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How to close a bank account and send the money to another?

How to close a bank account and send the money to another?

29 Sep 2022

As your financial demands change, you may need to make international money transfers through a service provider, or you may need to close a bank account. There could be many reasons for the decision that varies for everyone. You may be relocating and want to find the best way to send money online to your family from overseas, or you might just want to switch banks to take advantage of higher interest rates. Whatever your reason for changing banks, you'll most certainly wish to cancel your former account.

Closing a bank account is not difficult, but there are specific steps that everyone should follow to ensure that the account is closed correctly and that all of their money is accounted for before closure. When closing a bank account, follow these procedures.

How to Close a Bank Account?

Closing a bank account entails considerably more than merely calling your financial institution. You'll need to plan ahead of time to guarantee a smooth transition. The instructions for closing an account will vary based on the bank or credit union, but you should follow the procedures below. Make sure you don't send any money through the account you're cancelling. Check with your bank to see if any specific criteria may apply.

You may need to open a new account to send money to another account and make transfers of the remaining balance in your account.

Opening a New Account

The first step is to set up a new bank account. Having an account in place means that you have somewhere to transfer direct deposits and any payments or debits. Savings rates, fees, and account options are just a few elements to consider when looking for a new bank. Whether you choose a traditional brick-and-mortar or an online bank, ensure you have opened your new account before proceeding.

In this case, the best option for you is to open an account through a remittance service provider such as ACE Money Transfer. ACE provides the best services for its customers by giving out the fastest transfers, the highest exchange rates and the most reliable services in the remittance industry.

Transfer Your Current Scheduled Payments through ACE to Your New Account

If you have set up any direct deposits or automated payments, now is the time to transfer them to the new account using ACE Money Transfer's exceptional services. If you have a direct deposit, check with your employer to see if there are any documents you need to fill out so that your paycheck may be redirected to the new account.

Money Transfer to the New Account

Allow any pending transactions to settle before withdrawing funds from your account. This might take up to a month, but if you utilise ACE Money Transfer's services, you can finish this time-consuming procedure in only a few days. Failure to do so may result in the payment of overdraft fees. If you still have money in the account after everything has cleared, you can withdraw it or transfer it to the new account. 

If your bank account has a minimum balance requirement, only transfer money when you're ready to shut it to avoid paying monthly maintenance fees.

Now it’s Time to Close Your Account.

Many banks enable you to accomplish this online, but it may also need contacting customer care or visiting your local bank location. Certain banks may require write-ups for an account closure request form or submit a written request to close your account. Follow your bank's instructions on the correct contact method to begin the closure procedure.

Before closing your account, the bank will review it to confirm that it is in good standing and that you have handled any remaining concerns. If there is any money left in the account, you should be able to request a transfer or get a check in the mail.

Requirements for Different Types of Bank Account Closure

Account closures are not always handled the same way. Other conditions may arise that necessitate additional measures to terminate a bank account. Here are a few examples that may necessitate particular attention. The types of accounts that require different closure procedures are:

  • Joint Account
  • A Child’s Bank Account
  • Overdrawn Account
  • Inactive Account
  • Deceased Person’s Account

State legislation may dictate requirements and paperwork for the closure of these specified accounts. Before continuing, you should get legal advice.

Written Confirmation of Legitimacy

You should not assume an account has been cancelled because a bank staff says so. When closing a bank account, the Consumer Financial Protection Bureau recommends that you obtain written confirmation. This safeguards you if the bank does not honour your request or there is a problem later on. 

Moreover, the safe transfer of your funds is a must when closing a bank account. For this purpose (as mentioned before), using ACE Money Transfer is a secure and safe option to transfer funds online.

Why is ACE Money Transfer the Safest Service?

ACE Money Transfer makes it simple to send money. ACE provides remittance services from 28 sending countries to more than 100 receiving countries worldwide. ACE, functioning in Europe since 2002, is a well-known and well-established firm that cherishes its clients' trust. They have been designated as an Authorised Payment Institution (API) by the Financial Conduct Authority (FCA).

It is the safest and most secure service in the remittance industry. The firm ensures end-to-end data encryption and complies with stringent regulatory procedures to make an unbreakable security mechanism possible. Thus, it proves to be the most efficient way of making an online money transfer back home from overseas whenever the need arises. Rest assured, ACE’s services will never disappoint its customer’s remittance needs.


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