Why Close Your DBS Multiplier Account?
Before we delve into the step-by-step process of closing your DBS Multiplier account, let’s first address the reasons why you might consider doing so. Here are a few potential scenarios:
- You no longer meet the eligibility criteria. The DBS Multiplier account requires you to meet certain criteria, such as having a minimum monthly income or maintaining a specified balance. If you no longer meet these criteria, the bank may charge you a maintenance fee.
- You’ve found a better account. There are many other bank accounts on the market that may offer better interest rates, lower fees, or more perks. If you’ve found a better account, it may be time to switch.
- You’re moving overseas. If you’re moving overseas, you may no longer need a Singapore-based bank account. In this case, it makes sense to close your DBS Multiplier account before you leave.
- You’re consolidating your finances. If you have multiple bank accounts, you may want to consolidate them into one account to make it easier to manage your finances.
Step-by-Step Guide to Closing Your DBS Multiplier Account
Now that we’ve covered the reasons why you might close your DBS Multiplier account, let’s take a look at the step-by-step process involved.
Step 1: Check Your Account Balance
Before you close your account, you need to make sure that there is no outstanding balance on the account. This includes any outstanding fees, interest, or other charges. If there is an outstanding balance, you will need to pay it off before you can close the account.
Step 2: Transfer Your Funds
Once you have checked your account balance, you need to transfer any funds that you want to keep out of the account. You can do this by transferring the funds to another DBS account, or to a bank account with another bank.
Step 3: Close Your Account Online
The next step is to close your account online. You can do this by logging into your DBS account and following the instructions on the screen.
Step 4: Close Your Account in Person
If you prefer, you can also close your account in person at a DBS branch. To do this, you will need to bring your DBS Multiplier account number and your photo ID.
Step 5: Destroy Your Debit Card
Once your account is closed, you should destroy your DBS Multiplier debit card to prevent it from being used fraudulently.
Common Mistakes to Avoid When Closing Your DBS Multiplier Account
Here are a few common mistakes to avoid when closing your DBS Multiplier account:
- Not checking your account balance before closing it. This could result in you being charged a fee for an outstanding balance.
- Not transferring your funds before closing it. This could result in you losing access to your funds.
- Not destroying your debit card before closing it. This could result in your debit card being used fraudulently.
Conclusion
Closing your DBS Multiplier account is a relatively simple process. By following the steps outlined in this guide, you can close your account quickly and easily.