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How To Close Your Nigerian Bank Account And Make Full Withdrawals

How To Close Your Nigerian Bank Account And Make Full Withdrawals

Dissatisfaction with the services of your current bank could leave you wondering how to end your business relationship with them, and that is what this post will be looking into, just how to close your bank account and make a total withdrawal of your funds.

Many customers have first-hand experiences of the difficulties experienced when it comes to closing bank accounts in Nigeria.

Bank teller you approach, justifiably, try to cajole you to stay on as a customer, never minding your displeasure at the services offered by their institution.

Overeager bank maintenance fees, email fees, SMS charges, all these, and more that do not come at any small expense, at least for many who have little stored away in their account.

These form part of the reasons why many customers decide to sever ties with their banks, and we will be showing you ways to close your account.

Now, diving into the post, let us share with you how you can close your Nigerian bank account and make full withdrawals.

READ ALSO: Nigeria’s Banking Sector Remains Healthy, Strong – Emefiele

You will need to be prepared, first off. This might seem like a brow raiser, but of course, you need to ensure that you are prepared to follow through with the steps that come with closing one’s account because banks do not generally make such processes easy, especially if you’re someone who is averse to doing paperwork.

After you’ve prepared yourself for the work ahead, take advantage of the new withdrawal process. The good news is that today, we have banks that provide zero account services. What this means is that you can withdraw all the money you have in your account.

This makes it easier for you to lose a relationship with the bank, as a dormant account could be recycled, and customers could choose to end their termination process there, however, if you want to take further steps, you can read on.

The next step would be to visit your bank and declare your intention. This would lead to the presentation of documents to conclude the termination.

The bank will require that you provide them with a letter explaining why you want to close your account. It doesn’t have to be anything lengthy, just enough to move the process along, and also give proper feedback.

Once that is done, you would need to tender that to the teller who presented you with the task or any available teller.

Following that, your request for termination will be communicated to the appropriate department that would in turn set things in motion.

Usually, it should take no more than 48 hours to complete the process; and you will be done with the bank.

It is important, however, to note that you might be charged a small fee once you’ve indicated interest to close your account, and this is determined by the bank.

The process cannot be conducted online for many banks because you would need to be present in a banking hall to carry out the necessary steps to close your account.

About Author

Kindness Udoh is a writer and media enthusiast with vast experience in journalism, copywriting, and features across beats. He also has professional certifications in creative writing. You can reach him via [email protected]

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