Print print | Show all

Questions and Answers

  • Do all the partners have to sign the application to close the account?

    Yes. Closing the account means expiration of the validity of the account management agreement between the customer and the bank. Just as the account holders are required to sign an agreement to open an account, the same holds true when it is closed.

  • Can the bank to be notified by telephone or fax of the intention to close the account?

    Closing the account involves processes that require your physical presence at the branch and signing the relevant documents.

  • Does a customer have to break an existing savings plan in order to transfer to a different bank?

    No. The customer can transfer some of his banking activities while leaving assets or liabilities in the transferring bank. The customer can give instructions, at the time the account is closed, for the assets that remain in the account, including transferring them to his account in another bank after they mature.

  • What happens to the balance that was left in the account for the purpose of paying future debits?

    The balance that is left in an account for the purpose of paying future debits on credit cards or checks will bear interest, at the very least, as customary in daily deposits of the bank.

  • Can a current account be closed when a there is a loan remaining with the bank?

    Yes. The customer can transfer part of his banking activities while leaving assets or liabilities in the transferring bank. If the securities for the loan are satisfactory to the bank, and is not current income deposited in a current account, the bank must allow the customer to repay the loan by means of authorization to debit his account in the other bank.

  • Does the customer receive confirmation of closure of the account from the transferring bank?

    Yes. After the customer completes all the actions required for the purpose of closing the account, it will be closed, and notice to that effect will be given to the customer.

  • How will the beneficiaries know about the account details for debiting as a result of transfer of the activities to another account?

    The new bank can help the customer and facilitate the process of the transfer to the new bank by having the customer sign the appropriate forms and notifying the beneficiaries of the change in the details of the account for debiting.
    With regard to continuing transactions which are conducted by means of authorizations to debit an account with a credit card, a customer who wishes to do so may submit a suitable application to the new bank to transfer his activity from an old debit card to a new debit card, and the new bank will handle that request.

  • What law or regulation regulates the process of closing an account and transferring to another bank?

    Transferring activity and closing a customer’s account is regulated by Banking Management regulation Number 432 of the Bank Supervision Department..