- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
When you close a debit card, it does not affect your credit score. This is so because it does not reflect on the credit report since it is not a part of credit. The only way a debit card can hurt you is when you have been charged the overdraft fees that you haven’t paid, and it has been reported to the credit bureaus as an unpaid debt. This would also reflect in your ability to open another debit card account.
How to Close a Debit Card Through Creditseva
Debit cards are usually associated with an existing account which is often a current account. The perfect way to close a debit card account in an appropriate manner without facing any difficulties is by taking the help of Credit advisory services of Creditseva and stays creditworthy. You just need to sign up, fill in your basic details and receive detailed as well as holistic insights of your credit-related data and thus maintain, improve your credit score in an easy and simple manner.
Steps to Close a Debit Card Account
- The primary step is to call your bank and tell them that you are willing to close your debit card account.
- When you plan to change your bank, it is required to close your debit card account. You can do personally or do it with a letter to the bank.
- Destroy Your Checks and Debit Card. Once you have requested your account to be closed, you need to destroy the checks and cut your debit card.
Sample Letter for Closing a Debit Card Account
The Branch Manager
Sub: Closing a Debit Card Account
This is to bring to your notice that I, ABC (Name) holding a debit card number ………….want to close my debit card account.
Please acknowledge the receipt of the same with a stamp and signature on the duplicate copy of this letter for my reference and record.
Steps to Close Debit Card
- You need to go to your bank branch and provide a letter to the branch manager mentioning it to them that you are willing to close the debit card.
- You need submit your pass book, unused cheques and debit card.
- Following these steps will result in closing your debit card account.
Things to be Followed While Closing a Debit Card
- The primary step is to see that there are no debts that have remained unpaid by you.
- After the first step is done, you need to request the bank to close your account.
Precautions to be Taken Before Closing a Debit Card Account
There are few important measures that are to be taken while completing the process of closing a debit card account.
1. Clear All Dues and Avoid Using Your Account: Primarily you need to avoid using your debit card account before you have finally closed your debit card account.
2. Make sure you receive a closure confirmation letter: You need to make sure that you have received a confirmation letter with respect to the debit card closure you have requested.
3. Close All Other accounts and overdrafts: It is also very important to see to it that you do not have
Any cash reserve accounts or overdrafts related to this account.
4. Damage the Debit Card and Checks: After requesting the closure of debit card account, you should make sure that you have damaged the debit card and checks associated with it.
5. Maintain a record of closure: After you have received the confirmation of the closure of your debit card account, you should keep a track and make a note of it that you have received the account closure confirmation receipt.
Important Tips That Would Be Very Helpful for You:
- It is advisable to open a new account before you have close your old account. This will facilitate you to have continuous access to money.
- You also need to stop the direct deposits and withdrawals from your account before closing the debit card account.
Procedure to Cancel a Lost Debit Card
- Check for the customer care contact number on your bank statement.
- While you are on a call with the customer care, you need to inform the bank that you have lost your debit card.
- You will be asked for your account number. Though the account number is different from your debit card account number,
- Inform the customer care executive that you lost your debit card. You will have to provide them with your account.
- Either provide the customer care executive with the pin number for your card or answer the security question you had set up while opening your account.
- You will receive a confirmation number from the customer service executive after they have closed your debit card account.
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