The Close Credit Card Letter is an essential document used in South African banking when a credit card holder wishes to terminate their credit card facility. This document is required by financial institutions to process the formal closure of credit card accounts in compliance with the National Credit Act 34 of 2005 and other relevant financial sector regulations. The letter should be used when a customer has decided to permanently close their credit card account, has settled or plans to settle any outstanding balances, and wants to ensure proper documentation of the closure request. It typically includes personal information, account details, explicit closure instructions, and declarations regarding outstanding balances, linked services, and card destruction. The document helps protect both the customer and the bank by creating a clear record of the closure request and ensuring all necessary steps are taken to properly terminate the credit facility.
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1. Personal Information: Account holder's full name, ID number, contact details, and address as per FICA requirements
2. Account Details: Credit card number (last 4 digits for security), account number, and any relevant reference numbers
3. Closure Request: Clear statement requesting immediate closure of the credit card account
4. Current Balance Declaration: Statement acknowledging any outstanding balance and commitment to pay
5. Settlement Instructions: Details of how any remaining balance will be settled
6. Card Return/Destruction: Confirmation of physical card destruction or return method
7. Contact Information: Preferred contact details for any follow-up communication
1. Linked Accounts Notice: Section addressing any accounts or facilities linked to the credit card, used when there are dependent accounts
2. Recurring Payments Declaration: List of recurring payments/debit orders that need to be cancelled, included if there are active recurring payments
3. Reward Points Status: Instructions regarding any accumulated reward points or benefits, included if there is a rewards program
4. International Usage Declaration: Declaration of no pending international transactions, included if card has international usage
5. Reason for Closure: Optional explanation for closing the account, included if required by bank policy or if customer wishes to provide feedback
1. Identity Verification: Copy of ID document and proof of address as required by FICA
2. Account Statement: Most recent credit card statement showing current balance and transactions
3. Recurring Payment List: List of all recurring payments/debit orders linked to the credit card if applicable
4. Card Destruction Certificate: If required by the bank, a signed declaration of card destruction
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Credit Services
Consumer Finance
Retail Banking
Payment Services
Financial Technology
Relevant Teams
Credit Operations
Customer Service
Account Management
Compliance
Risk Management
Card Services
Banking Operations
Client Relations
Documentation
Quality Assurance
Relevant Roles
Bank Branch Manager
Credit Card Services Manager
Customer Service Representative
Account Manager
Banking Operations Officer
Compliance Officer
Credit Controller
Financial Services Administrator
Customer Relations Manager
Banking Services Consultant
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