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pendleton94

Closing account correctly

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I was recently approved for my 2nd Bank of America card and I figured I'd close out my Wells checking and savings and move my funds to my Bank of America accounts.

 

Do I write a check out to myself to bring the balance to 0 before closing or do I need to leave some money in the account and take out remaining cash at closing?

 

I have 2k in my checking and 3k in my savings

Edited by pendleton94

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You can contact them by phone, in person, or by online chat to close your account. They'll have a check sent to you with the balance left in the account unless you have other instructions for them. While I've never done it, I don't see why you couldn't send the balance somewhere else first and then close the account.

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I advise closing the account in writing, and getting written confirmation (or a statement with a zero balance). Too many horror stories of verbally closing over the phone - and then 4-5 months later the account is mysteriously overdrawn, charged off and sent to Chexsystems. If you call them over the phone, it is just your word against theirs for the closure.

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I would suggest they mail you a check and then close your account and verify it writing and multiple calls until it's official. I closed a Wells Fargo account that tool 3 months to close and the same with citi. When I did it in person it was closed at once.

 

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I meant to say that I would close it in person, I just didn't know if it mattered if I walked that much cash out of there (WF) to Bank of America?

Edited by pendleton94

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I meant to say that I would close it in person, I just didn't know if it mattered if I walked that much cash out of there (WF) to Bank of America?

You can have them write you a check. I had the fee for a cashier's check waived for an account closure, and the way it was stated this appeared to be standard procedure. Having said that, I have had issues neither withdrawing about $10,000 from Wells Fargo nor depositing around the same amount to BofA. Some Wells Fargo locations have given myself and others complimentary money bags to go with a large withdrawal. Be aware that my experience with any of this is from over five years ago.

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