How to Properly Close a Bank Account
Posted 4 years ago
by shakiez893
Opening a bank account doesn't really involve much time and stress, but closing it is not as easy as it sounds, what ever the reason is that makes you want to close your bank account ranging from poor customer care services to unwanted changes you must understand the involvement before going ahead with this plan
Well the process may be intimidating and stressing no doubt, but if you have made up your mind about it the this is procedure to follow and do so
Steps to Close a Bank Account
- Create a new bank account: the first thing that should come to your mind after having the thought of closing your account is ''where will you move your funds to?'' after closing the intended account. If you do not own another bank account before closing the intended account, bill payment, transfers, withdrawal and writing a checks will make you realizes you didn't shut down your account properly. Also check your account statement to know which transaction was supposed to be rerouted and remind the bank, give them some couple of weeks to do the needful before you can proceed with the account closure.
- Change your bank details and request with a letter: Well as you are already hinted, it is not just closing the account, you will have to call your bank, go in person or submit a written request to the bank to write you a check for your remaining balance. this can also help you stop the bank from reopening your account due to reoccurring bills to avoid discrepancies. Closed account may reopen when some or companies tries to draw out money from them.
- Wire all your money to the new account: the fear of paying for discrepancies and reoccurring bills will make you want to do following the right procedure in closing your account, after you have confirmed rerouting of bills after checking your statement and correcting this error, you can start transferring your remaining balance to the new account
- After completing the account closure processes and transferring your balance make sure your account is empty then, you can call your bank to close the account
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