One or two things have occurred that made you want to close your bank account to find a bank that meets your needs.
Probably, you are unhappy with the bank on how they handle things like money transactions, network issues, credit card issues, etc.
Then you decide to look for how to close a bank account in Nigeria or the closing bank account letter.
Then, you are on the right place.
Instead of leaving your account inactive and unused for an extended period, you need to close the account.
This is to avoid the risk of being charged monthly fees, freezing your account, and the rest.
Here on this page, you will get to see the simple ways on how to close a bank account online in Nigeria.
Let’s quickly see the steps below.
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How to Close a Bank Account in Nigeria
Open a New Bank Account
Before closing down your old bank account, you need to open a new bank account first to replace it.
Now, take note of the significant reasons why you run from the old bank account that made you decide to close it down.
Perhaps, you decide to look for a bank account that doesn’t charge monthly fees and provides full-time support, ATM Cards flexibility, etc.
And also, a bank that provides some interests on the cash you have in the account.
If these are things you are searching for, make sure to check out the options before you proceed in opening a new bank account.
And make sure the new bank account meets your needs anytime any day.
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Update Debit and Credit Cards Details
Once after opening and switching to your new bank account, you need to update and change all your payment information.
Including the details for bills, utilities or direct deposit to your new account
Your new bank account agent or any representative can help you with the transfers and updating the necessary details and information.
They will contact your old bank and get a list of all your direct credits and direct debits, then update and shift them across to your new account.
Some of these will include things like:
- Deposits made directly.
- Direct debit payments for loans.
- Direct debit agreements for payments of bills, insurance, subscriptions, etc.
After updating your details with the new account, you can then submit your new routing and account number to your employer or payroll staff.
This is to ensure your salary goes to your new bank account when paying salaries.
Also, give out the new account details to anyone who pays you directly to the bank account.
Back Up Plan
See, if you are looking for how to close a bank account, then you must have a backup plan.
Think of a backup plan before switching entirely and moving all the cash in your old bank account to the new bank account.
This is what I mean; there is every possibility that you might forget something, thinking that you have cleared all your direct debit payments.
Now, to be on a safer side, you have to leave some little cash over in your old bank account for a short while to cover any unseen direct payments.
Doing this will help you avoid penalties or missed payment fees.
Close Your Old Bank Account
Now, it is time to close your old bank account and be sure that your new account is very active running properly.
Also, make sure all your direct credits and debits have been updated and transferred over to the new bank account.
And as well you have submitted your new account details to anyone that makes direct payments into the bank account.
Then, it is required you close the old bank account to avoid other accumulated charges, of which some banks charge some fees for inactive accounts.
While some other banks charge monthly fees for inactive accounts, and this can cause an overdraft on the account.
To close your old bank account, you can call and ask them to know the process involved.
Most banks might require you go to any of their branch offices to close your account.
However, you might need to present a closing bank account letter and request it in writing together with your signature to confirm the process.
Indeed, closing a bank account is not a complicated process; all you need is to be sure everything is in order with your new bank account before shutting down the old one.
Once everything is put in place, then the process would be smooth and easy.
That is all you need to know about how to close a bank account in Nigeria.
Hopefully, I believe you enjoy this article, do share with your friends.
And take action NOW.