CreditCardsAct

You need to close your current accounts when you move or change your bank. There are two ways to close your accounts: personally or with a letter to the bank. In some rare cases you will need both signatures to close a joint account. Each step of this simple process must be followed precisely to protect yourself from possible problems.

1. First of all stop using your account. Before you close the account allow to clear all items completely. It will take you about two weeks or more. To see what transactions are still outstanding, use checking online.
2. Then you need to go to bank and ask for closing your account. If you don’t want to go in person, write a requesting letter. Don’t forget to include your telephone number; they may need to contact you. Request them to send the remaining balance to you. Include an address with your letter, to receive you money. Request that a letter be sent to you to confirm the closing of your account.
3. Make sure that any cash reserve accounts that you have tied to this account are closed. Don’t leave a line of credit that was tied to your account opened. It can cause some problems if someone steals your identity or tries to reopen your account.
4. The next step is absolutely essential: shred any remaining checks, and cut up your debit card. It will prevent accidentally usage of the checks or debit card.
5. File the letter with your account information for a few years after receiving your confirmation letter that your account has been closed. To make sure nothing else happens with that account or bank keep an eye on your credit report.

Tips

1. Opening your new account before closing your old account allows you continued access to your money. It’s very convenient when you are moving across the country and need to continue to use your debit card.
2. You should stop all automatic transfers, direct deposits and withdrawals from your account a month before you close your account. All the things like insurance payments, gym membership fees, and other bill payments will be included.