How to Close a Bank Account

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Closing a bank account usually occurs in phases, as most of the money is transferred to the new institution, leaving just enough in the account to cover any outstanding checks or fees. Close a bank account, receiving a certificate of exchange from the bank, with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management & Credit
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Video Transcript

This is financial advisor, Patrick Munro, talking about how to close a bank account. Once you no longer require a bank account due to the fact that you're relocating, or you've just simply chosen a better route to go for a different bank then what you must do is report yourself to the bank officer, pre preferably the manager. And the manager will then sit down with you, and go over any outstanding accounts that you do have, or checks outstanding. And the best way to do it is really in a phased format. Many people write a high volume of checks, so what you would do is take out the the the vast majority of the money that you have and move it to the new institution; leaving behind enough to make sure that your money is there to pay any ancillary fees or checks outstanding because you don't want to have bounced checks. That would go against your credit report. Thirty days later you can present yourself back at the bank when no activity has happened, and if there's any money left at all take that last amount. Present a letter to the bank that you are no longer associated with the bank or responsible for anything thereof, and receive a certificate of exchange from the bank as well. Shake their hands, and your relationship is at a close. This is financial advisor, Patrick Munro on how to properly close a bank account.

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