How do I close a business bank account?

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My company is no longer trading, so it does not have any money coming in. Because of that, it makes sense to close my business bank account. How do I go about achieving this?

Answers

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That should be easy enough to do. As long as you have no outstanding interest, fees, charges or an overdraft to pay to the bank, you should be able to close your account whenever you like. You will most likely have to make an appointment at your local branch or write to the bank’s account closure team. Most banks won’t allow you to just close your account over the phone or online.

If the account has more than one account signatory/cardholder, each individual will have to provide their signature for the bank to authorise the closure of the account. Once the account has been closed, you should cut up all bank cards, chequebooks and giro books.

Remember to keep all bank statements and letters for at least 6 years. It does not matter whether your company have stopped trading or is dissolved, you will still have to abide by these record-keeping rules.

a year ago
 

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