If you have an account with any of the banks in the USA. Then you can close it whenever you wish to. But there are certain terms of the bank that you have to agree to. And there is also a proper process to be followed. In this guide, I will tell you how you can close Algonquin State Bank account.
The process is really simple and it all starts with two things. You have to take care of these two things before you approach the bank. So let us first explore these two things. And after that, we will learn the offline and not the online process to close the account.
The first thing is you have to check the remaining balance in your account. And you have to ensure that there is no negative balance in the account. Because the bank will not allow you to close the account until you clear all the pending dues you have in the account.
The second thing is you have to cancel and move all your payments and deposits out of your account. Here I am talking about automatic payments and direct deposits. All the active ones will start failing once the bank closes your account.
The best way to keep the payments and deposits running is by setting up them with your alternative bank account. If you already have one then that is fine. But in case if you don’t have. Then I recommend you open a new account with another bank before closing the existing one.
Steps to Close Algonquin State Bank Account
If you are a customer with an individual account then follow the instructions given below. But in case if you hold a joint account. Then follow this linked guide.
- Locate the nearest branch of Algonquin State Bank near you.
- Take your identity proof document, passbook, cheques, and debit cards with you.
- Visit the branch of the bank and go to the helpdesk.
- Speak with the bank officials and tell them that you want to close your account.
- The officials will ask for your name, account number, and the reason for the closure.
- Provide the details and show them your identity proof document.
- Bring down your account balance to zero.
- Collect an account closure request form.
- Fill the form, sign it, and submit it to the bank officials.
If you wish to close the account online then I recommend you contact the bank directly. And one more important thing you should know is. If you are closing the account within one year of opening it. Then the bank may ask you to pay the account closing charges.