After you've closed your old account and have made sure that all your recurring payments and direct deposits have been transferred correctly, you need to dispose of your debit card. It's not enough to just cut it in half and throw it in the trash; you need to cut it into several pieces, both vertically and horizontally, and make sure you demagnetize the strip by running a magnet over it.Â
You should also cut through the three-digit security code on the signature line on the back of your card to make sure it can't be read. To destroy the chip, you can cut it up or smash it with a hammer (a good idea if you are still feeling frustrated with your old bank and want to take out your anger on your debit card); just make sure you don't inadvertently hammer your fingers in the process!