Closing a bank account can be a daunting task, especially when you're required to write a letter. Yes, banks can demand that, and you'll have to do it.
On the plus side, this little obligation can save you a lot of trouble. You won't have to wait in line at your local branch or talk to personal bankers. Your only concern will be writing the letter and submitting it either through email or at a bank branch—that depends on what they ask you to do. Another benefit of writing the letter is having a paper trail of your request to close your account, in case it erroneously stays active.
You're likely wondering, “How to write a bank account closure letter?” and “How should I format it?” In this article, we walk you through all the steps to writing and formatting the letter, including a sample and a template.
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Writing a bank account termination letter is a traditional, straightforward way to close a bank account while avoiding staying on lines or talking to customer service. Some banks may offer other means to close accounts, such as calling or visiting a financial center, but some don't.
For instance, to close a transaction or savings account at Heritage Bank, clients are required to fill up a form with personal info (i.e. name, email, account number) and clear instructions on what to do with the account. If the account has multiple holders, all of them have to sign the document.
While this seems outdated, letters to close bank accounts are an effective way to guarantee an account is being closed—and that you really asked for it—as both you and the bank will have physical proof of your request.
A bank account close letter is a simple and concise document. You don't need to say much besides your request for account termination. Here's a step by step guide on how to write it:
Like every letter, a bank account close letter starts with a salutation to the recipient. You can address the bank manager by name, if you know it, or use standard salutations, such as “Dear Bank Manager” or “To Whom It May Concern.” In other scenarios—such as sending a cover letter to a hiring manager—“To Whom It May Concern” can sound harsh, but in this specific case, it's acceptable.
This type of letter is very straight to the point, so your next step is stating your account termination request. Do it with a clear and concise sentence, such as “I'm writing to request the closure of my checking account with [bank name]” or “I would like to request my savings account closure.”
The next step is providing all the necessary personal information the banker needs to fulfill your request. This includes your account number, your full name, mailing address and phone number, and the names of the other account holders, if any. Since procedures change between banks, you should check with your bank (over a call or their website), what personal information they need from you to close the account.
If you have any balance left and didn't transfer it to another account yet, you can request it to be done for you. In this case, you'll have to also provide the information of the other account, including the name of the bank, account number, branch location, and account name. Be sure to check on your bank website or give them a call to know what information should be included in the letter.
You can also request the bank to send you a written confirmation of the account termination. Generally, banks do inform clients that their account has been closed anyway, but it doesn't hurt to ask.
Next, finish the letter with a formal closing. You can say something along the lines of “Thank you for your attention” and “Let me know if you need any more information,” and sign with your name and last name.
Before submitting your letter, take a few minutes to review the document and search for grammar mistakes or incorrect information. It's important that every personal data provided is correct so your request can be fulfilled promptly, and your remaining money gets sent to the right account (if applicable).
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