MonthDecember 2019

How to close your account at Loan and Credit?

Loan and Credit offers several personal accounts, but none of them is unconditionally free. Perhaps this is the reason why you want to cancel this account and move to another bank. How to do it?

Liquidation of the card to the account at Loan and Credit

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If you have decided to close your account at Loan and Credit, please also remember to cancel your debit card. Do this before you begin the process of closing your personal account. You can reserve a debit card in two ways: through the helpline of the bank or in the online banking system.

  1. After logging into the online banking system, select the Payment cards tab and then Reservations. Select the reason for the reservation (theft / loss / other) from the list and click Restrict. And that’s it – your card has been canceled.
  2. When choosing the second option, call the hotline 24 hours a day, 7 days a week. Dial 608 206 206 or 19,000.

Account closure at an Loan and Credit facility

As a supporter of settling matters in person, you will definitely choose to close the account in the branch. For this purpose:

  1. Choose the Loan and Credit facility closest to your whereabouts. A list of all branches can be found here: Loan and Credit branches .
  2. Take a valid ID card with you.
  3. Go to the branch and terminate the invoice agreement.

Your account will be canceled within the next 28 days.

Closing an account at Loan and Credit – by post

You can also send a notice by post.

  1. Write an account termination and an account card.
    Remember to include your personal data, address, social security number, telephone number and account number.
  2. Sign the letter with the same signature specimen you gave the bank.
  3. Send termination to the bank’s address:

    Euro Bank SA

    St. Nicholas 72
    50-126 Wroclaw

Account closure in Loan and Credit online banking

The last, fastest and most modern way is to close your account online. Just a few clicks to part with your bill for good.

  1. Log in to Loan and Credit online banking.
  2. Click the Personal Accounts tab and then select Account Details.
  3. Click the Close account button . You will be sent to the tab where you have to complete the recipient’s name and the bank account number to which the funds from your Loan and Credit account should be transferred.

Warning! As soon as you cancel your online account, you lose access to online banking.

What does it mean in mortgage loans?

When assessing the attractiveness of a given term deposit offer, savings account or credit product, you pay attention primarily to interest rates. The problem is that during the term of the contract with the bank its amount may change.

This is characteristic primarily for mortgages. You also have to consider this in the case of a long-term cash or investment loan or bank deposit. The interest rate on such products may depend on the variable base rate, i.e. EURIBOR, LIBOR or WIBOR – depending on the currency in which they are settled.

Who is most important to?

WIBOR rates (in practice there are several – which will be discussed later), similarly to EURIBOR or LIBOR rates, may remain stable for many months. They can also change by several percentage points throughout the year. This means that it is difficult to predict the interest rate for next year. People who pay mortgage loans are the most interested in their current amount. For larger liabilities incurred for a long period, already small changes in the base rate often translate into an increase or decrease in the loan installment.

When it comes to deposit products, such as deposits or savings accounts, WIBOR changes are less noticeable. There are smaller amounts involved, shorter contract duration and relatively low interest rates. Any increase or decrease in WIBOR value usually translates into a small change in the interest received.

Who determines it and how?

WIBOR, or Warsaw Interbank Offered Rate, is nothing more than the interest rate on the Polish interbank market. In other words, it is the price at which commercial banks operating in Poland borrow money. If one of the banks wants to borrow funds from another bank (which is a participant in the WIBOR panel), it will pay him a remuneration equal to the WIBOR rate.

Fixing WIBOR

The WIBOR rate is a fairly stable parameter, but it is worth knowing that in reality its amount is determined almost every day, during the so-called fixing. On each business day at 11:00, the banks belonging to the WIBOR panel indicate the annual interest rate. This is the value at which they would be ready to borrow money to other commercial banks on a given day. After rejecting the two highest and the two lowest offers, the average interest rate per annum on the interbank market is calculated – WIBOR.