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If you are moving to a new town (abroad) or want to changing bank, you may have to close your current bank account. This process is fairly straightforward, but it is best to follow certain steps, or you may end up paying unnecessary charges. 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. You may check online and see if there are any outstanding transactions. Obviously, you will need some banking services, so you should open your new account before you close your old one. Do not rush the decision of who to open your new bank account with, as you need to make a good decision. The next step involves calling your bank and asking about its cancellation policy. 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. 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. You will probably need to provide at least two forms of indentification. 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. Do not forget to request that the bank sends the remaining balance to the address you specified. Request that they send you a letter confirming that your bank account is closed. You might also leave your phone number in case the bank needs to get in touch with you. It is essential to close other cash reserve accounts which are tied to your 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. In the same line of thought, you have to stop all automatic withdrawals, transfers, and direct deposits. This has to be done one month prior to closing your account so that you do not miss any of them. These include bill and insurance payments, membership fees, etc. 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. 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. Learn more - The Forum Or Analyze This And That
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