There are a lot of things which go behind the scenes with our bank accounts which will be not aware of. Now you might be thinking. How can I be unaware of things about my own bank account?
But it is a fact, we the customers of the bank never know about the interest that is being calculated. The daily fund’s balance average that is being calculated and a lot of other things.
All these things come to the picture when we are using an account for our day-to-day transactions.
But even if you are not using an account and it is just sitting idle. There a lot of things that are going on.
This usually happens, we open an extra bank account for no reason and they forget about it. But if the account has no funds in it.
Then there is a good amount of calculations that the bank’s systems will be doing. And that is of the penalty or the charges we have to pay to the bank.
Because we have not maintained a sufficient amount of funds in the bank account. And this is a direct violation of the terms and conditions of the bank.
There is a whole set of terms and conditions of the bank which we agree with blindly without thinking twice. This happens when we will be opening a new bank account.
It is very common that the banks take our signature on a lot of papers before the account is opened.
All those papers are about the terms and conditions of the bank that we are agreeing to.
These come to affect us when we want to close the account we have with the bank. So let us discuss some of the very important things. That you should know while closing a bank account.
Only the owner of the Bank Account is Allowed
The person by whose name the account is opened has the right to close the account. So there is no type of delegation of authority to close the account in case the person is fit and fine.
But in the case of a deceased person, the legal person responsible for the assets of the deceased person can close the account.
So this important is very important to understand that. Only you the owner of the account can order or request the bank to close the account.
There is a Proper Application Format
When you go to the bank and request it to close your account. The first thing the bank will tell you is to give a written request regarding the same.
This is very common because the bank also needs proper documentation from your end to proceed further.
In almost all the banks there is a proper format of the application which is designed by the bank itself. And so the banks need you to follow their format.
In such a case, the bank will give you an application form which you have to fill and submit. In banking language, it is called an account closure request form.
If your bank has a form then fill it. In either case, you can submit a handwritten or printed request to close the account.
No Pending Balances Please
Your bank account should not have any pending balance. Here the meaning of the pending balance is the money that you owe to the bank.
If you owe anything in the form of penalty fees, loans, etc. then you can not close the account. The bank will ask you to pay the pending balances.
And then you can go ahead with your process.
It is not only about the pending balance which you owe to the bank.
Even the fund balance that you have deposited in the account should be taken out. This means when you are requesting the bank to close your account.
The balance should be zero, it should not be positive or negative.
You, Will, Receive a Confirmation
After you submit your request, clear all the balances. The bank will start processing your request. And once everything is done.
The bank will send you a notification or a confirmation letter. This letter is sent to your address to tell you that there is no relationship between you and the bank any further.
You Can Reopen a New Account
A lot of people don’t know about this. They think if they have closed an account with a particular bank once. Then they can never open a new account with that bank.
But this is not true.
If you wish you can reopen a new bank account with the same bank. After all the bank is doing business and to make profits the bank needs customers like you.
And there is no rule that bans a person to reopen an account with the bank in which he or she closed one earlier. So if you want a new account.
Then just go to any of the lobbies of the bank and complete the process of opening a new account.