September 25, 2022

If you want to close your savings account, beware of these mistakes, or you could end up losing money

Savings bank account: If you are going to close a savings account and if there is one connected to automatic payments, close it first.

Saving Bank Account: If you have multiple savings accounts and want to close any savings account. So before closing the savings account you need to be careful of some mistakes, otherwise you may face a big financial loss. Let us tell you that most people these days have multiple savings accounts or they may have one account from which you are not making transactions. In this situation, if you are thinking of closing that savings bank account, take special care. Failure to do so may lead to problems later.

Turn off automated payments

If you’re closing a savings account and it has automatic payments attached, close it first. Along with this, fill in the details of the bank account from which you want to initiate automatic payments, taking the form from the bank. With automatic payment, you don’t know and your bill is paid automatically. If you don’t do this the bill will not be paid and you may have to pay a penalty later. And you may face huge financial losses.

Download the statement

Before closing your savings account, you must download all statements to your computer or laptop. By doing this you will avoid further trouble. If you ever need a statement in the future, you don’t have to worry. You can use your downloaded statement in future if needed. This may solve some of your problems.

Confirm the amount credited to the account

Before closing your savings account, you must check the amount deposited in your account. Bank will not allow to close the account if there is a negative balance in the account. In such a scenario, you have to deposit the money in the account and then close the account only after paying the bank charges.

Check account closure fees

Many banks charge account closure fees, although this is mostly if the account is closed within a year of opening the account. However, if the account is closed after one year from the date of opening, no closure fee is charged. For example, SBI does not charge for closing a savings account within 14 days of account opening.

Update account information

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Along with closing old savings accounts and opening new accounts, provide new account information at all required places like ITR, gas agency, automatic bill payment etc. It won’t cause you any more problems. Otherwise many problems may be faced.

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