Account Closing Requirements

用户4721

2023年12月5日修改

Before closing the account

1.
Cancel recurring payments and direct deposits​
Before contacting the bank to close a bank account, the customer should ensure all its monthly deposits and payments are cancelled or being sent to the new account.​
This may include:​
A. Payroll or direct deposits​
B. Bill payments and automatic transfers​
C. Subscriptions, gifts or recurring donations​
D. Credit card payments or transfers​
E. Loan payments​

2.
Transfer money out ​
The customer should transfer the money out of its account and ensure that the balance is zero before closing​

3.
Complete all pending / processing transactions​
If there are pending/processing transactions or payments on the account , the bank may not close the account temporarily until the relevent transactions or payments are completed.​

4.
Clear outstanding fees or penalties on the account​
If there are outstanding fees for penalties on the account, the bank may not be able to close the account until the relevant fees have been paid.​

5.
Unfreeze account ​
If the account has been frozen by the bank/court/government, the bank may not be able to close the account until the freeze is lifted.​

Close the account

1.
The customer use the feature of closing account on its platform (for now Baas platforms) and submit closure request.​

2.
The customer verifies email/sms OTP​

3.
The bank carries out certain verification procedures, such as confirming the closures by phone call, to ensure that the decision to close the account is made by the user and to prevent the account from being malicously closed.​

4.
Bank staff approve the request to close the account and the account is closed.​

Notes:

When the last account of the customer is closed, the onboarding request of that customer becomes ACCOUNT_CLOSED. The customer has to submit fresh onboarding material when they request to open an account with Choice bank.​

If the account closed is not the last account of the customer, the customer does not need to submit fresh onboarding materials to open the account.​

Account Closing Requirements​

Account Closing Requirements