Close A Bank Account – It’s Not As Difficult As You Think
If you are moving to a new town (abroad) or want to changing bank, you may have to close your current bank account. Whilst this is a bit of a pain to do, by knowing exactly what steps you need to take you can take away a lot of the hassle involved. The first thing you need to do is stop using the account. 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. Obviously, you will need some banking services, so you should open your new account before you close your old one. Carefully choose a new bank provider and apply for a bank account with them.
The next step involves calling your bank and asking about its cancellation policy. Some banks will charge you a fee to close your account. Once you know what the cancellation policy is, you then need to visit your bank. 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. You will probably need to provide at least two forms of identification. 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. They should send you confirmation when your account has been closed anyway, but request it just in case it is not part of their standard procedure. You might also leave your phone number in case the bank needs to get in touch with you.
Do not forget to also close any accounts that are tied in with your main bank account. Think back over any additional accounts that you may have signed up for that you rarely use, or have not used at all. Someone may steal your identity and reopen the account. All automatic withdrawals and transfers will all also need to be stopped / changed. This must be done a month prior to closing the account in order to avoid any penalty fees for missed payments. 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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