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Last updated on July 26th, 2024 at 02:54 am
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How to Close a Saving Account: Easy Steps
If you need to close your saving account, don’t worry—it’s not too hard. You can do it online, at your bank, over the phone, or by filling out a form. Here’s how you can do it, along with some extra tips.
Why Close a Savings Account?
There are lots of reasons why you might want to close your savings account:
- You found a better interest rate somewhere else.
- You want to bring all your savings into one account.
- You like the features of another bank’s mobile app better.
- Your bank charges fees you want to avoid.
- You’re switching to a different bank.
Steps to Close a Savings Account:
Closing your savings account is pretty easy. Here’s what you need to do:
- Get a New Savings Account: If you don’t already have one, open a new savings account to move your money into.
- Move Your Money: Transfer the money from your current savings account to the new one.
- Contact Your Bank: Let your bank know you want to close your account. You can do this in person, over the phone, by mail, or online.
- Fill Out Any Forms: Sometimes, you might need to fill out a form or write a letter to close your account. Your bank will tell you if you need to do this.
Special Situations:
If your account is inactive, overdrawn, or owned jointly, there might be some extra steps involved in closing it.
- Inactive Accounts: If you haven’t used your account for a while, you might need to reactivate it before you can close it.
- Overdrawn Accounts: If your account has a negative balance, you’ll need to bring it back to zero before you can close it.
- Joint Accounts: If your account has more than one owner, you might need both owners to close it.
Tips for Closing Your Account:
Once your account is closed, remember to:
- Destroy any old checks or cards for the account.
- Download your bank statements before you close the account.
- Update your contact information with the bank.
- Cancel any automatic transactions linked to the account.
Cost and Time ?
Usually, there’s no fee to close your account. And you can usually close it whenever you want. It might take a few days for the process to complete, though.
Does it affect credit score?
Closing a savings account doesn’t affect your credit score. But if you owe fees on the account and don’t pay them, it could hurt your credit.
Closing a savings account is pretty simple, but it’s good to have a plan for your money before you do it. Make sure everything’s moved to your new account and all transactions are canceled.
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