The process of opening a bank account is long and tiresome. You need to fill out forms, and submit photocopies of government documents including identity proof. Similarly, the closing of an account has an official process. You will need to submit joint bank account closing letter to the relevant authority. Keep reading.
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Since these are bank accounts that two people share. A joint bank account closing letter is written to ensure any of the two account holders don't have access to the account.
How to close a joint bank account?You will need to take an application from the bank.
You can get this form from any respective bank branch wherein the account.
The form can be downloaded from the bank's official website.
Next on ‘how to close a joint account’
It needs to be signed by the remaining account holder.
Fill on the necessary details like type of account, account number, and name of the holder.
The mode of operation of the account can be changed here as well.
You will need to submit the form to the manager.
The bank manager will process the form and your request.
It is useful in case of an unresponsive or uncooperative co-owner on the account.
Joint account close application prevents the co-owner from using the account in an irresponsible fashion. This way no incurring overdrafts and other fees.
This way, the co-owner will not be able to spend the remaining balance.
You will not need to pay monthly maintenance fees.
This is all from my end on the ‘joint bank account closing letter’..
Read more :
What are the Documents required for joint account in SBI?
How to remove a joint account holder?
How to change joint account to single account in SBI?
What are the rules for joint bank accounts?
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How to close a joint bank account ?
Natasha
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2 Year
2022-09-07T13:06:03+00:00 2023-08-17T09:13:06+00:00Comment
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