How to Close Your FAB Account: A Simple Guide

31 Jul 2024
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How to Close FAB Account

In the UAE, the process of closing the FAB account is reliable and comfortable. If you are a customer of First Abu Dhabi Bank and willing to close your account it requires careful planning. The decision to close accounts normally arises due to various reasons like better service or moving to a new country. In this detailed blog, we will discuss the method of closing the FAB account.

Service/Action	Potential Cost (AED)	Details	Processing Time	Total Potential Cost (AED)
Account Closure Fee	0 - 100	Possible fee for closing the account, especially early closure.	1 - 7 days	0 - 100
Remaining Balance Transfer	Variable	Fees for transferring remaining funds to another bank account.	1 - 3 days	Variable
Outstanding Loan Settlement	Variable	Costs to settle any loans or overdrafts linked to the account.	1 - 7 days	Variable
Credit Card Settlement	Variable	Payoff balance and close any linked FAB credit cards.	1 - 7 days	Variable
Document Retrieval Fee	0 - 50	Fee for obtaining past statements or account documents.	1 - 3 days	0 - 50
Check Cancellation Fee	0 - 25 per check	Canceling any uncashed checks issued from the account.	1 - 3 days	0 - 25 per check
Direct Debit Cancellation	0 - 10 per order/debit	Cancelling standing orders or direct debits linked to accounts.	1 - 3 days	0 - 10 per order/debit
Inactive Account Fee	Variable	Fee for reactivating or closing an inactive account.	1 - 7 days	Variable
Balance Certification	0 - 20	Certificate stating final account balance and closure.	1 - 3 days	0 - 20
Other Administrative Fees	Variable	Any other miscellaneous fees as per bank policy.	1 - 7 days	Variable

Must Read: Check Your FAB Balance Online Anytime

Why close your FAB account?

You need to understand why you want to close your FAB account.

Relocation

One of the main reasons to close your FAB account is to move to another country where it does not operate.

Better offers

You can also consider closing an account if you are getting a better interest rate or services from another bank.

Unsatisfactory services

If you are feeling poor Customer service or unfavorable terms then you consider closing your FAB account.

Steps to Close your FAB Account

Prepared your account

It is vital for you to ensure that your account is in good standing when you start the process of closing your account.

Settle any outstanding balances: If you want to close your Fab account then remember to pay off your loans and dues.

Transfer funds: It is vital for you to transfer your remaining balance to another bank account. Always remember to double-check that all funds are successfully transferred.

Gather Required Documentation

If you want to close your FAB account you have to gather all required documents. These important documents are valid government-issued IDs, passports, and Emirates IDs. Moreover, it is important to provide your account number and branch information to avoid any issues. The Bank account closure form is also important for this process which you can download from the FAB website.

Visit a FAB Branch

If you are willing to close your FAB account then you can visit the FAB website or physical branch.

Find the Nearest Branch: For this purpose, you have to find the nearest branch by using the FAB website or mobile app.

Schedule an Appointment: In UAE, various branches of FAB may require an appointment. So, it is vital to call ahead and schedule for a reliable process.

Complete the Account Closure Form

Once at the branch:

Request the Closure Form: The next step is to ask the customer service representative for a form to close your FAB account.

Fill Out the Form: After the process of getting a form, you have to fill out the application form by providing your information.

Submit the Form and Documents

Submit the Form: After filling out the form, give the form along with your ID and required documents to the bank representative. T

Verify Your Identity: Then remember to ensure that all documents are correct. Moreover, the representative will verify your identity.

Confirm Account Closure

At last, when your application is processed, ask for a written confirmation then your FAB account is closed. Furthermore, this can be a letter or an email.

Tips for a Smooth Account Closure

Keep Records

The habit of maintaining records of all correspondence with FAB regarding your account closure offers you comfort. So, it is vital for you to secure records.