AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
To close an FCMB account, write a signed closure request to your branch (or send it to customerservice@fcmb.com and confirm what FCMB needs), move out the balance, clear any loan, lien or overdraft, cancel standing orders and direct debits, and hand in or destroy your cards and unused cheques. Under the CBN Guide to Charges, banks may not charge for account closure. Ask FCMB for written confirmation that the account is closed.
People close FCMB accounts for ordinary reasons: a job change that moved salary elsewhere, too many accounts to watch, or charges on an account they no longer use. Closing properly matters. An account left open but unused can be charged maintenance or alert fees, become dormant, or be used to receive money you do not know about.
Before you write the letter
- Move your money out. Transfer the balance to another account, leaving only what is needed for the final charges. Remember the ₦50 stamp duty on transfers of ₦10,000 or more from 1 January 2026.
- Settle any credit. A bank will not close an account with an unpaid loan, overdraft or credit card balance on it. FCMB offers a FastCash loan through its app and USSD, according to Nairametrics (August 2026); check none is outstanding.
- Redirect payments in. Give your employer, tenants, customers and family your new account details. Money sent to a closed account is returned to the sender, but that can take time.
- Cancel payments out. Stop standing orders, direct debits and card subscriptions (streaming, gym, insurance) linked to the account.
- Download statements for the period you may need later, such as for tax, visa or loan applications. Getting them after closure is slower.
The closure request
FCMB did not publish a closure form on pages we could open in October 2026, so a signed letter is the safe default. Include:
- Your full name, account name and account number.
- A clear line: "Please close the above account with effect from [date]."
- Where to send any remaining balance (another account in your name, with bank and account number).
- Your reason, briefly (optional, but banks often ask).
- Your signature matching the one on the account mandate, and your phone number.
- A copy of valid ID: NIN slip or card, international passport, driver's licence or voter's card.
For a joint account, every signatory usually needs to sign. For a business account, the closure must follow the mandate, typically a board resolution or a letter signed by the authorised signatories on company letterhead.
Cards, cheques and USSD
- Return your debit card to the branch or cut it through the chip and magnetic strip.
- Return unused cheque leaves, or ask how FCMB wants them destroyed.
- Deactivate USSD banking on the account; Kuda lists *329*911# for deactivating FCMB USSD.
- Remove the account from the FCMB Mobile app and any fintech apps where it is saved as a withdrawal account.
What it costs
The CBN 2020 Guide to Charges says account closure charges are waived. You may still see the last cycle of normal charges, such as SMS alerts or account maintenance, up to the closure date. If FCMB tries to charge a closure fee, ask in writing for the basis.
Worked example
Example only: Ngozi has ₦184,300 in her FCMB savings account and expects about ₦300 in final alert charges. She transfers ₦184,000 to her new account; with the ₦50 transfer fee band for amounts above ₦50,000 (2020 CBN cap) and ₦50 stamp duty, ₦184,100 leaves the account, leaving ₦200. She asks in her letter for any residual balance after charges to be paid to the same new account.
Closing an FCMB account from abroad
If you have moved overseas, ask FCMB by email (customerservice@fcmb.com) whether a scanned signed letter with a copy of your passport is acceptable, or whether the letter must be notarised or delivered to the branch by a representative. Give a foreign or Nigerian account in your own name for the remaining balance; a transfer abroad will involve foreign-exchange rules and charges, so moving the balance to another Nigerian account in your name first is often simpler. Keep copies of everything you send.
Closing versus leaving it dormant
Leaving an account unused is not the same as closing it. Dormant accounts can later be transferred under CBN unclaimed-balance arrangements and must then be reclaimed with documents. Closing is cleaner if you are sure you will not use the account again. If you might, keep it active with an occasional small transaction instead.
After closure
- Ask for a written closure confirmation or letter of closure and keep it.
- Check after a month that no debit or alert has come from the account.
- If money arrives later, contact FCMB; it should be returned to the sender or paid to you on proof of identity.
- If you closed because of a dispute with FCMB, you can escalate the dispute itself to the CBN Consumer Protection Department after the bank has had two weeks to respond.
Where Pryme fits
If you are consolidating accounts, a Pryme account holds NGN, USD, GBP and EUR in one place with local details for each, and statements can be generated as verifiable documents with VerifyDoc.ai (receipts and statements). It can be opened from any country at open an account.
Questions people ask
How do I close my FCMB account?
Write a signed closure request with your account details and ID, move out the balance, clear any loan or overdraft, cancel standing orders, return or destroy cards and cheques, and ask for written confirmation.
Does FCMB charge to close an account?
The CBN 2020 Guide to Charges says account closure is free. You may still see normal charges up to the closure date.
Can I close my FCMB account online?
FCMB did not publish an online closure form on pages we could open. Email customerservice@fcmb.com to ask whether a scanned signed letter is accepted, or visit your branch.
What happens if I stop using my FCMB account without closing it?
It can keep incurring charges, become dormant and eventually have its balance transferred under CBN dormant-account rules. Closing it properly avoids this.
Sources
- CBN: Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
- Techeconomy: Stamp duty replaces EMTL, sender to bear N50 charge (1 Jan 2026) · accessed Oct 2026
- Nairametrics: FCMB raises FastCash limit to N500,000 (15 Aug 2026) · accessed Oct 2026
- Kuda blog: USSD codes for Nigerian banks and how to use them (17 Oct 2025) · accessed Oct 2026
- CBN: Consumer complaints management · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.