You can decide to close your account the same way you opened it. People close their accounts for several reasons. These reasons range from relocation, bad service, unauthorized transaction, high-interest rate, and the list goes on. Closing an account can be easy, and it can also be complicated. For this reason, if you are considering closing your account for any reason, it is essential you know how it is done. Besides, it’s best you also know how long it takes to shut an account.
The timeframe for closing a bank account depends on several factors. Some of the factors range from the nature of the account, type of the account and debts. It can take a few minutes to many days or months to shut an account.
If you want to shut your account, perhaps because you are relocating, it is essential you know the ropes before going ahead with the intention. You cannot simply walk into a bank and instruct the cashier to close your account. Some checks need to be conducted to see that you are in good standing with the bank. You’ll also need to fill a few forms and withdraw your funds (if any) before shutting your account. If you think shutting an account happens in real-time, this article will prove you wrong.
How Long Does It Takes for a Refund to Go Back to Your Debit Card?
How Long Does It Take To Close a Bank Account?
Sometimes, we get fed up with our banks for one reason or the other thus, prompting us to end our relationship with them. Other times, the intention to close your bank account may be because you feel your bank isn’t treating you as they ought to. Or because you just want a change. Whatever your reason may be, no individual can stop you from shutting your account, provided you aren’t doing so for fraudulent reasons.
You see, we humans hate delay. We don’t like it when we spend hours in the queue waiting to perform a transaction or get registered for something. The same applies to when closing a bank account. If we were asked, I bet most of us would want the process to be as easy as flushing the toilet or changing a TV station but, that is not always the case.
Of course, some people shut their accounts in 30 minutes or less. At the same time, some spend months trying to shut their bank account. The timeframe varies for each individual, and it depends on several factors.
The truth is, there is no specific answer! It could take weeks, months, minutes, or even days to shut an account. It depends on the nature of your account; that is, if your account is debt-free or not, or if your account was flagged or temporarily suspended.
For instance, if your account is filled with unpaid debts, shutting it would surely be tricky as you’ll have to settle the debt before you can think of shutting the account. To understand why closing an account can be a simple or complicated process, let’s take a look at the process involved in closing an account. One can easily understand why shutting an account takes time if you know the process involved.
How Long Does It Take for a Payment to Be Reversed?
How Do You Close a Banks Account?
Closing a bank account is a somewhat straightforward process that can be done using several methods. You can either decide to go into the branch and ask that they shut your bank account. Or you can send a letter requesting that your account be closed. If you aren’t ok with the above methods, you can consider calling the bank’s customer service number asking that your account be closed.
There are many things you need to do to close your account successfully. These activities are what will determine if your account will be close in a few minutes, a day, a week, or a month. First, you need to open a new account. Afterward, you have to switch your current scheduled payments and deposits such as car payments, mortgage payments, insurance payments, credit card payments, gym membership, streaming services, utilities, and other household bills.
The next step to take is to transfer your money. You definitely wouldn’t want to close an account that has $500 in it. Before removing your funds, you have to wait for all outstanding transactions to clear. This could take a month, and if it does, it means shutting your account may take longer than expected. After transferring your money to your new account, it is left for you to contact your bank. Most banks will try to change your mind. However, if they fail to, they’ll have no choice but to shut it.
In your bank, you’ll have to fill some paperwork to facilitate the closure. Also, your bank will have to check your account to ensure it is in good standing and that you have settled all outstanding problems before it is closed. Afterward, the next step is to get a written confirmation.
These processes are what will determine how long it’ll take to close your account. If the possesses are concluded in time, your account will be closed in time. However, if certain issues arise, the time would be prolonged.
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Can You Close a Bank Account at Any Time?
Closing a bank account is not as easy as it seems. For some, the process can be very straightforward, while for others the process can be as complicated as the security checks at the white house.
You can close your bank account anytime you feel like, just as you can open one anytime you feel like. No one can stop you from shutting your bank account, neither is there a law restricting people from shutting their account whenever they want to.
Before shutting your bank accent, your bank may require that you settle your balance. As soon as that is done, nothing should stop you from shutting it down, forever!