Closing a payment card may seem like a simple process, but it is important to follow certain steps to avoid accumulating debts to the bank. Here are some recommendations that will help you close your payment card correctly and avoid unexpected expenses.
If you decide to stop using the payment card, it must be closed. It is not enough to simply stop using the card and stop making payments with it.
The National Bank writes about it.
Banks may charge a fee for servicing an open account (monitoring of an inactive account). Such a fee will either be automatically debited from the card account if there are funds on it, or it will be recorded as a debt to the bank.
Remember, even if there are no funds on your card and its validity period has passed, the current account to which it is linked continues to function and be accounted for in the bank's system.
The bank may charge a commission if:
- you have withdrawn all the money from the card and keep less than the amount set by the bank on the account;
- you spend less than a certain amount per month, that is, you stopped using the card under the conditions specified in the contract;
- if the service grace period has expired.
If you do not use a card that has a service fee, the bank will continue to charge a fee for such service without closing the account and you will owe the bank. You will have to repay the debt with interest.
The payment card is always linked to the current account. If you want to stop using the bank, close the current account. This can be done in a bank branch by writing a statement, or remotely - through a payment/mobile application or by calling the contact center.
How to close a current account and complete service at the bank
Do not use a payment card - take care of closing the account.
- Cancel all paid services and regular payments made from your account. For example, a fee for SMS notifications, deferred commissions for services, regular payment for mobile phone top-up, etc. In case of withdrawal of funds for such services, or more, at the expense of your credit limit, a debt may arise.
- Pay off all debt, if any. Check with the bank manager whether a fee will be charged when closing the account, if so, leave the required amount in the account.
- Notify the bank of your intention to close the account and follow the procedures specified by your bank. Some institutions offer to close the account online, others - to come to the branch with the necessary package of documents. If your payment card has not yet expired, give it to the bank or follow the steps recommended by the bank.
- Wait for the account to be closed (the time period is determined by the contract). The fact is that the bank needs to check whether deferred commissions or regular payments are not due, in order to prevent the occurrence of debt on the account.
After the current account is closed, get a certificate from the bank about closing the account in order to protect yourself from possible misunderstandings in the future (claims regarding the payment of debt on the account).
If you have several payment cards issued for one current account, and you want to stop using only one of them, you do not need to close the current account itself. It is enough to close the payment card that you do not plan to use anymore.
We will remind you that the National Bank of Ukraine introduced limits on operations with currency cards. Restrictions on the purchase of jewelry and transactions with real estate have been introduced since September 10.
