How to properly close a bank account

Want to close a bank account? Read this.

Young lady using phone(psychologytoday)

The process it takes to close a bank account may be daunting and even discourage you from taking a step to shut down the bank account you no longer patronize.

A survey according to Punch has shown that one in five consumers considered switching banks but didn’t because of the hassle and effort involved in the process of closing an account.

If you ever have a reason to close your bank account, you don't have to feel stressed about it. Here are steps to take.

Before you take a step to close down your bank account, it’s important you open a new one with another bank first. The reason for this is to make your financial transaction easy after making up your mind to close the old account.

If you close your bank account before you open a new one, you’ll definitely find it difficult to transfer money, write cheques and pay bills.

Once you open a new account, it’s important you change and re-route your bank details because of any automatic transactions such as rent payments, bill payments and automatic fund transfers. The essence of this is to make it easy for employers and whoever may have to transfer money into your new account seamless.

Once you have confirmed that automatic transactions have been properly re-routed, you can begin to move your money from the old account to the new one.

As soon as you the account is empty, you’ve withdrawn all your money and the account can inform the bank to close it.

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