5. If Required, Send a Letter to Close Your Bank Account You can write a letter to your bank to close an account. To do so, you can use the template below or a similar format. List account name ...

Accounting for a letter of credit on your balance sheet depends on when you use it. One issued by your financial institution acts as a credit substitute. That institution, often a bank ...

“You will need to follow the instructions on your letter to contact the bank and prevent escheatment,” the statement added. Escheatment is the process by which abandoned or unclaimed assets ...

You might also consider asking for an official letter from your old bank stating that the account has been closed. This could come in handy in the future if you ever need to resolve any past issues.

James Chen, CMT is an expert trader, investment adviser, and global market strategist. Samantha (Sam) Silberstein, CFP®, CSLP®, EA, is an experienced financial consultant. She has a demonstrated ...