If you are also a resident of Canada and you want to close your bank, then this question must have come across to your mind: how to close a bank account in Canada?. For this your solution is given here. Many candidates who are from Canada maintain two or even three accounts because all those citizens do not have time or method to close their bank, so today we are going to talk about the same here.
How to close a Bank Account in Canada So let us know, first of all let us tell you that if you have opened an account in any bank then when you stop the transaction and or you want your account to be opened in some other bank because from time to time everyone The bank keeps bringing updates like – if the credit card limit of any bank is high then you want to open it in another bank or if you make monthly charges in any bank then you want to close your bank account If you are a citizen of Canada, then it is obvious that there may be many reasons due to which you are thinking of closing your bank account or want to get it done. So, for all Canadian residents, methods will be explained to close bank accounts.
If you want, you can close your account in both offline and online ways. To close a bank account, first of all you have to go to the bank, you can do it even if you apply online or contact online. Friends, here you will be told how you can open your new bank account in any other bank and we will also discuss it. Let us tell you all that this post is going to be very important for all the candidates of Canada and for all the citizens. Read this post completely and through this post you are informed that you will have to go somewhere to close the bank account.
Bank Account Close Process in Canada
● All transactions should be cleared First you should ensure that all outstanding transactions have been paid and then this includes any outstanding cheques, pending transactions or automatic payments.
● Transfer or cancel linked services If you have any linked services you will need to make arrangements to transfer or cancel them as well as to another account.
● Before closing the bank account, withdraw the remaining amount because once you close it, you will not get that amount again. Well, if we tell you that some banks have such a rule that a small amount is required to be left to cover the final charges.
● You will have to contact the bank; you can do this by going offline or you can also contact online. Because the further process will take place only after you fill the account form first. To fill the account form, you will have to give details here which the bank employee will inquire from you.
● Completed closure form will be required. Some banks require you to complete a specific account closure form giving a reason why you want to close your bank account.
● Along with this, it is also mandatory for you to return the debit card and check of the bank in which your account has been opened.
● Must receive confirmation in writing that your account has been closed, including details of $0 balance. This may be useful for your records.
● After some time, you will have to confirm the closure or you will have to ensure that all the processes related to closure are done.
● It is important for you to confirm that you should have all the reports or paper documents of your bank account.
● It is very important to keep bank related documents in a safe place for future reference as you may need them any time. If you are also a resident of Canada, then by following all these steps you can close your bank account very easily and you can open your account in any account you want.
All this work is mandatory before closing the bank account.
It is very important for all those who are thinking of closing their bank account to do this first because in today’s time, digital payment is very mandatory, you all know this. If for some reason you want to close your bank account, then do all these tasks before that because this work is very important so that you do not have to face any kind of problem in the future.
Open a new account in any bank
Before closing a bank account, it is mandatory for all Canadians who want to close a bank account to first open an account in another bank. You may have some reason for closing your bank account, but in today’s time, it is necessary for every person to have a bank account, so there can be any reason why you want to close your bank account. But here it is very important that whichever bank you want to open or are sleeping with, you must open it before closing your first bank account. To open a bank account, first of all decide which bank you will open it in and keep all the necessary documents.
Before closing the bank, it is necessary for you to open an account. Whatever bank you want to open an account for or you should be confirmed, only then you should close your previous bank account because emergency can come any time. If you want to make digital payment, then after opening your bank account, first activate your debit card and then set it for online payment because in today’s time online payment is very important or very important. It becomes easy. And then you will also have to review and sign an agreement and along with that you will have to get complete information about your account, in this way you can open your account.
Funds should be transferred to your new account
Before opening a bank account in Canada, it is important to have funds in your new account as this avoids facing balance transfer fees when the bank closes and it also cuts the negative if your account has a zero balance. Also, your bank balance gets deducted and goes to mines. Because if you open your account then it is necessary to deposit some amount in the new account and also keep in mind what is your minimum balance. From this bank you can also avail the benefits of deposit cash and cheque, as well as electronic transfer, whatever you need, you should find out. It is necessary for all Canadian citizens to do all these things before closing their bank account.
Change automatic payments and pre-authorized debits
Before opening a bank account in Canada or how much starting money is required to open an account, you should know it even if the money is from your account. This is also necessary before closing the account. You must know that every month some amount is added to your account. The amount is added because of maintenance charges as well as for home insurance, auto loan or student loan. If it is possible then it is important for you to have knowledge of this also. You should be aware of the charges that will be deducted if your payment bounces and how much will be deducted, as well as what type of account you have, find out if there is a need to change the payment, and if there are any issues with the transaction or billing history.
What to do if the bank closes the account and my money is still there?
Ans- If the bank account is closed and you have money deposited in it, then you go to the branch and fill the application form and submit whatever documents you have and the money is deposited regularly and should not be withdrawn by any person but in his/her name. Only those who have an account can go and get it done.
Will I receive confirmation of account closure?
Ans- Yes of course, if you are a resident of Canada it is advised to request written confirmation of account closure, including details of $0 balance. Keep this document for your records.
Can I reopen a closed account?
Ans- No, if you have closed any bank account once, then you cannot open the same bank account again. If you want, you can open another bank account in this bank instead.
Do I need to visit a branch to close account in Canada?
Ans- Yes, but it is not necessary because in some banks you can close the online bank account on the phone itself, but yes, in some banks it is mandatory for you to go to the branch for the paperwork.
If my bank account is in minus, can it be closed?
Ans- No, if you are running mines then it is necessary to deposit whatever negative balance you have to close your account, only then your bank account is closed but in some banks it is not done.
Conclusion- In this post, information has been given for all residents of Canada to close a bank account. If the question has come in your mind that How to close a bank account in Canada? So you have come to the right place, this post will help you a lot in closing your bank account. Here you have been given complete information, step by step process has been explained as to how you can close your bank account. To get complete information, read this post carefully and get complete information.