Anyone who has had experience with the financial industry knows how exasperating it can be to get something done. The same can said of trying to close a credit account.
No matter how many times we call to close down the account, those monthly statements keeping coming. In most cases these statements end up with some kind of service charge for account inactivity or fees for the privilege of having the card. Fortunately, there is a way to ensure these accounts are closed properly; written documentation.
The main reason why most credit card companies will not shut down an account via telephone is lack of written documentation. Simply put, the companies can keep your account open if you do not have written confirmation.
They can deny the telephone conversation ever existed. My favorite answer is, “We do not show any notes in your account.” So, the best solution is a Credit Card Cancellation Letter.
Many credit card companies have blank templates for such correspondence. However, they do an amazing job of making them difficult to find. Nonetheless, writing an effective letter is not challenging.
Although, there are a few things which are required to be on the letter. These requirements will ensure the company cannot claim any confusion about your intentions to close the account.
Obviously, the first requirement is the date. This date signifies how long they have to close your account; as most credit card companies have a grace period for internal actions.
title of the department
The next piece of information is the title of the department which the letter needs to be delivered. If the incorrect department is listed, then your letter may get “lost in the shuffle.” The credit card company name and address falls below the department name.
After that the body must be written in a certain verbiage which is both easy to understand and professional. Also, make sure you include your account number in the body. It is a good idea to reference your last purchase; it will show how long the card has been dormant.
ensure the account was closed properly
Another thing, make sure you are specific about when you want the account closed. If not, that is just another way the company can attempt to keep the account open. The last part of the body should require them to provide you with confirmation. That is best way to ensure the account was closed properly.
Plus, if happen to receive a statement with charges, you can dispute them if you have a confirmation! Lastly, ensure you sign, type out your name, and provide some contact information. Without the signature, the letter means nothing!
In closing, as long as you follow these simple tips, you should have no issues closing that credit card account. A credit card cancellation letter will let the company know you mean business and to stop those senseless charges. Listed below is a sample letter you can use. It contains all of the necessary information to close your account. Good Luck!
sample Credit Card Cancellation letter
May 04, 2019
XYZ Card Company
7806 Credit Avenue
Miami, FL 30008
Dear Sir or Madam:
The purpose of this letter is to serve as a written notice I am terminating my credit card account effective immediately.
Please close the following account:
Account Number: _________________
The last charge I made or authorized on this account was at (name of retailer) on (date) in the amount of $______.
Furthermore, send me a written confirmation letter that my account has been closed.
Thank you for your prompt attention to this matter.