Saving Bank Account: If you are going to close a savings account and if any automated payment is attached to it, then first of all close it.
Saving Bank Account : If you have more than one savings account and want to close any savings account. So you need to be careful of some mistakes before closing the savings account, otherwise you may suffer a big financial loss. Let us tell you that in today’s time most of the people have more than one savings account or there may be an account among them, from which you are not doing the transaction. In such a situation, if you are thinking of closing that savings bank account, then take special care of some things. If you do not do this, you may have to face problems later.
Turn off Automated Payments
If you are going to close a savings account and any automated payment is attached to it, then first of all close it. Along with this, fill the information of the bank account from which you want to start automated payment, taking the form from the bank. In Automated Payment, you do not know and your bills are paid automatically. If you do not do this then the bill will not be paid and you may have to pay a penalty later. And you may also suffer financial loss on a large scale.
Before closing your savings account, you must download all the statements in your computer or laptop. By doing this you can avoid further trouble. If you ever need the statement in future then you will not have to worry. You can use your downloaded statement in future if needed. That might solve some of your problems.
Make sure to check the amount deposited in the account
Before closing your savings account, you must check the amount deposited in your account. If there is a negative balance in the account, then the bank will not allow the account to be closed. In such a situation, you have to deposit money in the account and then close the account only after paying the bank charges.
Check Account Closure Fee
Many banks continue to charge an account closure fee, although this is mostly if the account is being closed within a year of the account opening. 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 any charges for closing the savings account within 14 days of account opening.
Update account information
Immediately after opening the new account by closing the old savings account, provide the information of the new account in all the necessary places like in ITR, in gas agency, in automated bill payment etc. This will not cause you any further problems. Otherwise you may have to face many problems.