Dubai: Closing a bank account in the UAE is a fairly straightforward process, provided that you have cleared all your dues with the bank.
Can I do it online?
Picture used for illustrative purposes only. Image Credit: Gulf News archives
Step 1 – Empty your account
Regardless of the bank you are dealing with, there are certain processes that are standard. If you are moving out of the UAE, follow these steps to close your account with a bank. Also, it is always advisable to call your bank’s customer service number to find out if they have any specific requirements that you should be aware of to complete the account closing process smoothly.
If you are not sure if the bank is the right one for you. Then you can ask these 9 questions to your bank. If you are satisfied with the answers of the bank. Then you can open your account with them. If not there are many banks operating in the United Arab Emirates which you can choose from.
If you have a bank account with the Commercial Bank of Dubai and now want to close it? Then this guide is made for you. In this guide, I have mentioned the steps that you need to follow to close Commercial Bank of Dubai account. The process is not hard but you just need to know the exact steps and this guide will help you with the steps.
About Commercial Bank of Dubai (CBD)
But if you are closing the account because you are going back to your country from UAE. Then there is no need to open a new bank account. All you have to do is make sure you don’t have any dues or negative balance in your account. If you have then you first have to clear the dues before you start the process.
You can get the contact information from the official website of the bank as well. But I have provided it below for you. You can call the bank or also message them on their official social media profiles.
Steps to Close Commercial Bank of Dubai Account
If your account has been marked “Inactive,” you’ll need to reactivate it before it can be closed by the bank. Contact your bank’s customer service to reactivate your bank account. There might also be an option to do this through your online or mobile banking.
Closing a bank account involves much more than simply contacting your bank. There’s some advance work you’ll want to do to ensure a successful transition. The specific guidelines for closing an account will vary depending on the bank or credit union, but you’ll typically want to follow the steps outlined below. Be sure to check with your banking institution for any special requirements that may apply.
Most banks do not charge a fee to close a bank account. One caveat to this rule is that some banks will charge an early account closure fee if you close an account soon after opening it. For example, PNC charges a $25 fee if you close an account within 180 days of opening. This is to prevent customers from opening accounts just to earn a bonus.
Deceased Person’s Account
Many factors go into choosing a new bank, including savings rates, fees and account offerings. Whether you decide to go with a traditional brick-and-mortar bank or an online bank, make sure you’ve established your new account before moving forward.
Banks are required by law to keep records of old checking and savings accounts for at least five years.
Switch Your Existing Scheduled Payments and Deposits
You shouldn’t assume that the account is closed just because a bank employee says it is. The Consumer Financial Protection Bureau recommends that you get written confirmation when you close a bank account. This protects you in case the bank didn’t follow through on your request, or there’s an issue down the road.
Closing a bank account is not complicated, but there are specific actions everyone should take so the account is closed correctly and all of your money is accounted for prior to closure. Follow these steps when closing a bank account.