Master 2021 Account and Relationship Closure/Termination Thread

[cv91915]

From time to time you should take an honest look at your relationships and accounts and decide which are worth keeping.

 

From my early days on CB I have some credit union memberships that need to be dissolved, since they really aren't doing anything for me (nor is there promise on the horizon).

 

At this point in my credit evolution, I've also grown tired of ensuring that some of my older (and now essentially useless) cards get occasional use to prevent closure.  The list of candidates is TBD, and I may just let certain cards die a natural death when the issuer gives up on me ever using the card again (vs. proactively closing them).

 

I don't have dozens of accounts that need to go, but I do have several candidates, and I'll post which ones actually get the axe as they are terminated (along with some commentary).

 

Please, especially if you still have fee-sucking subprime garbage in your portfolio, take a look at what you have.  You probably have something in the sock drawer that deserves to be blown up. 

 

Post your decisions as you make them, or if you're having trouble deciding, post your questions for some honest feedback.

[cv91915]

First to go is State Department Federal Credit Union.

 

This is one of the only credit unions I joined that didn't give me a reason (or reasons) to loathe them.  Conversely, there's really been nothing to love either.

 

For the past several years I've had $1 per pay period direct deposited into my savings account to keep it active, and then periodically I'd draw the account down to almost $0... but I just canceled the direct deposit and submitted my request to SDFCU close my account and terminate my membership. 

 

Now the only decision left is what to do with the $23 I had on deposit.  💰

 

EDIT:  I should add that this CU offers a secured card that's often recommended here, so if you're at a different point in your credit evolution, don't let this post dissuade you.  I'm a big fan of using the right tool for the right job, and not all of us are working toward the same goals at the same time.

 

 

Edited January 7 by cv91915

[cv91915]

22 hours ago, cv91915 said:

First to go is State Department Federal Credit Union.

 

....

 

Now the only decision left is what to do with the $23 I had on deposit.  💰

 

I hope my withdrawal wasn't the final straw...

 

 

[CTSoxFan]

Always a good idea to review the portfolio, especially your cards that have annual fees to be sure the benefit you are deriving >AF.

 

Also make sure you think of alternative options rather than straight closing the card.  Can you transfer the line to another card?  Do a product change to a more useful card, etc.

[brainchasm]

Closed my Chase Slate today, but it was only part of a big move:

 

NFCU BT offer I bit on, so I moved all my big numbers onto it.  Everything cleared/hit today.

 

Went back and zeroed out all the stray amounts in those accounts.

 

Currently have only the following - big BT wad (an even number no less, so my OCD is appeased), a small amount @ 0% (JTV card, jewelry for SO), and a tiny amount at 0% (Sears freezer at 0%).

 

Out of 24 revolvers, I have 21 zeroed out, and the reasons the last three have balances is because they are appropriate.

 

Very jazzed about the whole thing!

 

Oh, and the Slate closure, I moved $500 to my Amazon card because I keep hitting my head on the limit, moved $19k to my Sapphire (hidden tradeline), and left the required $500 on the Slate and closed it out.  So CSP is now $30k (hidden), Amazon is $1k (I keep it low because reasons), and $8k on Freedom because I use it for now.

 

It's just nice to make some moves finally, instead of grinding and gardening all the damned time.

 

[IndyPoolPlayer]

Closing my USBank checking and savings that were originally State Farm Bank. I used these as emergency backups, and no longer need them. Especially with new monthly fees. F that!

[Rogue]

6 hours ago, IndyPoolPlayer said:

Closing my USBank checking and savings that were originally State Farm Bank. I used these as emergency backups, and no longer need them. Especially with new monthly fees. F that!

I don't do anything with US Bank except have one credit card and maybe two if I pull the trigger on the Altitude Reserve, however they are always promoting to me the fact that as a US Bank cardholder, I am entitled to free checking? And I would never pay fees for either a checking or savings account, that is laughable, but not unexpected from the banking cartel.

