How to close your account and withdraw your balance

Closing your London Mutual Credit Union account and withdrawing your remaining balance is a straightforward process designed to keep your funds secure. This guide outlines the necessary steps and highlights important details you should know. Following these steps will help ensure your account is closed smoothly and your funds are transferred quickly and safely.

Check your account eligibility

Before proceeding, confirm that your account has no outstanding loans, charges, or obligations. All transactions, such as deposits and withdrawals, should be complete. Loans, overdrafts, or pending payments must be settled before closure can be finalised.

Send a secure account closure request via Online Banking

1. Log in to your London Mutual Credit Union online banking or mobile app.
2. Navigate to the secure messaging section.
3. Compose a new message to the Accounts team requesting account closure, including your preferred bank account details for the return of remaining funds.
4. Submit the message and await confirmation from our team.

If you’re not registered for Online Banking

1. Email us the request at help@creditunion.co.uk. You can always call us as well to confirm all outstanding payments and seek help at 0203 773 1751 (option 4).
2. Post us a letter with the details, your request and signature to Head Office (LMCU, 4 Heaton Road, Peckham, London SE15 3TH)

Additional security checks

For your protection, we may request additional information, such as your date of birth, postcode, and a one-time security code sent to your registered mobile number. This ensures your account and personal details remain secure during the closure process.

How long does it take

Most accounts will be closed overnight once you've made your request. However, some account closures can take up to 7 working days, so don't worry if yours isn't closed straight away.