Contrary to what happened up until a few years ago, in the vast majority of credit institutions the current account closing operation is free of any cost , explicit or implicit. This, however, is not the same as saying that the account balance of our account will be equal to the amount we will receive from the termination of the report. It should in fact be remembered that, although there are no longer any closing costs, at the time of termination of the life of the current account we will probably be charged (pro-quota) with all those charges that we would have had to pay at the end of the capitalization period (month, or quarter).
In other words, if our current account has a quarterly cost of 10 euros , and is subject to stamp duty of 8.55 euros, at the time of closing – which, we assume, will take place in the middle of the quarter – we will see our balance accountant being charged two-thirds of the quarterly cost, and two-thirds of stamp duty.
At these costs (that being the operating expenses of the account is not possible to define the “closing”) will probably also added some expenditure related to the production and sending of the last account statement.
As well as the costs, even the time needed to start the current account extinction operation has been gradually reduced over the years. Today the closure of a report takes place in a few days, allowing the customer to be able to disconnect from his old bank with a certain speed.
However, the exception is represented by those reports which include services which, linked to the account, provide for future movements. A typical example is the credit card balance , which generates a charge in the month following the one in which the expenses are made. But, again, just think of the payment of a check, an operation that requires a timely wait for the currency to mature.
But do I have to go to my bank?
Today, extinguishing a current account is, as we have seen, an operation that involves less costs and less time than in the past. Another opportunity offered by almost all credit institutions is also to ask the new bank to close a current account with the old one. All this is done through the compilation of pre-printed forms, and the electronic transmission of the request for variation in the domicile of the RID.
Within a very short time, and with very low costs, it will therefore be possible to change banks without going to the branches where the original current account was opened.