By Soufiane NAKRI | Edition N°:4776 Le 19/05/2016

• Beware of outstanding cheques
• Formalising the request in writing
• Automatic settlement for an account that has not been funded

Account maintenance charges that are higher than those of a competitor, poor quality of service, or simply for reasons of proximity… These are just some of the reasons why customers close their bank accounts. Similarly, banks can let their customers go because of a death, or a dormant or overdrawn account. In other words, a bank account can be closed at the initiative of either the customer or the bank.

■ Closing at the customer’s initiative

Products linked to the account must be cancelled when the account is closed. ‘You should ask your banker to inform you of all direct debits and automatic transfers recorded on your account’, recommends a financial adviser. Financial advisers advise customers not to withdraw all the sums deposited if there are any outstanding cheques. If a cheque is debited from a closed account, the payment will be rejected. There is also a banking ban. ‘You have to be careful with cheques that have already been issued but not yet cashed’, warns Abdelatif Laamrani, a lawyer at the Casablanca bar.

■ The procedure to follow in the event of separation

Accounts are generally closed at the end of each quarter. Banks take the time to free up their customers’ accounts in order to collect the agios. The first step is for the bank to receive a signed request for closure from the customer, in the case of a natural person. For legal entities, on the other hand, the application must be sealed and signed. In addition to the customer’s name and account number, the request must include the reason for the closure. ‘The customer does not pay the accumulated charges if he or she has proof of the closure request’. In both cases, it is essential that customers keep a copy of their request, sealed and dated by their bank. The second step is to identify all the packages and products contracted by the customer in order to draw up a balance sheet for the account. If the customer is in arrears, he must regularise his situation before starting this procedure. Compliance with the procedure is closely linked to acceptance of the closure request. ‘Customers should be very vigilant and get used to writing to their bank, advising it of their intention to close their account and making it liable after a certain period for any costs it incurs,’ recommends Mr Laamrani.