There are so many banks in America, this is where all the American people get an edge in the banking industry. The more the bank number of banks which are competing with each other the more high-quality options Americans are getting. But if you are planning to change your bank then you should keep one thing in your mind.
And that is it gets really difficult to maintain multiple bank accounts at once. And that is the reason why you should close the bank accounts you are no longer using. There are some procedures that you have to follow to close your bank account.
I will explain to you everything that you should know to close a bank account in the United States of America. Do you know if you don't use your bank account for a period of time. Then it will be turned into an inactive account? Yes, you heard it right. All the banks which are running their operations have this rule.
Not only in America but this remains the same in all the parts of the world. No matter where you are if you don't use your bank account for a long period of time. Then you will be turned into an inactive bank account. There is a separate term in the banking industry to explain the inactive bank account.
Do you know what that term is?
Let me tell you the term. The bankers in the United States of America and almost all the other countries use Dormant Account as the term to explain the inactive bank accounts. You should also know that you can gain back access to your dormant or inactive bank account.
How to Close Bank Account in the United States of America?
There are many modes that can be used to close the bank account in the USA. But usually, people don't like the methods in which they personally have to visit the branch of the bank. People want to use the online modes and over the phone, modes to close their bank account.
But do you know which modes have the highest rate of success?
As per the reports of Account Closers, the offline methods in which the account holder himself visits the local branch of the bank has the highest rate of success in closing the bank account. There are chances that the bank may turn down your request to close the bank account on phone or on their official website.
But they usually don't reject the account closing request when you visit their branch of the bank. If you don't know where the branch of the bank. Then you can use the maps applications like Google Maps or Apple Maps to find one near your location.
However, using the official website of your bank is the best way to find the exact address of the local branch. The principal is simple. Nobody else can tell about someone better than themselves. You can find the location along with the working hours of the branch from the official website of your branch.
Step 1: Decide If You Really Want to Close the Account
First, you have to make the decision clear. If you really want to close the bank account then you can proceed further. It should not be like you are in the branch of the bank and you make your mind not to close your bank account. Your decision should be firm because the employees at the bank will try their best to change your decision.
Steps 2: Open a New Bank Account for Your in Another Bank
You should always have a different account for you to use. So the next step is to find the bank which you feel is the best one for you. After that open a new bank account with that bank. Once your new bank account is completely operational you can proceed with closing your old account.
Step 3: Visit the Branch of Your Bank
Now you have made your mind close your bank account and also have opened an account in another bank of your choice. So now there is no obstacle that can stop you from closing your old bank account. Now let out of your place and visit the branch of the bank.
Step 4: Clear Dues and Negative Balances (if any)
If there are any dues or negative balances in your bank account. Then you will not be allowed to close your bank account. So the next step after visiting the branch of your bank is to clear the dues and negative balance that are pending in your bank account.
Step 5: Collect and Fill the Account Closure Form
First, clear the dues if there are no dues then you can skip step number 4. Now you have to collect the bank account closure form from the bank and fill it. You can take the help of the bank employees to find an account closure form if you are facing any difficulties in doing so.
Step 6: Return the Things and Get Your Account Closed
Now you have to return your debit card and the other things related to your account to the bank. While submitting the account closure form you have to submit your debit card linked to your bank account. You will be no longer to use your bank account once you have submitted the closing request.