Home Finance How to deactivate, close or delete Cowrywise Account

How to deactivate, close or delete Cowrywise Account

Cowrywise has been your trusted companion in managing your finances, helping you save, invest, and plan for a secure future. However, life is dynamic, and circumstances change. If you find yourself in a situation where you need to part ways with your Cowrywise account, it’s essential to equip yourself with the right knowledge

In this blog post, we will explain how to deactivate, close or delete your Cowrywise account in a few easy steps. We will also discuss reasons to close an account if you no longer use it and how to ensure that your data is safe.

Reasons For Deactivating, Closing Or Deleting Your Cowrywsie Account 

Before you do, it’s important to understand the reasons why you might want to deactivate, close, or delete your account. Here are a few common reasons:

  1. Inactivity: If you haven’t used your Cowrywise account in a while and have no plans to do so in the future, it may be best to close it. Keeping inactive accounts open can leave your personal information vulnerable to potential security breaches.
  2.  Change of Financial Goals: If your financial goals have changed and Cowrywise is no longer aligned with your new objectives, closing your account makes sense. It’s important to reassess your investment strategy periodically to ensure that it continues to meet your needs.
  3. Limited Use: If you find that you’re not utilizing the features and benefits offered by Cowrywise, closing your account can help declutter your financial portfolio. By streamlining your accounts, you can have a clearer view of your finances and better manage your investments.
  4. Privacy Concerns: If you have concerns about the privacy and security of your personal information, closing your Cowrywise account can provide peace of mind. By deleting your account, you can ensure that your data is no longer accessible.

Now that you understand some of the reasons why you might want to close your Cowrywise account, let’s move on to the process of deactivating, closing, or deleting your account. Stay tuned for the next section where we’ll provide a step-by-step guide.

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How To Deactivate, Close or Delete Cowrywise Account 

If you have decided to deactivate, close, or delete your Cowrywise account, we are here to guide you through the process step by step. Follow these easy steps to ensure a smooth transition:

  1. Log in to your Cowrywise account: Visit the Cowrywise website or open the Cowrywise app on your mobile device and enter your login credentials to access your account.
  2. Go to account settings: Once you are logged in, navigate to your account settings. This can usually be found by clicking on your profile picture or the “Settings” option in the app’s menu.
  3. Find the account deactivation option: Within the account settings, look for an option related to deactivation, closing, or deleting your account. It may be labeled as “Deactivate Account” or “Close Account”.
  4. Follow the prompts: Click on the appropriate option and follow the prompts provided by Cowrywise. They may ask you to confirm your decision or provide additional information before proceeding.
  5. Verify your identity: In order to protect your account and ensure that it is you who wants to deactivate, close, or delete it, Cowrywise may ask you to verify your identity. This could be through a confirmation email, phone call, or other means of verification.
  6. Confirm the deactivation, closure, or deletion: After completing the necessary steps and providing any required information, confirm your decision to deactivate, close, or delete your Cowrywise account. 

Remember, once you confirm the deactivation, closure, or deletion, you may no longer have access to your account or any associated funds or investments. Make sure you have taken any necessary actions, such as withdrawing funds or transferring investments, before proceeding with the process.

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FAQS

How do I cancel my Cowrywise plan?

To cancel your Cowrywise plan, you can follow these steps:

  1. Log in to your Cowrywise account.
  2. Click on the “Savings” tab.
  3. Select the plan you want to cancel.
  4. Click on the “Cancel Plan” button.
  5. Confirm your cancellation.
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Please note that you can only cancel a plan that has a zero balance. If there are still funds in the plan, you will need to withdraw them before you can cancel the plan.

How do I withdraw money from Cowrywise after maturity date?

To withdraw money from Cowrywise after the maturity date, you can follow these steps:

  1. Log in to your Cowrywise account.
  2. Click on the “Savings” tab.
  3. Select the plan you want to withdraw money from.
  4. Click on the “Withdraw” button.
  5. Enter the amount of money you want to withdraw.
  6. Click on the “Withdraw” button again to confirm.

You can withdraw your funds to your bank account or to your Cowrywise Stash.

How do I pause my Cowrywise account?

To pause your Cowrywise account, you can follow these steps:

  1. Log in to your Cowrywise account.
  2. Click on the “Profile” tab.
  3. Click on the “Settings” icon.
  4. Scroll down to the “Account” section and click on the “Pause Account” button.
  5. Confirm your pausing.

When you pause your account, your savings plans will be put on hold and you will not be able to make any new contributions. However, your existing funds will remain in your account and you will still be able to withdraw them.

Is it possible to withdraw from Cowrywise before maturity date?

Yes, it is possible to withdraw from Cowrywise before the maturity date. However, you will need to pay a withdrawal penalty if you do so. The withdrawal penalty is a percentage of the amount you withdraw. The exact amount of the withdrawal penalty will depend on the length of time remaining before the maturity date.

What happens if I close my CowryWise account?

If you close your CowryWise account, all of your savings plans will be closed and your funds will be returned to your bank account. You will also lose any interest that you have earned on your savings.

Please note that there is a processing fee of ₦500 for closing a CowryWise account.

Conclusion 

In conclusion, deactivating, closing, or deleting your Cowrywise account is a simple process that can help you protect your personal information, reassess your financial goals, and streamline your financial portfolio. By understanding the reasons why you might want to take this step, you can make an informed decision that aligns with your needs and priorities.

By taking the time to close your Cowrywise account properly, you can ensure that your financial information is handled appropriately and maintain control over your financial future. So if you’re considering closing your Cowrywise account, follow the steps outlined in this blog post and take control of your financial journey today.