Bank Account Closing Tips: In the digital world, people do most of their financial work through banks. The number of people transacting in cash is also continuously decreasing. Online payment facilities are available everywhere in India, from small shops to big malls. With this change, many people have started keeping more than one bank account.
People often have 2,3 bank accounts for different purposes. If you have many bank accounts and you close any bank account in a hurry. So you should keep some things in mind, otherwise you may suffer financial loss. Let us know what things should be kept in mind while closing a bank account….
1.Update auto payment information
If your EMI, SIP, insurance premium or electricity and water bills are auto debited from the same account, then all these payments will stop once the account is closed. Due to which you may be fined or the policy may even be discontinued. Therefore, it is better to update the new bank account in advance, so that there is no problem.
2. Is there any outstanding amount in the account?
Many times, different charges keep getting added to old bank accounts without paying any attention and the balance becomes negative. In such a situation, before closing the account, the bank may ask you to repay the outstanding amount. Therefore, before closing the account, the balance status of the account must be checked once.
3. Pay outstanding fees and card fees
Since you have multiple bank accounts, you may not have used the debit card or check book of the account to be closed for a long time. However, the bank keeps imposing its annual charge on it. Along with this, charges for SMS alerts or other banking services may also be pending.
It is necessary to pay all these outstanding fees before closing the account. So that you do not have to face any kind of problem in future.
Read also: Movement in the stock market! Stock split of these two companies decided next week, know the record date
