How to close a company bank account in Poland

In this article, you will learn in which cases companies and individual entrepreneurs in Poland have to close a current account and how to do it correctly. Reasons for closing a business account can vary, often including:

• The process of reorganization or liquidation of the enterprise
• Change of bank
• The checking account has not been used for a long time.

Let’s consider how to close a business bank account in Poland.

Despite the fact that almost all business processes have migrated to the Internet, account closure procedures for companies still leave a lot to be imporoved. Only a few banking institutions meet the expectations of entrepreneurs and allow the termination of the contract for the provision of banking services via internet banking or telephone. If an entrepreneur or company decides to close a business account or transfer this account to another bank in Poland, he will have to face a difficult task. In fact, most banking institutions in this situation require the submission of a written form certified by the signature of a notary, Polish diplomatic or consular office and obtaining an official confirmation. Only a few banks in Poland – Getin Bank, mBank – allow the termination of the contract for the provision of internet banking services.

Thus, after the termination of the business account agreement, you should ask your bank about the conditions of the settlement account closure procedure. If it is not possible to conduct the online procedure, find out whether the bank requires the submission of the application on the appropriate internal form or allows the application to be submitted free of charge. In addition, it should be remembered that the written termination of the contract must contain the handwritten signature of the account holder or persons authorized to represent the company, which will correspond to the copy shown on the model card. In addition, the letter must contain the data necessary to terminate the cooperation with the bank:

• names and surnames of all persons whose consent is required to close the account (in accordance with the specimen signature card),
• full name of the company,
• REGON and NIP numbers,
• account number to which the termination relates, enabling the termination of cooperation with the bank:
• names and surnames of all persons whose consent is required to close the account (in accordance with the specimen signature card),
• the number of the account to which the bank will transfer the funds, along with the details of the account holder as at the date of contract expiry.

The basic requirements of Polish banks for closing a business account are mostly similar and include:

• period of notifying the bank about closing the current account – 30 days
• the notification is submitted in writing and sent to the bank’s branches or by letter to the bank’s postal address (in this case, the deadline will be counted from the date of receipt of correspondence by the institution)
• the termination of the contract must be signed in accordance with the application and specimen signature submitted to the bank
• before the end of the notice period, the account holder must indicate in writing how the funds held on the account will be managed. In the absence of instructions, the banks may, after the lapse of the notice period, transfer funds from the account to an internal, interest-free current account
• the customer is required to return (or destroy) unused check forms and bank cards to the bank and to provide instructions on how to manage the balance.

IMPORTANT! Once again, we would like to draw your attention to the fact that the account opening agreement may be terminated by the owner himself, when he is the sole owner of the company, or by representatives (acting individually or jointly – in accordance with the company’s statement resulting from the founding documents). Additionally, if there are funds on the account at the time of closing, the holder must have them at his disposal (indicate another account to be transferred or withdrawn cash). If the order is not submitted, banks may transfer funds to a separate interest-free bank account.

IMPORTANT! When closing accounts, the bank charges a commission, in some banks the procedure is free. If you don’t close your accounts, your bank will charge you monthly payments, which I can give you a substantial sum.