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Consolidating accounts.

Established Contributor

Consolidating accounts.

After 2 yeras on this forum I learned a lot but I also opened way too many checking and savings accounts. I finally made up my mind to consolidate. It was harder than I thought. But I keep in mind that I can always reopen if I wish to. 



Wells Fargo --> checking, savings, cashback card and platinum (oldest) card closed

Capital One --> checking and savinsg closed

Discover --> savings closed

PSECU --> savings closed

PenFed --> checking, savings and high yield savings closed

Fort Knox --> checking, savings, 5% gas card closed

LMCU --> checking and savings closed

First Tech Credit Union --> checking and savings closed

Alliant Credit Union --> checking and savings closed



BECU --> checking and savings, no inactivity fee, 5% interest on first $1,000, might as well keep it open.

Bank of America and Merrill Edge --> my main bankng and checking

US Bank --> left open only for its Cash+ 5% card which gives me solid cash back per month, if their Cash+ looses utilities/cell, I will close it.

Chase --> join account for checking and credit cards

Ally --> joint account for high yield savings, will close it in the future and replace it with treasury direct.



Message 1 of 5
Mega Contributor

Re: Consolidating accounts.

Congratulations on your closures!

Message 2 of 5
Valued Contributor

Re: Consolidating accounts.

Congratulations on your success!

My Cards:

Profile Type: New, Thick, 100% Clean
INQ's: EQ: 0 TU: 1 EX: 3 (last 12 mo.)
Recent Accounts: 4 (last 24 mo.)
Total CL: 28.95k Util. 3% AAoA: 1yr, 8mo.
AoOA: 2 yrs, 8 mo. AoYA: 0 mo. 100% PIF.

myFICO Member since: July 21, 2018 | Joined Community: Aug. 17, 2018 | Starting Scores: EQ: 716 TU: 738 EX: 698
Message 3 of 5
New Contributor

Re: Consolidating accounts.

Good job on the consolidations. I probably have more than I need also, but like to spread my funds out a little bit so I keep a solid relationship with a few financial institutions. I also like that if I’m in a pinch and need cash above the ATM limit, I can break it up across banks.

  • Wells Fargo checking, savings - I closed my savings, but then accidentally had my checking closed for zero balance since I wasn’t using it regularly. Oops.
  • Fidelity - checking, brokerage - my main driver since I can overdraft as needed fairly cheap from my brokerage at about 9.3% with no fee.
  • Discover - checking - I like this online account. They have rewards debit, but I rarely if ever use a debit card for transactions. Opened for SUB.
  • PenFed - checking, savings, high-yield savings
  • Canvas CU - checkings, savings - my oldest account and a good place, but generally a little limited on things like personal loans ($10k max). But I like them because I’m in CO and they’re local.
  • US Bank - checking - my newest opened a couple of months ago because I wanted a new banking relationship and had my eye on the Altitude Reserve card.
  • Chase - checking - opened for $300 SUB, but kind of like them. Customer service has been excellent.
  • BBVA Compass - checking - Had an awful customer service experience one time here and knee-jerk closed out of spite.

I probably won’t open any others, unless there’s a tasty offer for a card or SUB and I need to have a relationship to go for it.

Message 4 of 5
Legendary Contributor

Re: Consolidating accounts.

Open & Closed Congrats!

Message 5 of 5
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