Opening a bank account entails submitting the necessary documentary requirements. Aside from the documents, it is also required to maintain a certain amount to avoid possible closure of your account.
A bank will close an account with the permission of the owner. However, there are cases in which the bank can close the account without further notice to the owner. If ever your bank account is closed, you can’t re-open it. The good thing is that the same bank will allow you to open a new bank account.
But, what are the possible reasons that will lead to the closure of your bank account?
As mentioned above, closure of bank account is possible either through the discretion of the owner or if the bank deactivated your account. The possible reasons can be if the fund is below the maintaining balance, inconsistent remittances, and others.
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In case you want to open a new bank account with the same bank, all you have to do is to visit the bank personally and tell the bank representative about your concern. Make sure to bring valid IDs as these are usually required by the bank.
If you will open a new bank account it should not have any fees. The previous bank account that was closed should not affect your new account. If you’re thinking that your previous records will affect your application for a new account, then you’re wrong.
The bank may close your account, but the transaction records are intact for auditing purposes. But, the reason why your account was closed doesn’t matter when you open a new one.
After you open again a new bank account, make sure not to commit the same reason that causes the closure of your previous account.