How To Close FNB Business Account In South Africa

Do you want to close your FNB South Africa Business account and don’t know how to go about it?

Worry not, you have come to the right place, and here I’ll enlighten you on various ways on how to close an FNB business account without hassle.

Whether you want to open another type of FNB business account or would like to switch to another bank, it is prudent to close your earlier business account.

But before closing the account, there are a few requirements you need to meet.

Requirement before closing First National Bank business account

Many people do try to close their FNB business account while there is still payment ongoing, while others have bank balance or negative balance.

Even if you try, the bank will not close the account.

The bank deems it still active. It is simple to close a bank account but, here is the checklist of things first to do.

1. Payments linked to the account

After requesting FNB to close your business account, the process takes around one week.

However, there may be some delays in case a debit order comes through the account.

It will mean the account is in areas and delay the account cancellation process.

The solution to avoid such an occurrence is to cancel any debit payment linked to the account.

It may be a loan; insurance ensures you have to link the payment to another account before requesting account cancellation.

2. Cancel any automatic card payments linked to the account

If you have your business account debit card, before closing the account, cancel it.

The move is to ensure there is no unexpected card payment done like subscription renewal.

3. Withdraw or transfer balance on your account

FNB cannot close an account with either a positive or negative balance.

Hence, you ought to withdraw the balance or clear the debt in the account.

It doesn’t matter the amount; even it is R2.23 cents empty the account.

The negative balance usually arises after the monthly account fee applies.