Keeping a nil (€0) balance in your account does not automatically mean that your account is closed. Banks may charge a fee if the balance in your account is zero and the account is classified as a dormant account.
How do I close my account?
The Terms and Conditions should include a section on Account closure wherein there is explained the process to be followed if you would like to close a bank account. Alternatively, you can always contact the Bank and ask them to explain to you what needs to be done from your end in order to close off an account. Most probably you may need to go to your branch in person, in order to sign the relevant documents.
You, and when applicable all the owners of the account, can request to close an account at any moment. This can be done by handing in a notice within the time period indicated in the Terms and Conditions.
However, if you don’t agree with any change in the terms and conditions that the bank may present during the life of the account, you can close the account with immediate effect. In this case, the request must be done by you before the entering into force of the measures presented by the bank.
What are the necessary steps taken to close off an account?
The following steps are necessary when closing an account:
- In some cases the account holders must give consent to do so. You may wish to refer to the Terms and Conditions for further information;
- all the owners return any payment cards, internet banking keys, cheques and any other means of payment related to the account to the bank;
- the account has a positive or nil balance;
- any credit agreement, such as loans or overdrafts are fully paid or an agreement on the respective payment is done.
- You should also: ensure that there aren’t any direct debits or standing orders still active in the account;
- delete the account number and associated card(s) number(s) from any e-commerce or online payment sites where you may have previously used them;
- make a backup copy of the statements of your account;
- request a document showing evidence that the account was closed.
Are there any fees for closing an account?
Go through the Terms and Conditions to get acquainted to the procedure of closing an account and all the related fees.
How can an account be closed if the account holder is deceased?
In the eventuality of an account holder passing away, the legal heirs to the deceased person must appoint a notary to act on their behalf to do the required searches and assist in carrying out this procedure, as well as providing all the documentation required by the bank.
