? how to close a checking account

[MojaveMoon]

I have never closed a checking account before.

Do you have any advice on the DO-s and DONT-s ?

I found three articles which give general advice:

- http://www.ehow.com/how_2086078_close-checking-account.html

- http://www.bankrate.com/brm/news/moving_on/2004_guide/close-checking1.asp

- http://moneyfor20s.about.com/od/managingyouraccounts/ht/closecheckaccou.htm

They all three seem to feel that closing the account through a written letter is preferable to closing the account in person at a bank branch.

The articles also caution that the bank may have a particular form that must be filled out and that there may be a fee for closing an account.

The account I'm planning to close is a Wells Fargo checking account because of these changes (below) that they're implementing this September:

http://ficoforums.myfico.com/t5/General-Credit-Topics/Wells-Fargo-converting-FREE-checking-to-FEE-ch...

[llecs]

I've closed a few before and always either called or walked in to do it. I never had any forms and never paid any fees, but a couple of times I did have to certify to them that I had no outstanding items and even told I would be responsible if anything posted after the closing. I knew ahead of time what monthly fees I might encounter and when those would come out and timed my closing accordingly.

[MarineVietVet]

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@llecs wrote:

I've closed a few before and always either called or walked in to do it. I never had any forms and never paid any fees, but a couple of times I did have to certify to them that I had no outstanding items and even told I would be responsible if anything posted after the closing. I knew ahead of time what monthly fees I might encounter and when those would come out and timed my closing accordingly.

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Ditto to llecs. If you can do it over the phone then you'll save time, gas, and money. I would try that approach first.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[AndySoCal]

Since you have a little time, I would set up the account(s) at the new bank or CU now. I would then close the account(s) with Wells Fargo.

[bichonmom]

I've always just gone into the branch and told them that I wanted to close my account. Sometimes they ask why, probably in the hopes that they can convince you to stay.

The most important thing is to be sure that everything has cleared your account -- even old, outstanding checks. I'll usually leave enough money in the acct. to cover everything I've written and a small cushion, and then wait until everything has cleared before going into the branch to close the acct.

Also, I always have my *new* account set up and have my checks and debit card, etc. BEFORE I close any account, so I'll be all set and won't get stuck without cks or DC.

And don't forget to change over any auto w/d you may have like insurance, etc.

Changing ckg accts is kind of a hassle because there are so many little details you need to take care of. Going into the branch is the easy part.

[stan_the_man]

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@AndySoCal wrote:

Since you have a little time, I would set up the account(s) at the new bank or CU now. I would then close the account(s) with Wells Fargo.

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+1

Setup the new checking account and convert to the new one over 3-6 weeks. Stop writing checks on the old one and move deposits to the new one.

Transfer and auto debits/payments to the checking account and/or the check card, and by the time 1-1/2 billing cycles passes you should be able to able to cleanly move.

[MojaveMoon]

Thank you everyone! I have a follow-up question for when I reach the point where I've finished following the steps suggested in this thread.

I have a balance of a few hundred dollars. When closing a checking account, is there a best way of removing the money ? Or am I overthinking this ?

- should I transfer the money myself by logging in to the new account and electronically transferring the money ? After the e. transfer is completed and there's a zero balance in the old account, then walk into WF and close the account ?

- or should I ask WF for a check made out in the amount of my balance but then don't close the account until after the check clears at my new checking account ?

[bichonmom]

I usually will have nearly cleared out the account myself before I'm going to close it, and then when I go into the branch, they give me whatever is left in cash. I'm not sure how it works if there's not a local branch.

eta: With WF, I would NOT zero out the account myself before closing. Heaven forbid if you're off 1c, they'll zap you will an O/D or NSF fee. Actually, I wouldn't do that with any bank,  not just WF.