Closing a bank account in Singapore is generally straightforward, but it is not as simple as clicking a button. Personally, it is a step I will be taking in the coming weeks as I switch banks. Whether you are consolidating your finances (like me) or managing the estate of a loved one, doing it properly ensures a smooth process and helps you avoid unnecessary fees or complications.
The first step is to make sure your account is ready to close. That means settling any outstanding balances, unpaid fees, or overdrafts. If your account still holds money, decide how you would like to receive it. Most banks offer a few options. You can transfer the remaining funds to another account, request a cashier’s order, or withdraw the balance in cash at a branch.
Image Credits: unsplash.com
Before you move forward, take a moment to review any automatic payments or GIRO arrangements linked to your account. These recurring transactions must be canceled in advance. Failing to do so could cause missed bill payments or rejected transfers once the account is closed.
Once everything is settled, contact your bank for the closure form. This can usually be done by visiting a branch or downloading the document from the bank’s website. Fill it out with your personal details and specify which accounts you intend to close. Each account typically requires its own form. For instance, this is a sample of the OCBC Account Closure Form and a sample of the CIMB Account Closure Instruction.
Submitting the form depends on your situation. If you are in Singapore, visiting a branch remains the fastest route since bank staff can process the request immediately after verifying your identification. You can also mail the signed form, though this may take longer to process. For customers based overseas, some banks accept international submissions, but you may need to have your documents verified at a Singapore overseas mission, which could come with extra charges.
Digital banking has made the process even easier for some. DBS and POSB, for instance, allow customers to close a personal or joint alternate account online using the digibank portal. After logging in, you can select the account, verify your details, and transfer any remaining balance to another account before confirming the closure.
When the account is officially closed, you can receive your remaining funds by transfer, cashier’s order, or cash at a branch. Once done, the account becomes inactive and cannot be used for any further transactions, whether through ATMs, online banking, or other self-service facilities. Any GIRO deductions or cheque clearances will automatically be rejected. In addition, PayNow links tied to your mobile number or NRIC will be automatically removed. Any incoming payments through PayNow will no longer be credited once the account is deactivated.
If the closed account was the only one linked to your ATM or debit card, you should destroy the card to prevent accidental use. The same goes for a savings passbook, if applicable.
Image Credits: unsplash.com
In cases where you are handling the account of a deceased loved one, contact the bank directly. You will likely need to present documents such as a death certificate or the Last Will & Testament. Each bank has its own policy for estate settlements, and staff can guide you through the steps.
Closing a bank account is often the last chapter of a financial story. By taking the time to settle obligations, secure funds, and follow the bank’s procedures, you can bring that chapter to a close with confidence and clarity.
