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Close Bank Account

When one decides to change bank accounts or move to some other bank he/she should close bank account. Closing an account may be due of various reasons. But whatever the reasons may be any one who wishes to close bank account should follow some simple steps. The account can be closed in person or by sending a letter to the bank authority. The process need to follow some easy steps but the user should abide by those easy steps very carefully in order save himself/herself from overdrafts or other problems.

It may take a very short period of time to close bank account.

Following the necessary steps:

  • The user should stop using the account and should clear the account.
  • He/she should check the transactions and start clearing the account which may take a time period of two weeks.
  • If the customer is closing the account in person he/she should state the account details, name and address and then close the account.
  • If he/she is closing online, should write a letter to the bank authority or the manager stating all the details.
  • If there is any cash reserve account tied to the same that should also be closed.
  • As the user closes the account the user should get the balance bank. The bank returns the amount in cash or may transfer it to the new account as per the desire of the customer.
  • Some banks charge a fee to close the account, that amount should be paid.
  • Some banks offer certain things for purchase from the bank store depending on the redeemed point. The customer should check this before closing the account.
  • The user should cut the debit card and shred the cheques of the account.
  • The user should maintain the confirmation letter of the closed account.