Are you planning to close your bank account without knowing how to do it concretely? Indeed, a well-defined procedure must be followed to close a bank account. Discover the different steps to achieve this. And take inspiration from our termination letter template to send your request to the bank in due form.
Steps to close an account
First, know that you don’t have to justify yourself to your current bank to close an account. Sometimes, the situation requires it (domiciliation of income in a lending bank during a mortgage, change of banking organization following exorbitant fees, etc.). However, you don’t need to provide a reason.
On the other hand, the procedures are carried out completely free of charge, and at any time during the year.
Please note: for life insurance and certain savings products, fees may apply.
To close your account, the only formality is to send a termination letter to your bank (with acknowledgment of receipt). This approach is valid for all banking establishments.
However, in order for the account to be closed in the best possible conditions, be sure to follow certain steps:
- regularize your account by ensuring that no more transfers or direct debits are pending;
- as a precaution, leave some money in the account, especially if you have made transactions by check or credit card. Check your credit card receipts and check stubs;
- cancel all automatic payments made to your account;
- return your means of payment to your old bank for destruction;
- transfer the money from your old account to the new one, taking care not to exceed the transfer limit;
- wait a few months before permanently closing your old bank account.
Also Read: How Long Can a Bank Account Be Inactive?
termination letter template
Adapt the sample letter to the circumstances of your request. Send your mail by registered mail with acknowledgment of receipt.
Last name First Name
Name of the bank
For the attention of (name of your adviser)
Subject: bank account closure (account number to be closed)
By this letter, I inform you of my wish to close my bank account (number) as of (date).
(If credit account)
To this end, please transfer the balance to the bank account (account number where the balance should be transferred). You will find attached the RIB referring to it.
(In case of debit account)
My account being in debt of (amount in euros), you will find attached the check for payment of this sum in order to regularize the situation.
I would also be grateful if you could indicate to me all the other modalities necessary for the consideration of my request.
I remain at your disposal to return the means of payment (checkbook and bank card) associated with this account.
Please accept my best regards.
Last name First Name
Also Read: How Long Does the Bank Keep Account Statements?