Ignore salary account Unpleasant surprises can result when you already have another job, e.g. Commissions and unexpected changes.
Here we tell you what to expect If you keep your payroll account after leaving your job And how to proceed to cancel it properly.
abandoned salary account
Do you know why it’s crucial to keep an eye on your payroll account? After changing jobs?
even After you stop receiving payroll deposits, your linked account is still active. Over time, the account can be converted into a savings or debit account and may incur fees.
Payroll accounts are usually free As long as there is a constant flowbut once that flow stops, the rules change.
If you ignore this, Commissions can accumulate without you realizing it. It is therefore recommended that you close your account immediately upon ending your employment, especially if there are no outstanding debts.
How to effectively cancel?
To close a payroll account, It’s vital to make sure you have no outstanding debt, such as salary-related loans. Then, follow these steps:
- Make sure your debit card is cleared.
- Go to your bank branch with your debit card and official ID.
- Notify your bank supervisor that you wish to cancel your account and provide the reason.
- Sign the cancellation request and receive a copy for your records.
- The debit card will be cut off, thus terminating your contract with the bank.
- If for any reason you are unable to pay off your account before closing it, please make sure you understand and comply with available payment methods.
What if you leave it open?
If you change banks for a new job Or your company has changed the payroll locationthere is no need to close the account. Payroll portability Allows you to choose the financial institution from which you wish to receive your wages at no additional cost.
Making this change is simple, you can apply online through your bank or visit a bank branch with the necessary documents.
Don’t open an account if it’s not necessaryas this may impact your finances and increase the risk of account abuse.
In short, Maintain control of your payroll account after leaving your job Avoiding financial surprises is crucial. Whether you’re closing your bank or switching banks, it’s important to make smart decisions to keep your finances in good shape.