How to close a bank account in Canada?

  • Asked By
  • Updated On:
    27-Jun-2023
  • Replies:
    1

Short Answer

The closure procedure of a Bank account in Canada is a simple task which can be done offline as well as online mode. One should prepare a set of all required documents to be submitted to bank along with returning bank property like cards, passbooks, and cheques. Read the article to know about the full process.

Detailed Answer

The closure procedure of a Bank account in Canada is a fairly simple process which can be done by visiting a branch in offline mode however, some banks also support the online closure of bank accounts.

Closing A Bank Account in Canada

The individual willing to close a bank account in Canada should follow the following process:

  • If the bank supports online account closure, it can be proceeded by logging in to the bank portal on their website with valid credentials and by navigating to the "Close Account" or "Account Closure" section and proceeding with steps like online verification, fund transfers of remaining capital, and other processes in order to close the account.
  • If the bank does not support online account closure the steps for closing a bank account by visiting the branch are:
  1. Reviewing the account: Before initiating the proper account closing process, one should ensure a null balance in the account to be closed as it may hinder the account closing process at further stages and may elongate the process.
  1. Visit the bank branch: The individual should search for the nearest branch of their particular bank to visit it for paperwork and documentation purposes. One should carry all the required documents like identity proof, address proof, income statements, photographs and other important documents to the bank for the quick procedure of account closing request.
  1. Paperwork: After visiting the bank branch, the individual willing to close the account should approach bank officials for appropriate documentation which includes an account closing request form and identity proofs to be filled in and signed by the account holder(s)and sometimes, a written application is required to be submitted to the bank.
  1. Returning Banking Materials: After submitting the account closure form, the individual is required to return all the bank property such as debit cards, credit cards, passbooks, cheque book and others to the bank. Submitting all the possessing bank property to the bank is essential for this process.

Hence account closing procedure of Canadian banks is fairly simple and user-friendly. Thus, by following the steps properly and in order the process can be done smoothly via online or offline mode. Do Drop your queries in the comments!

Tagged With: closing bank account canadaclose bank accountbank accountbank account closure
Categories: Banking
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (0)
Related FAQs
How to close a bank account in Canada without going to the bank?

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.

How to close TD bank account online and offline in Canada?

To close your TD bank account, you can either visit the branch physically, call their customer care number or write a letter to them. Sounds really simple! Isn't it?

How to close BMO bank account in Canada?

You can either visit the bank branch or call customer service number to close your BMO bank. Let's know the steps of closing a bank account.

Is there a fee to close a bank account in Canada?

In Canada, a** bank account** can be closed due to numerous reasons and through multiple ways. If your bank does not have a minimum balance, then you have to pay a fee to close the bank account.

How to close TD bank account in Ontario, Canada?

TD Bank is one of the largest Canadian banks offering various financial services in Canada. Closing a TD Bank account is a simple online process. An individual can follow the following steps properly for a successful account closure.

What is PayPal inactivity fee for users in Canada?

If you do not log-in to your PayPal account or make transaction using your PayPal account for one year, then you will be charged $20 CAD.

How to close Scotiabank account in Canada?

Learn how to close your Scotiabank account in Canada step by step. Whether you prefer visiting a branch or calling customer service, this guide will walk you through the process to ensure a smooth bank account closure.

Do banks charge fees for RRSPs in Canada?

Yes, banks in Canada charge various types of fee within RRSP such as account opening or closing fees, administration fees, transaction costs etc. Let's dig deeper into the different fee that banks usually charge for RRSP Canada.

I want to close my Questrade brokerage account Canada? How can I do it?

You are required to email privacy@questrade.com from your registered email ID, requesting Questrade to close your trading account. What's the reason for closing your Questrade account? Do share with us.

How to close Qtrade brokerage account Canada?

You are required to email Qtrade at customersupport@qtrade.ca from your registered email ID. Know important details for closing your Qtrade brokerage account.