• Wed. Sep 23rd, 2020

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How to Close Bank Account in Canada?

Canada is an amazing country to live in. There are thousands of people who migrate to Canada from their country. And everyone who lives in Canada requires a bank account. If you are a foreign student and had opened a bank account in Canada. And now you may be moving bank to your country. In this case, you might think to close the bank account you had opened in Canada.

Not only the foreign students even the people who come to Canada for work. Once they decide to go back to their country they will close the bank account and then they go to their country. There are some steps that you have to follow to close the bank account in Canada. There are no many banks that are operating in Canada. But the steps which are mentioned by me in this guide are applicable to almost all the banks.

No matter in which bank you have the bank account. All the banks have the same process of closing the bank account. But there are certain conditions which should be met to close the account.

What are the Conditions to Close the Account?

1. Account Holder’s Presence

The account holder or the real owner of the bank account has to come to the branch of the bank. In 95% of the cases, the bank will not allow anyone else to close the bank account. No matter if the person is part of the friends or family. The real owner on whose name the bank account has been opened has to come to the branch of the bank.

2. All the Dues Should be Paid

If there are any dues in the bank account. Then those dues have to be paid by the account holder before he or she can close the account. So if you have any kind of dues, then make sure that you will pay them before you approach the bank to close the bank account.

3. Proper Identity Proof Document

As I have already mentioned that the real owner of the bank account has to come to the branch of the bank. Even after that, the account holder has to show a proper identity proof document to the bank. You can carry any of the documents or identity cards which can prove that you are the owner of the bank account.

4. Account Closing Fees Should be Paid (if applicable)

In some cases, the banks even ask the account holder to pay the account closing fees. This is observed in the cases where the account holder is closing the account in a time span of less than a month or two. So if your account is very new then there are high chances that your bank will ask you to pay the account closing fees.

5. Clear is NSF Fee (if any)

In Canada, almost 90% of the bank has something called the NSF fee. This is an acronym for Non-sufficient funds fee. This is charged when you don’t maintain adequate balance in your bank account. When you will be opening the bank account the bank will tell you about these fees.

And this is applicable only and only if you have not maintained a good amount of balance in your account. If you see any NSF Fees pending in your account. Then you will have to pay that before the bank can allow you to close the account. This is a kind of negative balance in your account and profit for the bank.

So there are no chances that any bank in Canada will let their customer close the bank account without clearing the NSF Fee. If you are lucky enough then you will get a discount. But these fees will not be written off from your bank account. To check if you can get a discount you will have to visit the branch of the bank.

What are the Steps to Close Bank Account in Canada?

So far what we have discussed is very important than what we are going to discuss now. So in Canada, if you are planning to close the bank account then you should know what are the rules you need to follow. More than what are the exact steps that you need to follow closely with your bank account.

And I have explained to you the 5 most important rules you should keep in your mind before you can close your bank account. Now I have done half of my job by sharing the knowledge of rules with you. So here is the final stage of your guide to close your bank account. Follow the steps mentioned below and get your bank account closed.

Step 1: Visit the Branch of your Canadian Bank

The first thing you have to do is personally go to the branch of your Canadian bank personally. As I have already told you that only the account holder has the right to close the account. So make sure that you don’t send anybody else to close your account.

Step 2: Reach the Account Management Section

In every bank, there are different sections which are dealing with different works in the bank. So as we are going to close the bank account. You have to visit the account management section in your branch. The people whom you can find working there are the ones who deal with the account opening and closings.

Step 3: Ask for an Account Closing Form

There are is a different form available in every bank which is used to close the bank account. You can ask for this form at the account management section in your branch. The employees will ask you why you are closing the account you have with them. Give them the reason why you are closing the account.

Step 4: Fill, Check and Submit the Form

You have got the bank account closing form with you now. The next thing is you have to fill the form thoroughly with all the details asked in the form. Once you have filled the form completely you have to check if all the details entered are correct. And lastly, submit the form to the account management section.

Step 5: Keep Your Patience

It is not like you have taken the account closing form, filled it, and submitted the form. The bank account can not be closed instantly after submitting the form. You have to wait and it might take a working day for the process to be completed. You will be notified by your bank once your bank account is completely closed.

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