How to close a bank account

Canceling a bank account is one of the simplest procedures that exist. Now, you have to make sure you have done it correctly. A bank account that has not been canceled correctly can generate expenses that will result in a debit balance.

In .com we explain how to close a bank account correctly.

one

Make sure the account can be closed : if the account you want to cancel is a payroll account make sure you can close it without problems. In general, payroll accounts (especially those that reward with gifts) have associated high periods of permanence. In case you want to cancel it early you must pay a penalty.

two

Verify that there are no debts or pending commitments with the bank: before deciding to cancel an account, make sure there is no direct debit or any pending payment with the financial entity. While there are payments pending settlement, the bank account can not be withdrawn. Do not forget the receipts that come home less frequently (insurance and taxes such as the IBI or the garbage tax).

3

Specifically request the cancellation of the account : this request can be made by going personally to the bank branch or by a certified letter.

4

Remove the money from the account : once you have ascertained that there are no pending payments, it is advised, before canceling the account, to take out the money deposited in it. It can be drawn in cash - if the amount is not very high - or through an OTE (Cash Transfer Order). In this way the client saves the commission by direct bank transfer.

5

Sign the cancellation : to cancel a bank account it is necessary that the owner or account holders with the DNI be present in the entity. If the account belongs to more than one owner, it must include the written consent of all. In the event that the cancellation of the account is due to the death of the holder of the same, it is his legal heirs who must present the death certificate, a declaration of heirs and the award of the inheritance.

6

Deliver checkbooks, cards and notebooks : once the account is closed you must return the debit and credit cards to the financial institution as well as the checkbooks and notebooks. From the Organization of Consumers and Users (OCU) it is recommended that, when canceling the cards, ask the bank to return the proportional part of the annual fee and the same with the maintenance commission of the account. However, if the cancellation of the account is due to a change of entity, the bank may not return that proportional part. Some contracts specify that, in case of change of entity, the client is not entitled to any refund.

7

Request a certificate of cancellation of the account : it is a document that reflects that the contractual relationship between the client and the financial institution has ended.

• The process to cancel a bank account is not complicated.
• It is recommended to close a bank account following all legal channels.
• It is not advisable to leave a zero account and withdraw all the capital without canceling it correctly.
• These accounts that have not been properly closed continue to generate debts. It is also convenient to wait for a time between opening a new account and canceling the old one to check that the receipts and payroll are correctly loaded in the new account.