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Checklist: Managing, Accessing and Closing a Bank Account

4. Managing, Accessing and Closing a Bank Account

Type
Finances
  • Decide whether to close your bank account(s) or leave them open.
    • If you want to keep your bank account open, decide whether it is best to manage your account from abroad or if it would be easier, open a joint account with someone you trust. You may also consider giving someone you trust a financial or limited power of attorney to manage your account on your behalf.
      • If you want to manage your bank account yourself, find out if you can access your account abroad either through local branches, ATMs, telephone or Internet. Make sure you also ask what fees there may be, how to avoid being flagged for fraud, and how to avoid letting the account become inactive.
      • If you are going to open a joint account, pick someone you trust and go to the bank together and add that person to your account.
      • If you are going to grant a financial or limited power of attorney, ask the bank if it has special requirements for accepting a power of attorney.
    • If you want to close your bank account, contact the bank to find out the bank’s procedures for closing an account. If you are closing your account from abroad, you will most likely have to send a signed letter with specific information.
      • Before closing your account, it is best to open your new one if you can.
      • Make sure all checks and automatic payments have cleared the account.
      • Transfer any recurring payments to your new account if you have one.
      • Decide how you want the remaining balance in your bank account transferred to you. Most banks allow either check, bank draft or wire transfer to your home country. You can appoint a financial or limited power of attorney to help with this process.
      • Be extra cautious of fraud or robbery if traveling with physical cash or a check.
    • If you rent a safety deposit box at a bank and want to keep it open, consider either:
      • Adding another person to the account as a joint renter; or
      • Appointing a deputy who can access the safety deposit box. Some banks will not recognize a power of attorney because of the confidential nature of safety deposit boxes. A power of attorney should specifically grant the right to access a safety deposit box (see Chapter 9 on Powers of Attorney).