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6 Things to Keep in Mind Before Closing Savings Bank Account


Are you planning to close your savings bank account and open one another bank? Before making a decision make sure whether is it worth a change or not. Do you homework and get to know what other banks are offering. Here is a checklist to follow before you close your bank account.


6 Things to Keep in Mind Before Closing Savings Bank Account

1) Cancel your Automated Payments

If your bill pay is automated then cancel your payments from old bank and make a note to request the same in new bank. Take extra effort to ensure whether you have missed any auto-renew, and quarterly or bi-annual insurance payments.

2) Statements back up

Do not miss this step, make sure you have all the statements of the savings account. You never know when you may need them. If necessary take a print out or save a soft copy.

3) Open New Account

Open new account and do not transfer all the money untill you get your debit card, pin and cheque book or else you will be left with only cash in the account, without any means of withdrawal.

4) Check Balance

If your balance is in negative, banks do not allow you close unless you pay the required amount. An account can go into negative balance if you don't maintain minimum balance required as stipulated by banks.

5) Set up Auto Payments

Before closing your old bank account, ensure that you have opted for auto payments in the new account or there may be chances of missing any intimated payments like electricity bills, credit card bills and so on.

6) Mention Account Number

Inform your company about your new account number so that your salary gets credited on time without any hassle. Check you investments list, give new account number wherever required.

Once the fund and all other things are clear, visit your old bank and inform them you'd like to close your account.

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