In today’s digital age, opening a bank account is as easy as closing it. Often, people unknowingly make small mistakes, which later lead to huge financial losses. If you are also thinking of closing any of your old or additional bank accounts, then never forget these 4 things. Go through this article and know the 4 important things while go for the closing a bank account, otherwise your pocket will be empty!
4 Things to Avoid When Closing a Bank Account
1. Check Account Balance
The most important thing to do before applying for closing a bank account is to check the balance remaining in it. People often forget to withdraw the money left in the account or transfer it to another account. If there is money left in the account, the bank may deduct it as pending charges or closure fees. Therefore, before closing the account, clear the balance to zero.
2. Check Auto-debit and EMI
If your bank account is linked to auto-debit for any loan EMI, mutual fund SIP, electricity bill or OTT subscription, then remove it immediately. If any payment bounces from it after the account is closed, then you may have to pay heavy penalties and charges.
3. Get Written Receipt or Email Confirmation from Bank
Just going to the bank and filling out the form is not enough. To avoid any disputes or unwanted charges in the future, always ask for a written acknowledgement slip or official confirmation via email from the bank. This is a sure proof that your account has been completely and securely closed.
4. Digital Security
Digital security is also very important After closing the account, do not forget to de-link or log out of the associated net banking portals, mobile banking apps and UPI apps (like Google Pay, PhonePe). It is very important to follow these rules of digital security to keep your banking history and data safe from old app login details or OTT access.
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