How to Close Overdraft Account with Commonwealth Bank

Did you know that you can close overdraft accounting Commonwealth bank? It’s true, and it’s actually a very easy process.

In this article, we’ll talk about how to close your CommBank overdraft account and how much it will cost you to do so.

Who Can Close Overdraft Account

The account holder can close overdraft account at any time by contacting customer service. If the account has a negative balance, the account holder may be responsible for paying fees.

If the account is joint, both parties must agree to close the account. The other party does not need to have a negative balance in order for you to close the account.

For accounts that are no longer active and in good standing, you can close an inactive savings or loan account.

Closing an Account

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If you have an overdraft account with Commonwealth Bank, you may be wondering how to close it. Here are the steps you’ll need to take

1) Contact CommBank and ask them to cancel the account, Book Appointment.

2) Visit the Home Branch to Close Overdraft Account

3) Request a letter of closure from the bank

4) Close overdraft accounts at that bank

5) Wait for the funds in your overdraft account to clear

6) Once they do, You will then receive confirmation from Commonwealth Bank that your account has been closed

Requirements For Overdraft Closure

If you have an outstanding balance on your overdraft, you’ll need to pay that off first. Once your account is in good standing, you can close it by visiting a branch.

There may be a fee associated with closing your account, so be sure to ask about that before you make any decisions. The bank will also want you to provide some ID, like your driver’s license or passport.

It might take up to a day to a week for the closure process to complete once you’ve submitted the necessary documents.

Things To Know About Closing Overdraft Account

If you have an overdraft account with CommBank, there are a few things you should know about closing it. First, you’ll need to make sure that all of your outstanding debts have been paid off.

Next, you’ll need to contact the bank and let them know that you’d like to close your account. They may require some additional information from you, so be sure to have everything on hand before you call.

The next step is for the bank to give you final instructions on how to close your account.

Finally, you’ll need to follow these instructions. Be sure that all final payments have been made and that you are following all directions provided by bank staff.

Final words

To be honest, closing your overdraft account doesn’t sound like a good idea. So if you really have decided to close your account, try to pay off the balance first.

Do remember to close overdraft account on the online banking side and not just in branch so that they won’t charge you the fees. Once again, this is not a service you should use unless you’re desperate for cash because it’s expensive.

I hope this blog post has helped answer some of your questions about how to close it when you’re done.

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