Board Resolution Closing Bank Account Template for England and Wales

Closing a business bank account in England & Wales is not something an individual director can do alone. The board must formally approve the decision and authorise named people to contact the bank and complete the process. A board resolution is the document that records that approval, giving the bank the evidence it needs before it will close the account and release any remaining funds.

What is a board resolution to close a bank account?

It is a written record of a decision taken by the company's board of directors to close one or more specified business accounts. It identifies the account (usually by account number and sort code), states the reason for closure, names the individuals authorised to instruct the bank, and sets out how any balance will be handled. Banks rely on it to confirm that the request has proper company authority rather than coming from one person acting without support.

When do you need this document?

You will need a board resolution to close a business bank account in several situations. During mergers or acquisitions you may consolidate banking relationships and close redundant accounts. When restructuring, closing a branch, or changing how the business operates, account closures often follow. You also need it when switching banks for better terms or service, when closing a dormant current account that no longer serves the company, or when the company is winding down and needs to close every banking relationship in an orderly way.

How do you close a business account with a resolution?

Once the board has passed and signed the resolution, an authorised signatory contacts the bank, usually through its business banking help and support team, its online banking portal, or a branch. The bank will typically ask you to verify your identity and access to the account, then confirm the closure request against the resolution. Some banks also provide an account closure form to complete alongside the resolution. Ask the bank what it needs so you can resolve any query quickly. Before you close the account, clear any pending transactions, cancel or redirect standing orders, direct debits, and any credit card or savings sub-accounts linked to the business, and transfer the remaining balance to another company account.

What should the resolution include?

• The full company name and the date the resolution was passed.
• The specific account or accounts being closed, with account number and sort code.
• The reason for closing the account.
• The names of the individuals authorised to contact the bank and complete the closure.
• Instructions for the remaining balance, such as transfer to a named account.
• Confirmation that the meeting was properly held with a quorum, or that the resolution was passed by written resolution.

How is it signed and recorded?

The resolution should comply with the company's articles of association on notice, quorum, and voting. It is normally signed by the chair or company secretary and kept in the company's records for at least ten years. A broader review of company records through GenieAI's template library can help keep governance consistent. You should also inform HMRC and update Companies House records where the banking change affects your registered details.

Ways to complete the closure

• Online banking or the bank's mobile app, where the provider lets you manage business accounts and submit a closure request digitally.
• An account closure form sent by post or completed in branch, attaching the signed resolution.
• A call to the bank's business help and support line, quoting the resolution to confirm authority.

Please note before you close the account

Keep the account open long enough for outstanding payments to clear and for any refunds or income to arrive. If the bank flags a concern such as suspected fraud, closure may be delayed while checks are completed, so retain a copy of the signed resolution to support your request. UK banks operate under Financial Conduct Authority rules, which set expectations for how business account closures are handled and how much notice you can expect. Confirm in writing when the account is closed so you have a clear record.