Bank Account Closure Letter

A Bank Account Closure Letter is a document that may be used by a bank depositor (the "sender") to formally request from a bank (the "recipient") the closure or termination of a bank account regardless of the account type whether savings, checking, corporate account, etc.

In this letter, the sender can also request the transfer of the remaining balance to another account, to a certain place, or to a certain person.

While this letter, serves as a formal request for the closure of a bank account and/or the transfer of the outstanding balance to another bank account, it does not authorize the bank to disclose the amount of the outstanding balance to some other person or persons. Such disclosure should always be made with the consent of the depositor.

The process for the closure of the bank account may take a certain amount of time, after which the bank is expected to send a notice or letter notifying the sender about the closure or termination of the bank account. If the bank does not give a response, then the bank's branch should be contacted through their official contact details such as phone number or email.

How to use this document

The following are the essential contents of this letter:

• The details concerning the sender and the recipient,
• The details of the bank account to be closed,
• An option to request for the transfer of the remaining balance of the bank account to another account, place, or person,
• The contact details of the sender, and
• An option to provide a date when the bank account closure will take place.

After completing the document, the letter must be printed and signed with at least two copies, a copy for the sender, and the recipient. Alternatively, the letter may be sent to the recipient via email.

If the bank account to be closed is a corporate account, a board resolution should also be attached to the letter to show that the company has allowed the closure. Further, if the recipient of the outstanding balance of the closed bank account is an authorized representative, the document showing such authority should also be attached to this letter. For a checking account, the blank checks that should be returned to the bank may also be attached to the letter.

Applicable law

There are no specific laws outlining what must be included in a Bank Account Closure Letter. However, certain banking laws may apply such as the Bank Secrecy Law.

The Civil Code specifically in the provisions of Mutuum may be relevant.

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