Account Balance Worksheet and New Account Checklist Form
This document helps you balance your account before closing it and setting up your new account. It includes a detailed worksheet for deposits and debits, and a checklist for setting up your new account. Use it to ensure a smooth transition between accounts.
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How do I fill this out?
Start by gathering your most recent bank statement and listing all deposits and debits since the statement closing date. Follow the steps to total your deposits and debits, and calculate the amount you need to keep in your account. Finish by listing excess funds to be transferred to your new account.
How to fill out the Account Balance Worksheet and New Account Checklist Form?
1
Start with the balance from your most recent bank statement.
2
List all deposits since the statement closing date.
3
List all debits, including checks, debit card purchases, and ATM withdrawals.
4
Calculate the total deposits and debits, and subtract any scheduled debits for the next 10 days.
5
Determine excess funds to be transferred to the new account.
Who needs the Account Balance Worksheet and New Account Checklist Form?
1
Individuals closing a current bank account need this form to ensure all transactions are balanced.
2
People setting up a new bank account need this form to transfer excess funds.
3
Accountants assisting clients with account transitions can use this form for precise calculations.
4
Financial advisors helping clients manage multiple accounts will find this form useful.
5
Anyone wanting to keep accurate records of their account activity before making changes needs this form.
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What are the instructions for submitting this form?
Submit this form by mailing it to the provided physical address or by emailing it to the relevant department. Alternatively, you can use the bank's online submission form if available. Ensure all information is accurate and complete before submission. For any questions or assistance, contact the customer service number provided on the form. Mail to: Bank Name, Attn: Account Services, Address, City, State, ZIP Code Email to: accountservices@bank.com Online submission form: bank.com/submission
What is the purpose of this form?
The purpose of this form is to help you balance your existing bank account and ensure all transactions are accounted for before closing the account. By listing all recent deposits, debits, and scheduled automatic debits, you can accurately calculate the remaining balance and determine any excess funds to transfer. Additionally, the checklist section guides you through setting up your new account, including transferring direct deposits and activating new services.
Tell me about this form and its components and fields line-by-line.
- 1. Balance from most recent statement: Enter the balance from your most recent bank statement.
- 2. List of deposits: Enter the date, description, and amount of all deposits since the statement closing date.
- 3. Total Deposits: Calculate and enter the total amount of deposits listed.
- 4. List of debits: Enter the date, description, and amount of all checks, debit card purchases, ATM withdrawals, automatic debits, and bank fees since the last statement.
- 5. Total Debits: Calculate and enter the total amount of debits listed.
- 6. Scheduled automatic debits: Enter the total amount of any automatic debits scheduled for the next 10 business days, including bank service charges.
- 7. Final Balance: Add the total from Step 1 and Step 2, then subtract the totals from Step 3 and Step 4. This is the amount that needs to remain in the account.
- 8. Excess Funds: Enter the amount of excess funds to be transferred to the new account.
- 9. New Account Information: Provide the current account number and routing number, along with important contact information.
- 10. Set Up New Account: Checklist for setting up the new account, including depositing funds, enrolling in online banking, and activating a debit card.
- 11. Additional Recommendations: Additional recommendations for scheduling deposit reviews, account reviews, and renting a safe deposit box.
What happens if I fail to submit this form?
Failing to submit this form can lead to inaccuracies in your account balance and potential issues with transactions. Additionally, you may miss important steps in setting up your new account.
- Inaccurate Account Balance: Your account balance may not reflect all transactions, leading to overdrafts or insufficient funds.
- Missed Transactions: You may miss important deposits or debits, causing confusion and financial discrepancies.
- Delayed Account Setup: Failure to follow the checklist could result in delays in activating new account services and transferring funds.
How do I know when to use this form?
- 1. Closing an Account: Use this form to balance your account before closing it.
- 2. Setting Up a New Account: Follow the checklist to set up your new bank account.
- 3. Tracking Transactions: List all deposits and debits to ensure accurate account records.
- 4. Calculating Balance: Calculate the remaining balance and excess funds to transfer.
- 5. Ensuring Account Accuracy: Use the form to verify that all transactions are accounted for and accurate.
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