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Request Letter For Termination Of Account for United Arab Emirates

Request Letter For Termination Of Account Template for United Arab Emirates

A Request Letter for Termination of Account is a formal document used in the United Arab Emirates to initiate the closure of a bank account. This document, governed by UAE banking regulations and overseen by the Central Bank of UAE, serves as an official communication between the account holder and their banking institution. The letter includes essential details such as account information, holder identification, closure instructions, and directions for remaining funds. It must comply with UAE Federal Law No. 14 of 2018 and related banking regulations, ensuring proper documentation for both the customer and the bank in the account closure process.

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What is a Request Letter For Termination Of Account?

The Request Letter For Termination Of Account is a crucial document used when an individual or business wishes to formally close their banking relationship in the United Arab Emirates. This document is necessary to comply with UAE banking regulations and Central Bank requirements, providing a clear audit trail of the account closure request. It should be used when permanently closing any type of bank account, whether personal, joint, or corporate. The letter must contain specific information including account details, account holder identification, reason for closure (if required), and instructions for remaining funds. It serves as protection for both the account holder and the bank, documenting the formal request and subsequent actions. The document must align with UAE Federal Law No. 14 of 2018 and related banking regulations, particularly concerning customer documentation and anti-money laundering requirements.

What sections should be included in a Request Letter For Termination Of Account?

1. Sender Details: Full name, address, and contact information of the account holder

2. Bank Details: Name and address of the bank branch where the account is held

3. Date: Current date of the letter

4. Subject Line: Clear indication that this is an account termination request

5. Account Information: Account number(s), type of account(s), and any other relevant identifiers

6. Formal Request: Clear statement requesting account closure

7. Balance Instructions: Instructions for handling remaining balance and transfer details

8. Closing Statement: Request for confirmation and timeline expectations

9. Signature Block: Space for signature, printed name, and date

What sections are optional to include in a Request Letter For Termination Of Account?

1. Joint Account Holder Details: Required when the account is jointly held, including all account holders' information and signatures

2. Business Authorization: Required for business accounts, including corporate resolution or authorization documents

3. Reason for Closure: Optional explanation for account closure, may be required by some banks

4. Outstanding Services Termination: Required if there are linked services like credit cards, standing orders, or direct debits that need cancellation

5. Return of Banking Items: Required if there are items to be returned such as checkbooks, cards, or tokens

What schedules should be included in a Request Letter For Termination Of Account?

1. Schedule A - Account Details: List of all accounts to be closed if multiple accounts are involved

2. Schedule B - Transfer Instructions: Detailed instructions for transferring remaining balances, including beneficiary bank details

3. Schedule C - Outstanding Items: List of items to be returned to the bank

4. Appendix 1 - Identity Documentation: Copies of required identification documents as per bank requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Publisher

Genie AI

Document Type

Cancellation Letter

Sector

Sales

Cost

Free to use
Relevant legal definitions


















Clauses

















Relevant Industries

Banking

Financial Services

Retail Banking

Corporate Banking

Islamic Banking

Investment Banking

Wealth Management

Financial Technology

Relevant Teams

Operations

Customer Service

Compliance

Legal

Account Management

Documentation

Client Relations

Branch Operations

Risk Management

Account Closure

Relevant Roles

Bank Branch Manager

Account Relationship Manager

Compliance Officer

Banking Operations Manager

Customer Service Representative

Personal Banking Officer

Corporate Banking Officer

Financial Services Manager

Account Closure Specialist

Banking Documentation Officer

Legal Compliance Manager

Client Services Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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