An Authorization Letter To Close Bank Account is a crucial document in Singapore's banking system, required when an account holder wishes to formally terminate their banking relationship. This document is particularly necessary when the account holder cannot personally visit the bank or when delegating the closure authority to another person. It must conform to Singapore's Banking Act, MAS regulations, and individual bank policies. The letter typically includes account details, holder information, closure instructions, and fund transfer directions. It serves as legal protection for both the bank and account holder, ensuring proper documentation of the closure request.
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1. Date and Location: Current date and place of writing
2. Bank Details: Full name and address of the bank branch
3. Account Holder Information: Full name, ID/passport number, and contact details of the account holder
4. Account Details: Account number and type of account to be closed
5. Authorization Statement: Clear statement of intent to close the account
6. Closing Balance Instructions: Instructions for handling remaining funds
7. Signature Block: Space for account holder's signature and date
1. Authorized Representative Details: If someone else is authorized to close the account, their full details and relationship to account holder
2. Outstanding Obligations: Statement regarding settlement of any outstanding dues
3. Reason for Closure: Explanation for account closure if required by bank policy or for documentation purposes
1. Identity Proof: Copy of account holder's ID/passport
2. Power of Attorney: If applicable, document authorizing representative to act on behalf of account holder
3. Death Certificate: In case of deceased account holder
4. Latest Bank Statement: Recent statement showing account details and balance
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