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#FREEDOM FIRST CREDIT UNION CLOSE ACCOUNT HOW TO#

Some bank accounts are automatically converted into regular accounts when a child turns 18. Canceling a joint account online could require both parties to request an account closure.

Many banks, however, only require one account holder’s authorization. Your bank may require an account closure request with both account holders’ signatures if you’re closing a joint account. Here’s a look at a few examples that might require extra attention. Other scenarios may pop up that require extra steps to close a bank account. Not all account closures are handled the same.

#FREEDOM FIRST CREDIT UNION CLOSE ACCOUNT HOW TO#

How to Close Certain Types of Bank Accounts This protects you if the bank doesn’t follow through or some issue arises. The Consumer Financial Protection Bureau recommends getting written confirmation when you close a bank account. Please contact me if you have any questions.ĭon’t assume that the account is closed. Please follow up with written confirmation to verify the previously mentioned accounts have been closed.

Please send a check for any remaining funds in those accounts to the address below.

List account name and account number for each closing request.

Please close the following bank account(s): To do so, you can use the template below or a similar format. You can write a letter to your bank to close an account. If Required, Send a Letter to Close Your Bank Account If there are any remaining funds in the account, you should be able to request a transfer to your new account or receive a check by mail. The bank will check your account to ensure it’s in good standing and that you’ve resolved any outstanding issues before it marks the account as closed. Follow your bank’s guidance on the proper contact method to start the closure process. Some banks and credit unions may require you to fill out an account closure request form or submit a written request. Many financial institutions allow you to do this online, but it could require a phone call to customer service or a visit to a local bank branch. Contact Your BankĬancel your bank account. If your bank account has a minimum balance requirement, only transfer money out of the account when you’re ready to close it so that you’re not charged a monthly maintenance fee. If you still have money in the account after everything clears, withdraw the money or transfer it to your new account. Failure to do so could result in having to pay overdraft fees. Transfer Your Moneyīefore you move money out of your account, let outstanding transactions clear. Having a list helps ensure you’ve canceled all of the payments attached to your old account, but you’ll also be prepared when you need to set them up for your new bank account. Check with your employer regarding any forms you need to fill out for direct deposit so your paycheck can be rerouted to the new account.ĭo yourself a favor and make a list of your monthly recurring payments. If you have any direct deposits or automatic payments set up, move them to the new account. Switch Your Existing Scheduled Payments and Deposits Whether you decide on a traditional brick-and-mortar bank or an online bank, ensure you’ve established your new account before moving forward.

Many factors go into choosing a new bank, including savings rates, fees and account offerings. Having an account in place ensures you have a place to transfer direct deposits and payments or debits. The first thing you need to do is open a new bank account. Be sure to check your banking institution for special requirements. The specifics for closing an account vary by bank and credit union. You’ll want to do some advance work to ensure a successful transition. How to Close a Bank AccountĬlosing a bank account involves more than contacting your bank. Whatever the reason, consider the decision carefully to ensure you’re making the right moves for your financial situation. You’re switching from a child account to an adult account.You’re consolidating your bank accounts.You can get better features and services elsewhere.You want to escape poor customer service.Here are some of the more common reasons to move on from your current account: However, there are numerous reasons you might want to. You don’t need a reason to close a bank account.