There are so many countries in the world, so many banks and at the same time so many people. And something which everyone needs access to is the global banking system.
Here I am talking about the global banking system because the local and the national have turned old-fashioned these days.
Almost every bank around the globe is connected with the SWIFT network. And you should know that if the bank is connected to this network.
Then the customer of the bank can send and receive money to an international bank account. All the things sound great.
But there is one thing and that is if you have too many bank accounts then you are losing out on your money and also your time.
How Am I Losing on Money?
If you are wondering how you can losing money with multiple bank accounts. Then I will explain this to you. Here I am talking about the account which you don’t use often.
Every bank account comes with basic things like deposit acceptance, debit card, and online bank too. But here you should keep on thing in your mind.
And that is no banks offer the services to the customers free of cost.
After all the bank is doing business and the ultimate of any business is to make profits which banks mostly do with our money. Well, that is a while of the different topic on how the banks work and make money.
So when you are maintaining an account with any of the banks. The bank will charge you annual maintenance charges on every product you are using.
Ultimately you end up paying charges to the bank for an account you are not using anymore. This is how you can lose out on money.
How Am I Losing Time?
You will not only lose money but you also lose your precious time. But how?
That is by maintaining these accounts. And believe me, it is a real pain to manage multiple bank accounts.
During the events like paying tax to the government, you will have to retrieve the statements of all your bank accounts.
And then spend your time consolidating the statements and then estimate the amount of tax you need to pay.
All these things take time and this is how you are losing your time with multiple unused bank accounts.
How Can I Deal with This?
There is one very simple solution using which you can deal with this thing. And that is by closing down the bank accounts that you are no more using.
By doing this you can save the fees or charges you need to pay to the bank. And also the time that you need to spend on the maintenance of your accounts as well.
So now we know the solution to this problem.
But then a new question hits our mind and that is how can I close my bank account?
I will explain different methods that you can follow to close the accounts you are no more using. Not all the banks support all the methods but the majority of the banks do support all the methods.
Things to Keep in Mind
There are a few things you should keep in your mind when you are in the process to close your bank account. These are important because they will help you keep your mind calm during the process.
Cooperation from the Bank
When a customer of the bank is closing the account, the bank is losing the business. So when you get in touch with the bank and tell that you want to close your account.
The cooperation that you get from the bank is very less. So you will have to keep your patience and work throughout and get the things done. This is because the bank will try to change your mind.
Account Closing Charges
If you are closing the account that you had opened within a year. Then you can not close the account for free.
This is very common and you will see this charge in almost every bank around the globe.
The Account Balance Should be Zero
Before the bank can close your account you should ensure that your account balance is zero. Even the bank can help you out with this case.
The bank can transfer all the money to the account of your choice within the same bank or a different bank.
It is always better to save money if there is any possibility. So do it by yourself.
What are the Different Ways to Close a Bank Account?
There are different ways you can request the bank to close the account you have with it. The major ways are explained below.
Visit the Branch
When I say visit the branch of the bank you may feel that this will consume more time. But actually, this does not consume.
Just go to the branch of the bank and complete the things told to you by the bank employees. The closing process will start instantly.
And believe me, this is the best way to close your bank account. That is because even if there are any problems you can get those sorted at the branch.
You can Send a Written Request
Some people don’t like visiting the branch if you are one of them. Then you can mail the written request to the bank.
You should contact your bank and get the official mailing address. Once you get the address, draft a closing request and send it to the physical mail address provided to you by your bank.
Once your mail reaches the bank, the bank will start the process to close your account. And eventually, within a few working days, your account will be closed.
Use Online Banking
These days almost every bank provides this feature to the customers. And this can also be used to request the bank to close the account.
If you want to close your account then you can use the chat section that can be accessed by logging in to your account.
Go to the chat section and speak with the account management. Raise a ticket to close your account and it will be done for you.
Other than these three ways you can also call the customer service of your bank and raise the request. But I would like to add one more point and that is the rejection rate of the request are more when you call customer service. So choose the way wisely and get your account closed.