Closing a bank account at first glance may seem easy. However, there are a number of steps to take and steps you need to take to close your account properly. The correct process will help you avoid unnecessary fees, fees and complications. Can I cancel my bank account online?
Open a new account
The first step begins not with the account you want to close, but with a new account. You must first open a new account before you can transfer payments and funds.
You may be closing your bank account because you are moving to a new area. But if you close your account because you are dissatisfied with it or the bank itself, you will want your new account to fit well. A good place to start is simply checking the best checking accounts. This way you know that you are starting the search with the best that the industry can offer.
Allow all fees to be removed
Next, you’ll need to stop using the checking account for payments and allow all existing fees to be cleared completely before closing your account. Check online to see which transactions are still outstanding. It also helps you maintain your current balance or check the checkbook from your checkbook for your account so that you know what has been cleared and what is still outstanding.
Then cancel all automatic payments set up with your old account; the last thing you want is an automatic payment that will be processed on your old account and you will be charged for overdraft or worse, the payment will not be processed 2). It may take a billing cycle or two, so you may have to pay some bills manually in the meantime.
Change your direct payments
Just like you want to check where your money is going, don’t forget where it comes from. Go to your company’s payroll department to update your direct deposit settings to reflect the change in your account. You must provide routing and account numbers for the new bank account. This may take some time, so you should monitor both accounts to make sure that the changes are made correctly.
This also applies to any investment or brokerage accounts and any other sources of income you may have. You must change the account information on these accounts to make sure you are getting paid.
Transfer funds to the new account
After you update your payments and deposits, you can transfer funds to your new account. Check if there are any transfer limits because you may not be able to transfer your entire balance at once. In this case, you’ll have to transfer the balance at once. In addition, if your account requires a minimum balance, don’t forget to keep that amount there as well.
If you don’t like going to a physical location, you can also close your online account. The exact processes of each bank will vary. You usually need to contact customer service via a secure messaging system to request account termination. Other banks may require a connection to customer service or mail in the form to properly close the account.