If you have a savings account with Union Bank and want to close it, whether you’re switching banks or have other reasons, here’s a simple guide to help you through the process.
Opening a Union Bank savings account is quite straightforward and requires a minimum deposit of ₦2,500. This account offers secure, fast, and convenient banking services available 24/7 through UnionOnline and UnionMobile platforms.
Benefits of a Union Bank Savings Account:
- Secure and Convenient Services: Enjoy secure banking services.
- 24/7 Access: With UnionOnline and UnionMobile, you can access your account anytime, anywhere.
To open a Union Bank savings account, you’ll need the following:
- Two passport photographs
- Bank Verification Number (BVN)
- Valid Identification: This can be a National ID card, driver’s license, or international passport.
- Proof of Address
- Additional Documents (if applicable): If your account name differs from the name on your ID, you’ll need a newspaper publication plus a marriage certificate or sworn affidavit.
How to Close Your Union Bank Savings Account
- Visit Your Nearest Union Bank Branch
Go to the closest Union Bank branch with your valid ID, account number, and any important account documents. Having these items will make the process easier.
- Talk to a Customer Service Representative
Once you arrive, speak to a customer service representative and tell them you want to close your savings account. Give them your account details, and they will help you with the necessary steps and forms.
- Clear Any Remaining Balances
Ensure your account has no money left in it. If there is any remaining balance, withdraw it or transfer it to another Union Bank account if you have one.
- Fill Out the Account Closure Form
The bank will provide you with a form to officially request the closure of your account. Fill it out carefully, provide accurate information, and sign it. You might also be asked why you are closing the account.
- Return Any Account Materials
Return any ATM card, passbook, or other materials you received when you opened the account. This helps ensure that your account is completely closed.
- Get Confirmation
After completing all the steps and forms, ask the customer service representative for confirmation that your account has been closed. They might give you a receipt or acknowledgment for your records.
What is Union Future savings account?
The UnionFuture savings account is a financial product offered by Union Bank designed to help customers earn high returns on their medium to long-term savings. This account is particularly beneficial for self-employed individuals who do not have a retirement savings plan.
Key Features of the UnionFuture Savings Account
- Minimum Monthly Contribution:
- Customers are required to save a minimum of ₦2,000 monthly into their UnionFuture savings account. This manageable amount encourages consistent savings and helps build a substantial fund over time.
- Flexible Savings Tenor:
- The account offers a flexible savings tenor, ranging from 24 to 120 months. This flexibility allows customers to select a duration that aligns with their financial goals and savings plans. Whether you are saving for a specific future expense or just building a retirement fund, you can choose a time frame that suits you best.
- Competitive Interest Rate:
- UnionFuture savings account holders enjoy a competitive interest rate of 5.90% per annum on their deposits. This attractive rate helps your savings grow significantly over time, providing a better return compared to regular savings accounts.
Benefits of the UnionFuture Savings Account
- Convenient Savings Plan: The mandatory monthly contribution ensures that you regularly add to your savings, helping you develop a disciplined approach to managing your finances.
- Financial Security: This account provides a structured way to save for future needs, ensuring you are secured financially for retirement or other long-term goals.
- High Returns: The competitive interest rate enhances your savings, making your money work harder for you over the long term.
- Flexibility: With a range of tenors to choose from, you can direct your savings plan to fit your personal financial timeline and objectives.
The UnionFuture savings account is an excellent option for individuals looking to save consistently and earn high returns on their savings. It is especially suitable for self-employed people without a formal retirement plan, offering them a structured and beneficial way to secure their financial future.
How to close union future savings account
Closing your Union Future Savings Account follows a similar process to closing a regular savings account, with a few specific steps:
- Go to a Union Bank branch in person. Bring your account details, ID, and any necessary documents.
- Inform the customer service representative that you want to close your Union Future Savings Account. They will guide you through the required steps.
- Make sure your account balance is zero. Withdraw or transfer any remaining funds to another account.
- Complete the form provided by the bank to officially request the closure of your account. Ensure all information is accurate.
- If you received any materials related to the account, such as an ATM card or passbook, return them to the bank.
- Ask the customer service representative for confirmation that your Union Future Savings Account has been closed. They may provide you with a receipt or acknowledgment.
Conclusion
Closing your Union Bank savings account, whether it’s a regular or Union Future account, is simple when you follow these steps. If you have any questions or concerns, feel free to leave a comment below, and we’ll be happy to assist you.