Should I close my bank account or withdraw money and leave it as it is ?

POSTED BY Rohit ON March 13, 2014 9:54 am COMMENTS (2)

I have several accounts in many banks, 2 with the same bank, in total 5. I am now in a cleanup mode and want to only keep 2 accounts.

1: What is better? Closing the other accounts or just withdraw all the money and forget about it?

2: I have heard that closing a bank account is a tedious task, so will it be better if i just withdraw all money and keep the spare accounts dormant?

3: Will this affect my credit score?

2 replies on this article “Should I close my bank account or withdraw money and leave it as it is ?”

  1. nsabhyankar says:

    Closing a savings account should not affect the credit score.

  2. ashalanshu says:

    Dear Rohit, it’s notas tedious as you are thinking. For accounts in same bank with different branch, simply write an application to merge the accounts you wish to close to the one you want to hold. In case of other accounts, please visit, branch, ask for account closure and you ‘ll get it done in 15-20 min. subject to workload on your day ofvisit in that branch.

    Thanks

    Ashal

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