Procedures for closing a corporate bank account: Detailed AZ instructions

During business operations, closing a corporate bank account can occur for many different reasons. However, not everyone is aware of the process and procedures that need to be followed. Through this article, Maritime Bank - MSB will provide you with detailed instructions on the procedure for closing a corporate bank account , along with useful information on some important notes and frequently asked questions.

1. When does a business need to close a bank account?

Closing a corporate bank account is one of the important tasks in the business operation of an enterprise. This is not simply closing a payment account, but also closely related to financial management, legality and compliance with tax regulations. In addition, closing a corporate account when no longer needed helps you save on monthly maintenance fees (if any). In particular, customers can minimize risks such as account information theft, fraud or account abuse for illegal purposes, etc.

2. Process and procedures for closing a corporate bank account

Below is detailed information on the process and procedures for closing a corporate bank account , specifically:

2.1 Conditions for closing accounts

Before proceeding to close the corporate bank account, the enterprise must fully complete all related financial obligations, including outstanding fees such as account maintenance fees, management fees, electronic banking service fees, etc. In addition, the enterprise's bank account must have no balance or a balance lower than the minimum level as prescribed. See more: Types of fees when using MSB bank accounts and incentives In case the company does not make payment, the bank has the right to refuse the request to close the account or automatically debit the enterprise's account .

2.2 Documents and papers to prepare

To ensure the account closing process goes smoothly and quickly, businesses need to prepare some necessary documents as follows:

• Application signed and stamped by the company's legal representative for closing the bank account and requesting settlement of the payment account balance
• Business registration certificate, business license and other documents related to the company's operations
• Documents proving the legal status of the representative or business owner
• Registration form of seal and signature of the authorized person for account transactions, along with the authorization letter and valid ID card/CCCD of the authorized person.
• Documents related to the dissolution or termination of the company's operations (if any)

2.3 Implementation steps

The process of closing a corporate bank account includes the following steps:

• Step 1: Go directly to the nearest branch or transaction office of the bank that issued the account you want to close and prepare the necessary documents.
• Step 2: Submit application and related documents as required by the bank

Submit application and related documents as required by the bank

• Step 3: Wait for application to be checked and processed
• Step 4: The company makes payment of fees according to bank regulations (if any)
• Step 5: Receive notification of completion of the business bank account closing process from the bank staff

3. Notes when completing procedures to close a corporate bank account

During the process of closing a business bank account , you need to pay attention to the following:

• Account balance settlement: After completing the payment of required fees, if the bank account still has a balance, the company needs to transfer all this amount to another account or withdraw it according to the bank's regulations.
• Keep complete documents: The company should keep documents related to account closure as evidence when necessary, especially in case of unnecessary disputes.

Some notes when completing procedures to close a corporate bank account

• Notify relevant parties: Notify partners and service providers about account closure to update payment information. If the company is in the process of dissolution or conversion of legal form, it is necessary to notify the tax authority and the Department of Planning and Investment according to the provisions of law.

4. Frequently asked questions when closing a business account

Below are answers to frequently asked questions when closing a business bank account that you should not ignore.

4.1 Is there a fee for closing an account?

When closing an account, customers often have to pay a certain fee, the fee will depend on the policy of each bank, the type of business account and the time of using the account. This fee will fluctuate around 55,000 VND - 100,000 VND. To know the exact cost, you should contact the bank directly via hotline for support.

4.2 Can I reopen an account after closing it?

After closing a bank account, customers can still reopen that account if they need to use it. However, the condition to apply is that the account is only temporarily closed or locked at the request of the account owner. In case of permanent account closure, customers must open a new corporate bank account to use.

Customers can reopen that account if they need to use it.

Note: In cases where a corporate bank account is frozen at the request of a competent authority, the customer must comply with separate regulations to unfreeze and reopen the account.

4.3 How long does it take to process an account closure application?

The bank will usually process the application for closing a corporate account within 3-5 working days from the date of receipt of a complete and valid application. However, this time may be extended if additional issues arise or additional documents are required by the bank.

4.4 How to check if the account is closed?

You can contact the bank directly via hotline or use online banking services to check the status of the account that has been closed or is still in processing. With the detailed instructions above, we hope you have a clear understanding of the process and procedures for closing a corporate bank account . In addition, MSB provides some important notes and answers to questions to help you avoid unnecessary problems. If you have any questions about related issues, please contact MSB immediately via the website, hotline 1900 6083 or the nearest MSB transaction point for support! Source: https://www.msb.com.vn/vi/w/thu-tuc-dong-tai-khoan-ngan-hang-cong-ty