Closing a Bank Account while not physically present in Canada

[R0cket]

Hi,


I want to close a bank account with Scotiabank that I opened after I landed as a PR in Canada. I have not permanently settled in Canada yet and am still working in my country of origin.

So far the Bank account was for free. But starting next Month, it will cost fees. In order to avoid any fees for a Bank account that I will not be using, I would like to close down that Bank account together with the safety deposit box.

Does anyone have experience with this? Can I do it via Mail Fax? There are only a few dollars left on the Bank, which I can transfer online. But I have to return the keys to the saftey deposit box, which is empty.

Does anyone know whether it is possible to close the account from Abroad (Germany in my case)? Can I cancel the Bank account via letter or Fax and send the Keys via mail declaring that the saftey Box is empty?

That would be helpful because I don't want to be paying Bank fees.

What happens If I don't do anything? Will Scotiabank be charge me for the fees? What if they never hear anything from me again. Can there be any negative consequences for me?

Any information on this would be helpful.

 

[steaky]

I had similar experience with RBC while I was living abroad. My safety deposit box and bank account were closed via email. I don't recalled if they charge me any fees. No negative consequence for doing that.

 

[R0cket]

How did you return the keys?

And did you get any confirmation that everything was settled.

I want to avoid that I get presented a huge bill or get a negative credit rating once I return to Canada.

 

[steaky]

Sorry I don't remember how I return the keys. However, I was informed by email that everything was settled.

 

[R0cket]

I'm getting contradictory information from the Branch. One employee said that it is ok to send the keys via mail and another one said that it is not possible and that I schould come personally otherwise it would cost too much for me.

What happens if I just don't care about it?

I mean I have no money on the Bank account left. What If I just don't call back again. What will happen. Will I get a negative credit score? WIll it have any bad consequences for me?

Scotiabank also lists "Inactivity Fees" for up to 9 years. What does that mean? DOes it mean, that if they don't hear from me for 9 years, and if I come back then, I will have to pay the "Inactivity Fee" before I get to my money?

As I don't have any money on the account and nothing in the deposit box, I'm not worried about that but I don't want to risk a bad credit history for not beeing able to return personally at the Bank.

I don't wanna pay 600 € for the flight just to close the Bank.

 

[steaky]

The obvious consequence of not care about it is that your credit history might get worsen. The bank might charge you despite there is no money in your account and you would have a past due amount in account which would be hurting your credit history.