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Closing old bank accounts?

Jenniferinfl83
New Contributor

Closing old bank accounts?

Do you close old bank accounts or leave them open?

I have accounts with DCU and USAA. I'm done with them. USAA never gave me any kind of offer, I've banked with them for 5+ years and never burned them. DCU never gave me a decent car loan, I always ended up getting a better deal with Capital One. The question is whether it's better to leave them open and stagnant or just close them. I'm leaning towards just closing them, I'll miss DCU's credit score, but, honestly, paying for score monitoring occasionally is probably better than the risk that someone overdrafts the account and I don't know about it until I owe hundreds or some nonsense like that. 

 

My plan is to just open a checking account with Capital One. They've always been decent with me and their website is one of the more convenient to use. 

Starting Score: EQ 595, TU 538, EX 577
Current Score: EQ 642, TU 604, EX 641
Goal Score: 700


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Chapter 7 discharged 2/20/19
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StartedOver62018
Contributor

Re: Closing old bank accounts?



My plan is to just open a checking account with Capital One. They've always been decent with me and their website is one of the more convenient to use. 

I like to only have as many bank accounts as necessary. I have 4.

 

2 at WF that I keep open because there are things that are automatically charged to the card and they are my longest banking relationship (but I burned them bad in 2007). My main 2 are now at NFCU (focusing on not burning them).

 

I had a couple of Chase accounts because I wanted to develop a new relationship with them (also burned them bad in 2007).

 

It seems like I will never get a card from WF or Chase, at least not for a while.  

 

My Plan: I will eventually move everything over to NFCU. Currently, have money from my paychecks flowing in to 4 different account and this is making it look like I am being paid less than I actually am. I intend to build the strongest relationship possible with one institution, NFCU. 


Ch 7 Discharge 10/15/2018

Started 10/18: Eq Fico 9 ???, Ex Fico 9 620, Tu Fico 8 511
Current 8/3: Eq Fico 9 736, Ex Fico 9 717, Tu Fico 9 704 Fico 8 655

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Overmedicated
Community Leader
Valued Contributor

Re: Closing old bank accounts?

If you don't plan on using them then I would say close them.  I'm sure many banks would close eventually due to inactivity anyway.  You could always start a new checking account if you decide the grass isn't greener on the other side.

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