How to close a bank account in Canada without going to the bank?
- Asked By
- Updated On:29-Nov-2022
- Replies:1
Short Answer
You can close your Canadian bank account by emailing from your registered email ID, calling the customer care or via net banking. However, some banks mandate you to visit the bank branch.
Detailed Answer
Closing a Bank Account in Canada
A person closes his/her bank account for various reasons, such as unresponsive customer service, high fees, high minimum balance requirements, low interest rate etc.
Most of the day-to-day banking activities such as fund transfers, raising complaints, payment of bills, loan repayments etc., have become online now and we are able to do them on the go even via our mobile phones.
Let us find out if we can similarly close a bank in Canada, without going to the bank branch.
Closing your Canadian Bank Account - Things to Consider
- As a first step, it is important to open a new bank account of your choice. Your funds need a safe place to be parked. So, before closing your existing bank account, transfer your funds to the newly established bank account.
- If you have set up direct debit, loan EMI payments, automatic bill payments, in your current bank account, update the payments to be made from the newly opened bank account.
- Similarly, contact your employer for them to credit your salary to the new account.
- It is also vital that you update this information with the Canadian Revenue Agency.
How to close a bank account in Canada?
The method to close your bank account depends on your banking institution.
We have listed the ways in which you can close your bank account with some major banks in Canada:
Royal Bank of Canada (RBC):
You can either call their customer care number or send an email through the email ID you have registered with the bank. You may also visit the bank branch to close your account.
TD Bank:
Similar to RBC, you can call their customer care number or send an email from your registered email ID or visit the bank in person.
CIBC:
You can either visit the bank in person or call the local branch to close your bank account with CIBC.
HSBC bank:
You can close via your online banking or call their customer call number 604-525-4722. You can also visit the bank branch alternatively.
Tangerine Bank:
You can close the bank account via net banking or call their customer care number 1-888-826-4374.
Closing a bank account in Canada without going to the bank
Although few of the banks allow you to close your bank account online without visiting the branch. Some banks such as Bank of Nova Scotia and Bank of Montreal mandate you to visit the bank branch personally.
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