What to Do Before Closing a Student Account?
Closing a student account can be a hassle. One of the reasons why it’s so difficult is because there’s a lot of paperwork involved, and you have to do everything at once. You should also know that there are specific procedures for closing accounts depending on how long ago you started your university courses. That’s why they’ve put together this list for you, which includes everything that needs to be done before closing an account with any bank or credit union. You can also open a rewards checking account if closing one account. “In this, customers can earn their reward as redeemable points, cash back, or airline miles.”
Check your bank statement for any outstanding charges
Before you close your account, it’s important to check your bank statement to make sure there are no outstanding charges. If you don’t know the charges, call the company that made them and find out. You may need to pay these before you can close your account.
Closeout automatic payments
Now that you’re ready to close your student account, it’s a good idea to ensure that your automatic payments are turned off. This can be complicated, depending on what services you use.
If you use an online service like Mint or Personal Capital, make sure that any bills or other expenses that are paid automatically are no longer set up for payment during the term of your student account closure. Try to have them stopped before closing so it doesn’t appear as if there has been any interruption in service.
If you don’t know who makes these payments (e.g., with utilities), contact them directly and ask them to cancel the automatic payment until after graduation day.
Get your money back
You can get your money back if you close your student account. If your school has a refund policy and provides you with the required notification, then it’s possible to request a refund from them. However, if you don’t meet those criteria or can’t get in touch with them directly (or there isn’t any kind of formal refund system), then here’s what else might be available:
- Contacting your bank and asking for a check for the amount owed to you by the school
- Referencing something called an “accrued interest certificate,” -this is just another way of saying that some banks will send students checks based on interest earned from their savings accounts instead of paying out all at once.
Cancel any direct deposits
If you’re going to be closing your student account, it’s a good idea to cancel any direct deposits.
You might think canceling a direct deposit would happen automatically when you close your student account—but it doesn’t. So you need to cancel the direct deposit yourself, and this can take up to 24 hours for the cancellation process to complete (depending on where you bank).
It’sIt’s also important that new money from other sources gets deposited into your new account before you cancel any old ones—so make sure that happens first!
Now that you’re ready to close your student account, take a deep breath and be grateful for all the knowledge you gained while at college. You can use it to land your dream job and make some great friends along the way!
