The bank card is canceled and the card is cut off on the spot. This is to protect the interests of the original card owner and prevent it from being used by others. The canceled bank card will not be recovered, but the account information will be canceled in the banking system.

According to Article 34 of the "Bank Card Management Measures", cardholders can apply for account cancellation after paying off all transaction amounts, overdraft principal and interest and related fees. When canceling the account, the funds in the unit's RMB card account shall be transferred to its basic deposit account, and the funds in the unit's foreign currency card account shall be transferred back to the corresponding foreign exchange account, and no advance deposit shall be withdrawn.

Extended information:

Article 5 of the "Bank Card Management Measures" Bank Cards Credit Cards and Debit Cards. Bank cards are divided into RMB cards and foreign currency cards according to different currencies; they are divided into corporate cards (commercial cards) and personal cards according to the issuing objects; they are divided into magnetic stripe cards and chip (IC) cards according to different information carriers.

Article 6 Credit cards are divided into two categories: credit cards and quasi-credit cards based on whether a reserve fund is deposited with the card-issuing bank. A credit card refers to a credit card in which the card-issuing bank gives the cardholder a certain credit limit, and the cardholder can consume within the credit limit first and repay later. A quasi-credit card refers to a credit card in which the cardholder must first deposit a certain amount of reserve fund as required by the card-issuing bank. When the reserve account balance is insufficient for payment, the cardholder can overdraw within the credit limit specified by the card-issuing bank.

Baidu Encyclopedia - Bank Card Management Measures