The closure procedure of a Bank account in Canada is a simple task which can be done offline as well as online mode. One should prepare a set of all required documents to be submitted to bank along with returning bank property like cards, passbooks, and cheques. Read the article to know about the full process.
The closure procedure of a Bank account in Canada is a fairly simple process which can be done by visiting a branch in offline mode however, some banks also support the online closure of bank accounts.
Closing A Bank Account in Canada
The individual willing to close a bank account in Canada should follow the following process:
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If the bank supports online account closure, it can be proceeded by logging in to the bank portal on their website with valid credentials and by navigating to the “Close Account” or “Account Closure” section and proceeding with steps like online verification, fund transfers of remaining capital, and other processes in order to close the account.
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If the bank does not support online account closure the steps for closing a bank account by visiting the branch are:
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Reviewing the account: Before initiating the proper account closing process, one should ensure a null balance in the account to be closed as it may hinder the account closing process at further stages and may elongate the process.
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Visit the bank branch: The individual should search for the nearest branch of their particular bank to visit it for paperwork and documentation purposes. One should carry all the required documents like identity proof, address proof, income statements, photographs and other important documents to the bank for the quick procedure of account closing request.
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Paperwork: After visiting the bank branch, the individual willing to close the account should approach bank officials for appropriate documentation which includes an account closing request form and identity proofs to be filled in and signed by the account holder(s)and sometimes, a written application is required to be submitted to the bank.
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Returning Banking Materials: After submitting the account closure form, the individual is required to return all the bank property such as debit cards, credit cards, passbooks, cheque book and others to the bank. Submitting all the possessing bank property to the bank is essential for this process.
Hence account closing procedure of Canadian banks is fairly simple and user-friendly. Thus, by following the steps properly and in order the process can be done smoothly via online or offline mode. Do Drop your queries in the comments!