Account Termination Letter Template for Austria

The Account Termination Letter is a critical document used in the Austrian banking sector to formally end a banking relationship. It must comply with strict Austrian banking regulations, including the Banking Act (BWG), Consumer Protection Act (KSchG), and data protection laws. This document is utilized when either the bank or customer wishes to terminate an account relationship, requiring clear communication of termination terms, timeline, and obligations. The letter serves multiple purposes: it provides legal documentation of the account closure, outlines necessary steps for both parties, addresses outstanding balances or obligations, and ensures compliance with regulatory requirements for record-keeping and customer communication. It's particularly important in the Austrian context where specific notice periods and customer protection measures must be observed.

1. Header Information: Bank's name, address, logo, date, and reference number

2. Customer Details: Full name and address of the account holder, customer ID/reference number

3. Account Information: Specific account number(s) and type(s) being terminated

4. Termination Declaration: Clear statement of account termination with specific termination date

5. Outstanding Obligations: Statement regarding any remaining balance, outstanding fees, or pending transactions

6. Required Customer Actions: List of specific actions the customer needs to take (returning cards, settling balances, etc.)

7. Data Retention Notice: Information about how the bank will handle customer data post-termination

8. Contact Information: Bank contact details for any queries regarding the termination

9. Signature Block: Bank authorized signatory details and signature