the remaining balance. In this case, some banks even charge for the settlement.
And if you have any dues pending then pay off all those dues. If you want to know about the withdrawal limits for the bank account then refer to this Investopedia article.
#3 Visit the Branch of the Bank
If your bank lets you use the services from any of their locations in your country then you can visit any nearest location. But if they want you to visit the branch where you had opened your account.
Then you will have to reach that branch only to start the process. So first check it with your bank. If you can use any nearest location then that will be convenient for you.
#4 Give a Written Application
Now write to the concerned person of the bank a letter. This letter which you are writing is nothing but your request for the closing of your bank account.
In this written request you have to mention clearly your name, account number, etc. You should also keep in mind that the signature of you the written request is very important.
#5 Submit the Written Request and Wait
The account can not be closed instantly as soon as you submit your request to the bank. And this why you should wait and have patience after submitting the request.
If the bank has taken your request letter then it means the process will start and end soon. You will receive confirmation from the bank once the process is completed successfully.
Few Things to Note:
Now you know the process to do it but there are a few extra things that you should consider while you close your account.
Account Closing Charges: Some banks will have a fee or charge when the customer wants to close the account. This depends on the policies and the protocols that the bank follows. But there is no need to worry because the employees of the bank will let you know about it when you go to the branch.
Right to Close the Account: Only the customer who solely owns the account has the right to get it closed. So if you are planning to send someone else on your behalf to get this work done. Then it probably not work for you. Because 90% of the banks take the request only from the customer. And in the case of a joint bank account, all the holders need to provide their consent to the bank.
Native Branch: These days the modern banks allow you to use the services from any of their location or branch. But there are also the banks that require the customer to go to the native branch only. So before you plan your visit check if you have to visit your native branch only.
