Closing Your Bank Account – The Full Process Explained

The very first step to closing an account is to simply stop using it. 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. Different banks have different cancellation policies, so you will need to contact yours to find out what exactly theirs is. 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. The meeting may take an upwards of an hour, so try to go early in the day and avoid busy times, such as Mondays. If you cannot go in person, you may write a letter to your provider and request to have your account closed. Mind that some banks require that you show two forms of identification, making it difficult to close your account without being physically present. 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. 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. If you already made a request to have your account closed, you need to destroy your debit card and shred all remaining cheques. If you use them accidentally then you may find yourself being fined. 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 advisable to hold to that letter for a few years just in case any problems arise at a later date.

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