3 steps to close your bank account

Sometimes we all get to a point where we are not happy with our bank and may decide to close the account and move to another bank. However, this doesn’t happen overnight, as you have to follow a process.

The process on how to close your bank account can vary from bank to bank, and in this article, I am going to talk about the 3 steps to closing your bank account instead of risking monthly fees on an inactive account. .

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3 steps to close your bank account

1. Explore your settlement options

Each bank in the world has a different policy for closing accounts. Some banks may allow you to close your account online, while others will want you to visit a local branch or their head office. Call your bank to see the closing method they require.

This will allow you to verify what information they need from you to finalize the closing.

2. Decide what to do with your remaining balance

If you have money left in the bank account that you want to close, there are a few things you can do with it. If you decide to open an account at another bank, you must do so before closing the checking account.

If you decide to withdraw the remaining balance, you may decide to request a paper check, withdraw the cash in person, or decide to transfer it to a new bank. The easiest way is to transfer the funds to a new bank account first. This is generally free and ensures that your money is safely deposited into an account where it cannot be lost or stolen.

3. Request confirmation in writing

Now this is the essential step to take and close your bank account. Once you have found out your bank’s account closure policy, you should now write a bank account closure request letter with details on why you want to close your account.

When sending the account closure letter to your bank, you should also make sure to return your debit cards, savings book, and checkbook. It is customary to send these items along with your bank account closure request letter.

Steps to close your bank account (sample letter)

[Today’s Date]

To whom It May Concern,

Please close the account (s) listed below. Send the remaining funds in those accounts by check to the address below and decline any additional requests for transactions on these accounts.

Check account: [Account Number]

Savings account: [Account Number]

Money Market Account: [Account Number]

Another account: [Account Number]

Provide written confirmation that the accounts are closed.

If you have any questions, please contact me at the phone number below.

Thank you,

[Account Owner’s Original Signature] [Account Owner’s Printed Name] [Mailing Address] [Phone Number]

After submitting your bank account closure request, you must wait until you receive confirmation from your bank that the account has been successfully closed. After that, double check to make sure it has indeed been closed. So when you are fed up with your bank, follow these steps to close your bank account.

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