Life Style

How to Apply to Close Your Bank Account

Many people, particularly those who aren’t familiar with finance or banking, find it confusing to close their current bank or savings account. In cases where they are asked to write an application for closing bank account in the form of a business letter, they will be at a complete loss. While it is usually possible to find a form to open an account for a particular bank, there will not always be a form to close it, leaving you to create your own application for close bank account. Most of the time, you will need to write out a formal letter and give it to the branch manager of your bank in person when you want to close a checking or savings account. If you aren’t sure how to write this application to close bank account, then keep reading.

Application for Closing Bank Account—Understand the Process

If you are looking to close a bank account, keep in mind that your bank will make every attempt to stop this from happening as they don’t want to lose you as a customer. This is the main reason why you will find forms to open your account but no official application for closing bank account; they don’t want you to leave them.

In many cases when you let a bank know that you want to close the account, they will tell you that you can keep it without a balance and don’t actually need to close it. If, however, you want to ensure that no one can access your account or want to stay on top of your financial planning by closing unnecessary accounts, you will want to take steps to create an application to close bank account.

Before you start writing the business letter, talk to the bank to make sure you know what their requirements are. Some banks, for example, may charge you a closing fee, while others will require you to come into the branch with photo identification issued by the government. After you have determined your bank’s specific requirements for closing your account, it is time to write a letter to your bank’s manager to close the account. This is simply a piece of paper with a letter to the manager that requests that he close your bank account. Although the letter can take several different forms, there is some specific information that should always be included.

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