Closing the Mashreq Neo account seems like an effortless way but there are many things that we may face problems later if we don’t follow them. Before going to these steps ensuring the safety of financial information and sensitive data is a top priority. In this guide, we will provide you with instructions how to close Mashreq Neo Account easily and without any hassle.
While closing the Mashreq Neo digital account, various aspects must be consider so that your data and financial information are not harm. All the necessary steps, what documents are need, and how you can complete the process will be out in this post.
Preparing for Account Closure
It is very important to take all the important steps before closing the account so that you can complete the process quickly and successfully without any problems.
Settle Outstanding Dues:
Before closing the Mashreq Neo Account, ensure that there are no outstanding balances in your account. Generally, when it comes to closing a bank account, accounts that have any outstanding dues, have money in the account, or have not cleared all debts, charges, or other financial obligations are not closed.
First, you pay all the dues of your account and pay the loan amount, if you have to pay any kind of fee then pay it too. After doing all this, zero out your bank account and make sure that you don’t have any debts anymore.
Review Account for Activity
In the second step, you should review your recent account activity and check if any pending transactions or checks are clearing. If any transaction is pending, you should wait for it to complete. Then make sure that no new debits or credits come into the account.
Also, make sure all auto payments or subscription links are canceled before proceeding to the next step.
Document Requirements
To close a bank account, you may need some documents from the bank, including identity card or passport, account closure form, etc.
If you want to close the account before 6 months of opening the account, you may have to pay some penalty or fee depending on the policy of the bank.
Contact your bank and get and prepare all the documents from them so that you don’t face any problem.
Step-by-Step Process – How to Close Mashreq Neo Account
When you want to Close Mashreq Neo Account, you should complete all the documents so that you don’t face any kind of problem. To close the account you have to follow all the steps below after which you will successfully close the account inshallah and you will not face any problem.
Step 1: Visit the Nearest Branch
We know that Mashreq Neo Account is a digital bank account but to close it you must go to their branch. Find your nearest Mashreq Neo and go there.
If you can’t find their branch then you can search Mashreq Neo Account near me on Google which will show you all the nearby branches.
Step 2: Submit Documents
If you have prepared all the documents, take them with you and submit them at the branch. The most important of these documents may include your original ID card, passport, and possibly an account closure request form.
After reaching the branch, you have to fill some forms by the bank which will include your wish to close the account voluntarily.
A liability form in which you will sign that you will be responsible for any activity therein. Sign them all and deposit it in the bank.
Step 3: Request Account Closure
After providing all the documents to the bank you may have to pay some fee which depends on your account status. If there is any amount due, you have to pay it immediately.
The bank will check your account status and submit your application. You will be given 5 to 7 business days within which your account will be closed.
Step 4: Follow-Up
Check the account status from the tracking ID provided by the bank. Until your account is closed you need to stay in touch with the bank so that in case of any kind of problem it is not too late to fix you.
What to Expect After Closure
Here are some important things that should be done first after closing a bank account. If you take care of these few important aspects, it will keep your finances and personal information safe.
Fund Transfer:
After closing a bank account, if you find that there is some money in it, you can contact your bank and provide another account. By doing this, the bank will transfer all your money to another account and you will not face any problem.
Individuals who have already applied for account closure but have not provided their second account number to the bank may face problems in case of money in the account.
Always try to provide your alternate account number along with your bank account closure request. By doing this, if the bank see that any amount is already in your account, they will transfer it. Most banks stop the account close request if there is money in the account.
Account Reopening:
You cannot reopen your same account. Many banks destroy the all records in case of account closure, which varies depends on bank policy. If you want to get Mashreq Neo account again, you need to apply again to create Mashreq Neo. You will get a new account number or IBAN number (Not old).
Tips for a Smooth Account Closure
If you need to close the account quickly, follow these steps.
Check for Hidden Charges:
Get information about the bank’s account closing fees or annual charges and check that these are not include in your deposit amount. Find out about all possible hidden charges from the bank and fix them.
Maintain Good Relations:
Always maintain a good relationship with the bank. This will save you the hassle of opening a new bank account and closing an old one.
Special Cases:
Accounts may also have some more issues which you can fix after checking. It is best to detect such problems in advance and you will not face problems in future.
Handling Linked Loans or Credit Cards:
If you have any loans or credit cards attached to your account, they must be handled before closing the account.
Clear all outstanding loans before applying. Complete all credit card payments so there is no problem closing the bank account. After all these steps apply for credit card closure.
FAQs
It is necessary to go to the bank to close the account because identification is also important along with the documents. It may be difficult to close your account until you go to the bank.
If you have pending transactions in your account, the account closure process may be delayed even after you apply. Complete all transactions before applying and do not keep any pending
You may close this account only after notifying all participating account holders in advance and obtaining their consent. All participating account holders have to visit the bank together and apply for account closure. If none of these account holders consent, it may be difficult to close the account.
If your decision changes immediately after applying, you must contact the bank immediately. Once your account is permanently end, it may not be possible to play again. You can contact Mashreq Neo Bank for best guidance.
Conclusion
You don’t have to be very serious to close Mashreq Neo Bank. This ensures the accuracy and security of your financial affairs. To close the account you have to work very carefully and follow each and every step. Remember that even after the account is closed, you need to keep track of the funds being transferred to it. Once your account is closed, you cannot get it back.
It is very important to get each and every information of Mashreq Neo Bank including transaction ID, amount paid, and total statement minutes. All this can come in handy later especially when you have paid a bill or sent money to someone from this account. Banks donmart any unused account after one year after which they call the customer and close it completely if there is no response.
