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Understanding the Bank Account Closing Form
The bank account closing form is a document you'd need to submit to your bank institution when you wish to close your account. Its purpose is to notify the bank about your intent and request they proceed with the closure. It may contain your account details, your information, and the reasons for the bank closure. However, bear in mind that each bank will have a unique form layout and may ask for different pieces of information.
Important things to remember when closing a bank account
If you decide to close a bank account, there are important things to remember before filling out the closing form.
- Ensure that all checks and scheduled payments have cleared. You don't want to close your account and leave outstanding checks unpaid.
- Transfer or withdraw all the funds from your account before submitting the closing form.
- Confirm that the account is successfully closed. After submitting your form, following up with your bank about the account status is important.
How to Fill Out Close Bank Account Form
To make it easy for you to complete this bank form template, we present these crucial steps:
- Start by filling out the date at the top of the form. This will be the current date, the day you complete your closing form.
- Move on to the 'To Whom' section. This will be the name of your bank or financial institution. Enter this information carefully to ensure your request is directed to the right entity.
- The next section requires you to provide your account number. Check your bank statement or online banking account for this information. Insert the number in the appropriate field.
- Specify the type of account you are closing, be it checking, savings, money market, or others (if applicable). Make sure to check the box or fill in the blank that corresponds to your type.
- Now, write down the primary account holder's full name as it is shown on the bank's records. This is necessary to match the information with the bank's database to conduct the action requested.
- If there's a secondary account holder associated with the account, you'll need to insert their name as well. This is usually required for joint accounts, so if it's single, skip this part.
- Add your address in the relevant section. This must be the same address linked to your bank account.
- Now it's time for the primary account holder to sign the form, along with the date. This signature authorizes the bank to close your bank account.
- If there's a secondary account holder, they also have to sign and date the form to acknowledge the closure of the account. If it's single, you can skip this step.
Reasons you may need a form to close bank account
There could be several reasons why you may need a bank account closing form. Here are a few common scenarios:
- Switching Banks: You might have found a bank that offers better interest rates, customer service, or more convenient locations. In such cases, you'd need a bank account closing form to officially close your current account.
- Reducing Maintenance Fees: Banks often charge different fees for maintaining your account. If you find that these are becoming burdensome, you might want to close the account to avoid them.
- Consolidation of Accounts: If you have multiple accounts across different banks, managing them can become complicated. Closing unnecessary accounts and consolidating your finances into one bank can simplify this.
- Change in Financial Behavior: Your banking needs may change over time. For instance, if you've started a business, you may want to close your personal account to open a new business one.
- Minimizing Risk of Fraud: Unfortunately, every additional account that you have increases your potential risk of experiencing fraud. Closing unused or unnecessary accounts can lessen this risk.
- Moving Abroad: If you're moving to a new country, you may find it easier and more cost-effective to close your existing U.S. bank account and open a new one in your new country of residence.
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Fillable online Bank Account Closing Form