Bank Al Maghrib (BAM) has just published a useful information guide concerning the account closing procedure. This guide is part of a series of BAM publications intended to facilitate the information of users of banking services on their rights and obligations.
Its purpose is to explain the process of closing an account held with a bank, inform customers wishing to close their account of their rights, raise awareness of the conditions and steps necessary for this operation and also provide information on the closure of accounts which is carried out at the initiative of the bank.
In its guide, BAM begins by specifying that the closing of an account with a banking establishment can be done either at the request of the customer, account holder, without notice, or at the initiative of the bank. , subject to 60 days notice.
To close his bank account, the first step to follow according to BAM is to write an account closure request signed by the person concerned and send it to his bank either by filing the request directly with the agency, or via a digital channel of the bank (e-mail, mobile application, website) or by post, specifying that the letter must contain the information necessary to allow the processing of the request (surname, first name, CIN number, account, name of the bank branch, city, telephone number, etc.).
Subsequently, and upon receipt of the request, the bank systematically and immediately issues an acknowledgment of receipt to the customer, indicates BAM, noting that the bank has a maximum period of one month to inform the interested party of the fate of his request, by any means (sms, email, etc.).
In addition, your bank will tell you if your account is ” closable “as it is or if you need to take certain actions (debit reduction, repayment of credits in progress, etc.), specifies BAM, noting that even if your account is ” closable », there may be a delay to establish the final balance of the account, before proceeding to its final closure. Once your bank has effectively closed your account, it will give you an account closure certificate.
Thoughts to adopt…
Regarding account closing costs, BAM specifies that account closing is one of the 22 banking services offered free of charge by banks to their customers in accordance with the regulations in force.
But can the bank possibly refuse a closing request? In response to this question, BAM says yes, before specifying that ” when we make a request to close an account, the bank may refuse to respond favorably, if we do not reduce our account debit, which can be generated by fees, commissions, agios, and/or if we do not reimburse not our outstanding commitments held with the bank (outstanding loans). In this case, the bank must specify the reasons for refusal “.
Before closing my account, BAM recommends adopting certain reflexes, such as making sure that I have paid all the checks against the account being closed; if a check presents itself after my account is closed, the payment will be rejected with the reason ” closed account “, with the consequence of being prohibited from checking.
BAM also calls for the return of all the means of payment attached to my bank account which will be closed, noting that the responsibility for their non-return lies with the person concerned in the event of use after the closure.
It is also necessary to regularize my account situation in the event of a debit generated by my banking operations, on the basis of the situation determined by the bank, but also to inform the organizations or companies benefiting from a direct debit authorization, or issuers of a permanent transfer order, closing the account by communicating to them my new Bank Identity Statement (RIB).
If the bank does not respond to my request to close my account, and if the one-month period provided for by the regulations has passed, and your bank has not sent you a return, BAM points out that you can make a complaint according to the procedures and remedies detailed in the useful information guide “Bank-customer relations: processing of complaints “.
Another case of account closure addressed by BAM in its guide concerns the death of an account holder. In this case, BAM explains that once the customer’s death has been notified to the bank, the account is transferred to an estate account. After the return of the shares of the estate to the heirs, the bank proceeds to the final closure of the account.