Account Closure Letter to Bank: A bank account closure letter is a letter sent to the bank to terminate the account. This is done when the account holder wishes to close their account with the bank. The closure of an account is usually done in cases where there are no more transactions being made on it. However, this does not always mean that there are no funds on it. In some cases, the customer may have requested for closure of their accounts, but still, have money in them. The bank will then send a letter requesting confirmation and a final balance from the customer before they can close the account.
The account closure procedure in a bank is quite similar to the account opening procedure. The only difference is that the customer needs to submit a request for account closure. The customer can close their bank account by visiting their nearest branch and submitting a request for closure of the account. If the customer has an online banking facility, they can also close their account through internet banking. Account closure is a process that may be initiated by the customer to the bank. The account holder has to request for closure of the account and provide reasons for closing it. The bank then reviews the request and takes appropriate action.
- Account Closure Letter to Bank Format
- Account Closure Letter to Bank Sample
- Closure of My Bank Account
- FAQ’s on Account Closure Letter to Bank
Bank account closure is a process that can be completed by following some simple steps.
- The customer must have the account number and the bank’s contact information.
- The customer needs to know the reason for closing the account.
- The customer needs to make sure they have enough funds in their account to cover any pending transactions.
- The customer will need to go into their online banking or call up their bank and request that they close their account.
What is the Procedure to Close Bank Account?
The bank account closure process is a simple procedure that should not take you more than five minutes, but it is important to know what to do and what to expect. First of all, when you want to close your bank account, make sure that you have all the documents necessary for the process. After that, go through the following steps:
- Find out which branch has your account.
- Visit the branch in person and ask an employee if they can help you with closing your account. Give them your ID card and other documents needed for the process. They will verify that everything is in order and then they will proceed with closing your account.
- Once they finish, they will give you a receipt confirming that your account has been closed and then ask if there is anything else they can help you with.
You must submit a letter to the bank manager each time you want to close a bank account outlining your reasons. Here are some example letters to assist you.
Account Closure Letter to Bank Format
To,
The Bank Manager,
[Branch Name]
[Branch Address]
Date: __/__/____
Sub: Request to close my bank account
Respected Sir/Madam,
I am ____ [write your name]. I have a current account ____[write the account type and account number] with your bank. Due to a few personal issues, I haven’t been able to keep up with the account for a while and would like to cancel it. I’m writing this letter together with the account passbook. Please take the necessary action and begin the closure procedure as soon as feasible.
Thanking You,
Yours Sincerely,
[Account Holder Signature]
[Account Holder Name]
Account Closure Letter to Bank Sample
To,
The Bank Manager,
[Branch Name]
[Branch Address]
Date: __/__/____
Sub: Requesting for account closure
Respected Sir/Madam,
Ten years ago, I created a savings account here. The number for my account is ____[write the account number]. I would like to terminate my bank account because I will be moving to a different place and won’t be able to keep up with it.
Please cease using this account for transactions and transfer the funds to the other bank account, and the information for which is given below.
Account Number: ____ [Write the new account number]
IFSC code: ____[Write the new bank branch IFSC code]
Thanking You,
Yours Sincerely,
[Account Holder Signature]
[Account Holder Name]
Closure of My Bank Account
To,
The Bank Manager,
[Branch Name]
[Branch Address]
Date: __/__/____
Sub: Closure of my bank account.
Respected Sir/Madam,
Through this application, I’m requesting you to close my present account since I’ve noticed recently that unauthorised charges are being taken from it. Nevertheless, I haven’t engaged in any unique transactions. My account’s details are as follows:
Name of Account Holder: [ ______ ]
Account Number: [ _____ ]
Email address: [ ______ ]
Aadhaar number: [ _____ ]
Mobile Number: [ ______ ]
Therefore, kindly approve my application and begin the account closure procedure.
Thanking You,
Yours Sincerely,
[Account Holder Signature]
[Account Holder Name]
FAQ’s on Account Closure Letter to Bank
Question 1.
What is meant by an account closure letter to the bank?
Answer:
Account closure letters are sent by people who want to close their accounts with their banks. They usually contain information about why the client is closing their account and when they want the account closed. The letter also contains information about any outstanding debts that need to be paid before the account can be closed, if there are any. The letter should include all the necessary information, such as the name of the account holder, date of closure and reason for the closure. It should also include a reference number and contact details of the person who has written this letter.
Question 2.
How to write a letter to a bank to close the account?
Answer:
The following are some tips on how to write a letter to a bank to close the account:
- Start the letter by addressing the recipient and state your reason for closing the account.
- Provide all relevant information, including date of opening and closing, account number, and contact details.
- If you have any outstanding balance or debt, mention it at this point.
- Add your signature at the end of the letter for verification purposes and include your contact details as well as those of your spouse or any other guarantor in case there is one mentioned in the letter.
Question 3.
Why do people choose to close their bank accounts?
Answer:
It is important to note that there are many reasons why people choose to close their bank accounts. Some of them include:
- When you have an overdraft or a negative balance and the bank charges you for it.
- You are moving abroad and want to transfer your money to a new account in your new country.
- You don’t need a checking account anymore as you are using other financial services like debit cards, credit cards, etc.
- You want better service from another bank and feel that your current bank does not meet your needs anymore.