@Anonymous wrote:
I think I’d rather have the account closed notation than an NSF with monetary penalty.
I’m sorry, I guess I still haven’t grown up, I would have to fight it. I can understand why you’re pissed, that account should’ve been closed. I thought they were required to promptly close accounts upon consumer request?
@Anonymous - it really depends on the institution and the type of account. Some banks and CUs require written notice whether in person, fax, snail mail or electronically via email (as applicable) from the accountholder to close the account as outlined in its deposit account agreement - a simple phone call sometimes doesn't do it (to preserve rights).
Of noteworthy, most deposit account agreements contain similar language such as the one below:
We are not required to close your account at your request if you have pending transactions, the account is overdrawn, your account is subject to legal process (such as a garnishment, attachment, execution or levy) or any type of holds (such as collateral hold, decedent hold or deposit hold). In those cases, we will limit the types of transactions that you can make until pending transactions are paid or returned, the balance is no longer negative and any legal restriction/hold has been released.
