What happens if I don’t cancel my payroll card from a previous job?

When changing jobs, a detail that is often overlooked is the payroll card cancellation associated with the old position. This oversight can lead to financial complications, including the accumulation of fees and the risk of fraud.

Cancellation of these cards is very important to prevent an inactive account from becoming a source of long-term problems.

What happens if I don’t cancel my payroll card?

A uncancelled payroll card It can remain active between six months and three years, or even longer, if the account does not record movements or balance. During this time, the account may accrue maintenance fees that, eventually, can generate a negative balance.

Said negative balance could keep the account active indefinitely, since the Credit Institutions Law It does not specify a time limit for keeping a payroll account active. In addition to commissions, there are associated risks with identity theft and fraudulent activities.

Personal information linked to a unattended payroll card It can be used by cybercriminals to carry out illegal operations in the name of the original account holder.

Steps to cancel the payroll card

To cancel a payroll card, it is essential to ensure that there are no outstanding debts, such as payroll loans that could prevent cancellation. The steps to follow include:

1. Check account status: Before proceeding with the cancellation, it is crucial to check if there are any accrued commissions and pay them if necessary.

2. Visit the bank: With the debit card and an official identification, the holder must request the cancellation of the account at the bank branch.

3. Withdraw any remaining balance: If there are still funds on the card, they must be removed before proceeding with the cancellation.

4. Complete the cancellation process: The bank will fill out a cancellation request that the customer must sign. The bank may ask the reason for the cancellation to complete the process.

5. Notify credit information companies: It is advisable to inform entities such as Buró de Crédito and Círculo de Crédito about the closure of the account, to ensure that no future debts are reported.

The National Commission for the Protection and Defense of Users of Financial Services (Condusef) suggests that users also cancel any direct debit associated with the account to avoid future automatic charges.

Furthermore, according to the article 61 of the Credit Institutions Lawbanks are obliged to send to public charity the resources from accounts that have not reported movements after six years.

Journalist with more than 15 years of experience in print and digital publications. I am currently editor of Debate.com.mx. I have a degree in Communication Sciences. I have covered diverse information sources, especially from the business areas. I usually write about personal finances, retirement, pensions, IMSS, employment, money, currencies, credits, entrepreneurship, insurance, technology, science and scientific studies in areas such as health. I like social networks, reading about marketing, SEO and literature, especially topics of politics and history. In 2018 I had to start mibolsillo.com and since then I have ventured into digital journalism.

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