Closing A Bank Account
Posted on May 29, 2010
Filed Under Personal Finance | Leave a Comment
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. When you familiarize yourself with their policies, it is time to pay a visit to the bank and close your account. 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 indentification. If writing a letter, then you should photocopy your identification and send it with the letter. Your letter should contain personal details such as your name and address, together with the number of your account.
Do not forget to request that the bank sends the remaining balance to the address you specified.It is essential to close other cash reserve accounts which are tied to your bank account. For example, you do not want to have lines of credit that were tied to this account. Someone may steal your identity and reopen the account.Destroy / shred your bank cards and cheques as soon as you have your ones from your new bank. If you use them accidentally then you may find yourself being fined. Once your receive the confirmation letter from the bank stating that your account has been closed then you do not have to have any more dealings with them. It is wise to keep the conformation letter on file for several years.
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