How To Close A Bank Account
How To Close A Bank Account

Do you want to close your bank account? Then this is how to do it.

Some banks can be very frustrating with the kind of service they render especially if they disappoint when you want to withdraw cash and it is really urgent or very poor customer service. At some point you might consider closing your account with them and take back all your money.

It’s very easy to open a bank account, so easy that, you can open an account within ten minutes if you walk into any bank branch as long as you have all the requirements to open a new bank account, but the same cannot be said about closing an account.

The process involved in closing a bank account may be daunting and you can even be discouraged from taking a step to close the bank account you no longer use.

A survey conducted by Punch, a media company in Nigeria has shown that one out of five consumers considered switching banks but didn’t because of the stress involved in the closing a bank account.

You don't have to feel stressed about closing your bank account if you have a reason to close it. Here are the important steps to take.

1. GET A NEW BANK FIRST
First of all, before you take any step to close your bank account, it is very important you open a new account with another bank. This is the first step to take. By doing this, you will still be able to make financial transactions after you have made up your mind to close the old account. You will definitely find it difficult to transfer money, write cheques and pay bills if you close your bank account before opening a new one with another bank. The cheques you issue out to clients will also be dishonored in the bank.

2. CHANGE YOUR BANK DETAILS FOR EASY AUTOMATIC TRANSACTION
After you have opened a new account with another bank, it’s important you change and re-route your bank details because of any automated transactions such as rent payments, bill payments like telephone, electricity, etc and automatic fund transfers. This is very important because it will make it easier for employers and whoever may have to transfer money into your new account.

3. TRANSFER THE MONEY FROM YOUR OLD TO THE NEW BANK ACCOUNT
As soon as you have confirmed that automatic transactions have been re-routed properly in your new account, you can start transferring your money from the old account to the new one.

4. CLOSE THE ACCOUNT FOR GOOD
As soon as you have withdrawn all the money in the old bank account, you can now inform the bank to close it. You will be notified as soon as the account is closed.

These are the steps involved in closing your bank account, so don't hesitate whenever there is a need to close down your bank account.

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