For one reason or another, most people change banks at least once in their life and therefore have to go through the process of closing their old 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 very first step to closing an account is to simply stop using it. This means not withdrawing from or adding to your account balance. If you are not sure if you have any outstanding transactions, then ask at the bank or check online. You may also want to open a new account before your old one is closed. 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. You may be charged a fee for closing 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.
Mind that some banks require that you show two forms of identification, making it difficult to close your account without being physically present. If writing a letter, then you should photocopy your identification and send it with the letter. Provide as much detail as possible in your letter, to reduce the chance of having to write more than one. 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.
Do not forget to also close any accounts that are tied in with your main bank account. For example, you do not want to have lines of credit that were tied to this account. Leaving an unused account open makes it easier for someone to steal your identity. 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 advisable to hold to that letter for a few years just in case any problems arise at a later date. You might also want to periodically examine your credit report, making sure everything is in order with that account.
![[Valid RSS feed]](http://www.articleembedd.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
