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Investing Academy

How to close a bank account

2 min read

6 steps to close your account

1. Open your new account before you close the old one

This ensures you won’t miss any deposits or payments.

2. Change your bank details for any direct deposits

If your pay is deposited directly into your account, give your employer your new account information. Inform the government of your account change if you get government benefits or payments (including income tax refunds) deposited automatically into your account.

3. Change your bank details for any pre-authorized debits

If you pay bills by pre-authorized debits (PADs), make sure everyone you pay has your new account information. Ask your bank if it can do this for you. You may be charged an NSF (not sufficient funds) fee each time a PAD is taken out of your old account and there’s not enough money to cover it.

4. Stop writing cheques on your old chequing account

Make a list of any cheques that haven’t been cashed. Then wait until they clear before closing your account.

5. Monitor your accounts carefully

Make sure that everything has been switched over and is running smoothly in your new account. Also confirm that the cheques you wrote on your old account have all been cashed. You can do this by looking at statements or accessing your account online.

6. Close your old account

Call the financial institution and tell them you are planning to close your account. Find out how long it will take to close, and if there will be a fee. If there’s any money in the account, you can either withdraw it or move it to your new account.

Key point

Don’t close your old account before your new one is up and running. You may pay some extra fees, but it’s better to avoid problems, like missed payments.