Closing Bank Accounts and Cancellation of Credit Card

Long Standing Customer Closes Account

If you want to cancel a credit card,it is not always a clean cut affair as you would have thought.

Even though they can stop the card from being used, you cannot dispose of the card as you like.

Though it is in your possession, it is still the property of the bank.

So, you would have to take care of the card for at least 14 days until the issuer contacts you again to persuade you to keep the card.

Only when they have failed to do so will the card be truly cancelled and you can dispose of it.

Incidentally, if you have overdraft facilities  with your current account and want them terminated along with the closure of your current account, this will again pose a problem.

Internal processes are more important and the bank officers have to adhere to them before telling you that the facilities have indeed being terminated. This will take 14 days.

So, as you can see, nothing is easy in today's maddening world;even for simple banking!