Did you relocate abroad without closing your bank accounts? If so, you are not alone. Lots of people do not close their bank accounts before moving outside the United States. This is probably because they know their options or just forget to do it. Whatever the case may be, there are several ways to close your personal bank accounts from another country.
How to close your bank accounts from abroad? You can close it by accessing your personal online banking account, contact the bank by phone/email, or you can mail a closure request form to your personal bank.
TIP 01. How to write a closure request form? Here’s the perfect template.
TIP 02. To find out your banks contact details, simply google “[YOUR BANK NAME HERE] contact number/address/mail address.” For example; “Bank of America phone number.”
Will failing to close your bank account result in problems in the future? How can you close your bank account? Can you do it online? Will closing a bank account impact my credit score? These questions will be answered in the in-depth guide below.
Do I Need To Close My Bank Account If I Leave The Country?
The answer to the above question is “no”. You can reside in one country and still close your bank accounts in another country. Of course, you also have the option of keeping the bank accounts open for a while. And, closing them at a later date. However, it is a good idea to speak with a representative at the bank before you go this route.
If you do decide to close your bank accounts after you have already relocated, you should not have any trouble doing so. Most banks and other financial institutions have already dealt with these cases before. So, they have devised methods that customers can utilize once they have already exited the country. Simply contact your bank.
What happens if I don’t close my bank account?
In most cases, the bank account will stay active as long as there is enough money in it to keep it open. If the bank account has a zero balance, the bank may take it upon itself to close it. This is a great option for someone with limited time on their hands to deal with the red tape of closing a bank account from another country.
There is also the option of mailing a closure request to the bank. If you choose this option, you should contact the bank to determine what steps you need to take. You will need to request the closure in writing and include your name, bank account information and current and former addresses. Some banks will also request a current phone number in case they need more information.
If there is a remaining balance on your bank accounts after it is closed, the bank will issue you a check in that amount. You will need to provide the bank with a current address, so the check can be mailed directly to you. If you fail to provide the correct information, your bank account may remain open or the check could be accidentally mailed to the wrong address.
How Do I Close My Bank Account Online?
In recent years, the big banks have started embracing technology. This is a good thing for ordinary consumers. Now, it is possible to do many things from the comfort of your own home. For instance, you can probably check your account balance, make transfers, and even close your bank account from your home computer. You may even be able to complete these tasks on your smartphone. However, some banks might not offer this option just yet.
If your bank does, you will need to follow through a certain number of steps to achieve your goal.
STEP 01. For starters, you need to zero out the balances. After all, you do not want to leave any money behind. If you have money left in your account, you can probably withdraw it in the form of a check online. Then, the bank will send you a check in the future. If not, you can transfer it to another account or withdraw the money in person. Either way, your bank account should be zero before you try closing your account.
STEP 02. Once your account has no money, you should be offered instructions to close the account immediately. From there, you’ll need to follow the steps on the screen. On the other hand, you may be required to contact the bank by email or phone. Either way, you should be able to close your account without leaving your home once its balance has hit zero. If you’re having any trouble whatsoever, you can always pick up the phone and speak with a representative from the bank.
They’ll provide you with more precise instructions and they can even walk you through the entire process.
Is It Bad To Close A Bank Account?
Ultimately, some people will find it necessary to close their bank account at some point. Doing so may be tough mentally. Simultaneously, it could cause additional problems. Some people believe that closing their bank account is going to result in their credit score taking a plummet. Is this actually the case? No. In reality, closing your bank account isn’t going to hurt your credit score at all. It doesn’t matter whether you’re dealing with a savings or checking account either.
It will not impact your credit score. Your credit sport will not reflect anything about your savings, income, or investments. A lot of people close a bank account for other reasons and not just financial troubles. For instance, you may need to move in the future. When you do, you’re going to need to switch banks. You shouldn’t be punished for that and you won’t be. With this in mind, you should feel free to close your bank account if you deem it necessary to do so.
Another thing to note is that each bank offers different interest rates. It is always best to choose a bank with the highest interest rate. This is another reason that you might end up closing your account in the future. Again, you will not be punished for closing one account and opening another. None of this information will appear on your credit report so it will not impact your credit score in any way.