How to close a bank account


How to close a bank account in 5 easy steps

How to close a bank account has been a reoccurring question amongst bank customers, you have an express right to close your account as much as you have one to open an account in the first instance.

However, the bank will always apply a marketing strategy to persuade you against closing your account in time like this, that does not take away your right to do what you so wish with your bank account.

Why you may want to close your account?

A lot of reasons could inform a decision to close an account, these include but not limited to

  • Poor services
  • You operate too many accounts
  • The account status no longer meets your lifestyle, excess charges, etc.

Poor services: Need not be told how bad the quality of services in most Nigerian banks have become lately. If you run out of luck, perhaps found yourself in this web, you’d sure attest to the fact that most of these banks operate a not so appealing brands that become a turn off with time.

Should we talk about the customer service? This section forms a large chunk of the issues with today’s banking in Nigeria.

I make bold to say that quite a number of customer service personnel in the Nigerian banking system are ill-trained, ill-mannered and lack the capacity to man their desk.

An encounter with a rude or badly trained customer service personnel can make you force your way out without a second thought.

You operate too many accounts: Most customers go about opening accounts with every marketer that comes their way.

Over a period of time, such customers find out they have more bank accounts in their control than they could manage, such customers can’t help but just close some of these accounts.

The account status no longer meets your lifestyle: Most times customers open accounts without being abreast on the account features.

Some accounts are more expensive to operate and manage than others, though there could be few advantages here and there that make such account endearing, however, the customer may not be in position to enjoy such advantages.

When a customer finds himself in this web, the likely option may just be to close such account.

Steps to take before you close your account

  • Find a new bank

Having made up your mind to close down an account with a particular bank, be sure to have another bank account on a standby.

It won’t have made sense to close an account without alternative option to run your financial transactions.

Ensure your preferred bank provides and meets your lifestyle and choice of banking.

  • Move your balance

You will need to transfer whatever fund is left in the account you are looking to close to a now preferred bank account, the bank can still make this available at the time of closing your account.

  • Change your details for direct deposit

If you are under a payroll and receives salary in such account, kindly furnish your employer with your new preferred bank account where you wish to have your salary at least two weeks before the next payday.

  • Ensure every checque has been cashed

To avoid the incidence of dude cheque which is a serious offense in Nigeria at this time, as a matter of necessity stop writing cheques on your old account the moment you decide to close it.

Additionally, be sure that all cheques written against such account have all been cashed prior to account closure.

  • Transfer automatic payments/recurring transactions

Most of your transactions may be automated, if you wish to leave the bank you will have to re-establish your automatic flow of cash.

The transition process may just require to change the routing number and bank account number.


  • Your complete name
  • Phone number linked to the account
  • Valid ID card (National ID card, voters card, driver’s license or International passport)
  • Your email address as linked

Steps on how to close a bank account

Having followed the above steps to set your priorities right it’s now time to close your bank account unapologetically.

Step one: Visit the bank’s nearest branch to your location, on arrival, walk straight to the customer service desk and communicate an intention to close your bank account.

Be prepared to answer a few questions from the service executive, though not under obligation or in for any kind of grilling. They’ll make a frantic effort to have you change your mind.

Step two: You will be required to write a letter for account closure, there’s no rocket science with such letter, so don’t panic yet. Kindly follow the below draft to raise your letter.

Letter to close bank account

Address your letter to the bank manager at the appropriate section, subsiding your own address.

                          REQUEST FOR ACCOUNT CLOSURE

Dear Sir/Ma,

The above subject refers, kindly use this as an instruction to close my bank account with you, effect immediately.

My reasons are strictly personal and wish to have that respected.

Account name: Raphael Orji

Account number: 3045678940.

Append your signature.

That’s all. There’s no ritual required to write this letter, just a line or two will be enough to do the damage.

 Step three: You will be offered account closure form to complete, fill the form with particular attention to details and append your signature where necessary.

Step four: Hand in the completed account closure form to the customer service officer for onward processing.

Step five: You’ve parted ways with the bank, it’s time to say goodbye and walk away (smiles).

How long does it take to close your bank account?

It shouldn’t take a whole day to close your bank account, the account should stop functioning as soon as you’ve completed the account closure documentation.

Accounts are usually closed within 24 hours of such request.

How much does it cost to close a bank account?

You are not expected to pay or be charged for closing a bank account, this    service is expressly free.

How to close a bank account online

This may be a future invention, however, you cannot close your bank account online at this time.

You will have to visit the nearest branch to your location to apply for an account closure.

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