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A Letter of Termination of Account is a critical document used in the Australian banking sector when ending a banking relationship. It is employed in situations where either the financial institution initiates the closure due to policy changes, compliance issues, or risk assessment, or when responding to a customer's request for account closure. The document must comply with Australian banking regulations, including the Banking Act 1959, Privacy Act 1988, and relevant consumer protection laws. It typically includes account details, termination date, reason for closure, outstanding obligations, and required actions from both parties. The letter serves as official documentation for audit trails and regulatory compliance, while protecting both the institution's and customer's interests. Special considerations are included for different account types (personal, business, trust) and circumstances of termination.

1. Letter Header: Institution's letterhead, date, reference number, and full contact details

2. Recipient Details: Customer's full name and address, account holder details

3. Account Information: Specific account details including account number(s) and type(s) being terminated

4. Termination Notice: Clear statement of account termination and effective date

5. Reason for Termination: Brief explanation of the reason for account termination (if applicable)

6. Outstanding Obligations: Statement of any remaining balance, outstanding fees, or pending transactions

7. Required Actions: Specific steps the account holder needs to take, including return of cards or unused checks

8. Timeline: Clear timeline for completion of termination process and any critical deadlines

9. Closing Instructions: Information about final account settlement and fund transfer instructions

10. Contact Information: Relevant contact details for queries or dispute resolution

11. Signature Block: Authorized signatory details and signature