For one reason or another, most people change banks at least once in their life and therefore have to go through the process of closing their old bank account. This process is fairly straightforward, but it is best to follow certain steps, or you may end up paying unnecessary charges. The first thing you need to do is stop using the account. This means not withdrawing from or adding to your account balance. If you are not sure if you have any outstanding transactions, then ask at the bank or check online. You may also want to open a new account before your old one is closed. Do not rush the decision of who to open your new bank account with, as you need to make a good decision.

The next step involves calling your bank and asking about its cancellation policy. Some banks will charge you a fee to close your account. When you familiarize yourself with their policies, it is time to pay a visit to the bank and close your account. The meeting may take an upwards of an hour, so try to go early in the day and avoid busy times, such as Mondays. It is possible to write Brand Levitra a letter rather than paying a visit in person, but the cancellation process will take longer if you do this. Mind that some banks require that you show two forms of identification, making it difficult to close your account without being physically present. If the bank does not have it as a requirement, you may opt for a letter. Your letter should contain personal details such as your name and address, together with the number of your account. It is important to state clearly what you want the bank to do with your remaining balance. They should send you confirmation when your account has been closed anyway, but request it just in case it is not part of their standard procedure. You might also leave your phone number in case the bank needs to get in touch with you.

Do not forget to also close any accounts that are tied in with your main bank account. Think back over any additional accounts that you may have signed up for that you rarely use, or have not used at all. Someone may steal your identity and reopen the account. All automatic withdrawals and transfers will all also need to be stopped / changed. This has to be done one month prior to closing your account so that you do not miss any of them. These include bill and insurance payments, membership fees, etc. Destroy / shred your bank cards and cheques as soon as you have your ones from your new bank. You do not want to use those by mistake and get in trouble with your bank. Once your receive the confirmation letter from the bank stating that your account has been closed then you do not have to have any more dealings with them. It is wise to keep the conformation letter on file for several years. You might also want to periodically examine your credit report, making sure everything is in order with that account.

Author Bio: If you liked this, try : US Bank Branches

Category: Finances
Keywords: closing a bank account, bank accounts, banking, personal finance, finance