You want to close your company's bank account but don't know where to start? The following article by SeABank. This will guide you step by step procedures for closing a corporate bank account quickly and conveniently.
When should I close my corporate bank account?
There are many reasons why you might need to close your corporate bank account, including:
- Company dissolution or bankruptcy: This is the most common reason for closing a corporate bank account. When a company is dissolved or goes bankrupt, all of its assets, including its bank accounts, are liquidated to pay off creditors.
- Company changes transaction bank: If your company is not satisfied with the services of your current bank or you find another bank with better deals, you may want to switch to a new bank. In this case, you will need to close your old bank account and open a new account with the new bank.
- No longer need to use an account: If your company no longer uses a bank account, for example if it ceases to operate a particular line of business, you should close the account to avoid account maintenance or inactivity fees.
- Other reasons: For example, bank accounts are hacked, businesses want to secure account information, businesses change their names, business licenses, etc.
There are various reasons why a business must close its bank account.
Benefits of closing corporate bank account information
Benefits of closing a corporate bank account:
- Avoid account maintenance fees: When you no longer use your bank account, you will be charged a monthly account maintenance fee. Closing your account will save you money.
- Account Information Security: If you do not close your bank account, your account information could be stolen and used for illegal purposes.
- Reduced Risk: When you no longer use your bank account, you may be exposed to fraud or lose money through fraudulent transactions. Closing your account will help you reduce this risk.
What to prepare before closing a corporate bank account?
To close your corporate bank account smoothly and quickly, you need to prepare the following:
- Prepare necessary documents and papers as required by the bank where the company opens its account.
- You need to check your account balance before closing. If there is any money left in the account, you need to withdraw it or transfer it to another account.
- You need to notify partners and customers about account closure so they can update their new account information.
- You should keep the account closure confirmation as proof.
You need to prepare the necessary documents according to the procedure for closing the company's bank account.
Detailed procedure for closing a company bank account
Depending on the bank, you can close your business account online or directly at the bank's transaction offices. For more information, you can refer to SeABank's bank account closing process (with a short introduction):
Procedures for closing a company's bank account at SeABank
For businesses opening a corporate bank account at SeABank, you need to go directly to the transaction offices to close the account. Specifically, the procedure for closing a corporate bank account at SeABank is as follows:
Business profile to prepare
- Application for closing account for Institutional Clients.
- Other documents and papers as required from the bank.
Submit application at bank transaction office
- Bring complete documents to the bank transaction office where you want to close the account.
- Submit the application to the teller and present your request to close the account.
- The teller will review your documents and guide you through the next steps.
Confirm account closure
- After completing the procedure, you will receive a confirmation of account closure from the bank.
- Keep this confirmation as proof of account closure.
What fees do businesses need to pay to close their accounts (if any)?
Corporate bank account closing fees usually depend on the time of using the account at the Bank, as well as other bank regulations. For SeABank, if a customer closes an account for more than 1 year from the date of opening, the account closure fee will be waived.
Check what fees are involved when closing a corporate bank account.
What to note when closing a company bank account?
When closing your corporate bank account, you should keep the following in mind:
- Make sure the account is free of funds or debts before closing the account.
- Cancel online payment services, ATM cards,... linked to the account.
- Notify partners and service providers of account closure to update payment information.
- Keep the account closure confirmation and related documents as evidence.
You need to keep documents related to the company's bank account closing procedure.
Conclude
Hopefully the information shared in today's article has helped you better understand the procedures for closing a corporate bank account. What is it like? Besides, you can also refer to the service of opening a new bank account for your business at SeABank.
With a team of professional and dedicated staff, SeABank is always ready to support businesses in solving all financial needs quickly and effectively. For more information about business account opening service at SeABank, please visit the website SeABank or contact Hotline 1900.599.952 (Business Customer).
