In this article, we walk you through all the steps to writing and formatting the letter, including a sample and a template. I do not plan to use the account, therefore, I would like the credit line to be closed out.It can be as simple as "we are closing your account as of X date. Your bank may have an account closing letter template or form that you can download from its website or pick up at a branch. Do not close your old bank account until electronic payments are received in your new account. Topics on this page: What is Financial Hardship? What to Do If You Cannot Pay Your Bills; What is a Hardship Letter? Please accept this letter as my written authorization to close the following account(s) at your financial institution. If you've stopped paying your creditors for unpaid debts, they will likely report your account as a charge-off after four to six months of non-payment. Tower Federal Credit Union in MD, DC and VA makes it easy to access forms for membership, account management and much more.