cancel
Showing results for 
Search instead for 
Did you mean: 

Closing checking accounts

tag
codehavoc
Regular Contributor

Closing checking accounts

ok i need some help, I have 2 wells fargo Checking accounts and i have a wells fargo rewards CC and i was just approved for a Bank Of America Cash Rewards CC and  there is a 10% cash reward if i have it deposited into at BOA checking account.  should i open a BOA checking account and close one of the WF account? also i know that im suppose to have direct deposit going into each checking account so im willing to go to BOA and add a direct deposit. but i would like to know if i should close the oldest account or do it really matter?




Starting Score: Equifax 582 Experian 610 Transunion 620
Current Score: Equifax 693 Experian 751 Transunion 739
Goal Score: Equifax 730 Experian 750 Transunion 750


Take the myFICO Fitness Challenge



Message 1 of 4
3 REPLIES 3
gdale6
Moderator Emeritus

Re: Closing checking accounts


@codehavoc wrote:

ok i need some help, I have 2 wells fargo Checking accounts and i have a wells fargo rewards CC and i was just approved for a Bank Of America Cash Rewards CC and  there is a 10% cash reward if i have it deposited into at BOA checking account.  should i open a BOA checking account and close one of the WF account? also i know that im suppose to have direct deposit going into each checking account so im willing to go to BOA and add a direct deposit. but i would like to know if i should close the oldest account or do it really matter?


Doesnt matter what checking account you close they are not reported on a file like credit is..

Message 2 of 4
seeyouthere
New Contributor

Re: Closing checking accounts

Agreed, checking accounts can only be reported in a negative way such as charge-off, or abuse and they are first reported to chexsystems.

Message 3 of 4
Rhaeny
Valued Contributor

Re: Closing checking accounts

Well if you want to keep both accounts, most employers allow direct deposit into mulitple accounts.  My paycheck is split between 2 CU's and a bank!  So that's another option if you don't want to close one.  However if you do go through with mulitple accounts for direct deposit, just check with each one to find out what the minimum deposit needs to be in order to fullfill their banking requirements.

 

For example, one of my accounts requires $600 a month in direct deposit to keep it free.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.