If you have decided to close your bank account. You can do it no one can stop you, not even the bank. But there is a proper way to do it. In this guide, I will tell you how you can close Preferred Bank account.
Before you reach the bank and request it to close your account. There are two things to be taken care of. So let us first learn about those.
The first thing is there should be no negative balance or pending dues in your account. In case if you have any. Then you will have to clear those.
The next thing is you will have to cancel all the automatic payments and direct deposits that are running on your account. This is important because once your Preferred Bank account is closed all the payments will start failing.
You can set up all your payments with your alternative bank account. This will help you to make sure that all your payments are running without any issues.
And in case if you don’t have an alternative account with you. Then I recommend you choose a good bank. And get an account opened before you close your existing account.
Steps to Close Preferred Bank Account
If you have an individual account with the bank. Then you follow the steps mentioned in this guide. But in case if you hold a joint bank account follow this linked guide.
How to Contact the Bank?
Follow these steps and you will be able to close your account. Other than these things you should also know that the bank may ask you to pay the account closing charges. This can happen when you are closing the account too early after opening it.