[Rogue]

Closed AMEX Centurion, not worth the $5K/year with the lock-downs and NO travel.  No retention offers/deals, plus my Centurion Concierge, who was awesome, resigned over the holidays, however I rarely used her last year due to lack of travel and all the lock-downs. 

[IndyPoolPlayer]

13 hours ago, Rogue said:

I don't do anything with US Bank except have one credit card and maybe two if I pull the trigger on the Altitude Reserve, however they are always promoting to me the fact that as a US Bank cardholder, I am entitled to free checking? And I would never pay fees for either a checking or savings account, that is laughable, but not unexpected from the banking cartel.

I have and will be maintaining a USBank credit card (affinity group membership) but even that doesn't get me a free checking or savings account.

[DPB]

7 hours ago, IndyPoolPlayer said:

I have and will be maintaining a USBank credit card (affinity group membership) but even that doesn't get me a free checking or savings account.

https://www.usbank.com/bank-accounts/checking-accounts/credit-score-checking-account.html
 

Free gold checking. One of the extremely rare times Vantage is used. 

[nemo]

While a BK was on my reports, my strategy was to hold onto every no-fee account possible.  Now that the BK is gone, I am modifying my strategy to remove accounts whenever it will simplify my life.

 

The first target is Ent Federal Credit Union, which I stopped using when they modified their security so that I cannot access my own account while traveling overseas -- a strange position for them since they are a military-oriented credit union named after a general.  I will have a key anniversary date with them shortly, and then they are gone.

[swimmingwithsharks]

On 1/7/2021 at 5:00 AM, cv91915 said:

First to go is State Department Federal Credit Union.

 

This is one of the only credit unions I joined that didn't give me a reason (or reasons) to loathe them.  Conversely, there's really been nothing to love either.

 

For the past several years I've had $1 per pay period direct deposited into my savings account to keep it active, and then periodically I'd draw the account down to almost $0... but I just canceled the direct deposit and submitted my request to SDFCU close my account and terminate my membership. 

 

 

 

But what about the kiosks??? 

 

Or did you never get the 2% SDFCU no-FTF chip-and-pin card? 

Of course that was so 2015 or thereabouts. . . 

[swimmingwithsharks]

7 hours ago, DPB said:

https://www.usbank.com/bank-accounts/checking-accounts/credit-score-checking-account.html
 

Free gold checking. One of the extremely rare times Vantage is used. 

Maybe it varies by market, but I can confirm in southern California, having any USBank credit card open, including the no-annual fee ones, gives you "free" Gold Checking. Maybe the State Farm accounts get a different set of fees?

 

Edit:spelling errors

Edited Monday at 03:32 AM by swimmingwithsharks
Spelling errors

[Rogue]

11 hours ago, DPB said:

https://www.usbank.com/bank-accounts/checking-accounts/credit-score-checking-account.html
 

Free gold checking. One of the extremely rare times Vantage is used. 

U.S. Bank Because You’ve Earned It™ Program – Eligibility is determined using the TransUnion® VantageScore™ 3.0 credit score. This score is for program eligibility purposes only and is not used by U.S. Bank to make credit decisions or cross-sell other products.

 

Funny that USB is utilizing the FAKE FICO here and even they don't use it for credit decisions, LOL!

Edited Monday at 07:19 AM by Rogue

[Rogue]

5 hours ago, swimmingwithsharks said:

Maybe it varies by market, but I can confirm in southern California, having any USBank credit card open, including the no-annual fee ones, gives you "free" Gold Checking. Maybe the State Farm accounts get a different set of fees?

 

Edit:spelling errors

Very good point, since USB is more of a major regional bank, I bet they actually do segment their free checking options based upon geographic markets.

Edited Monday at 07:22 AM by Rogue

[cv91915]

6 hours ago, swimmingwithsharks said:

But what about the kiosks??? 

 

Or did you never get the 2% SDFCU no-FTF chip-and-pin card? 

Of course that was so 2015 or thereabouts. . . 

I probably still had my Fidelity Visa at that time, but cash-back was a second priority then.  My Amex SPG was probably the main general spending card at that point, though.

[DPB]

6 hours ago, Rogue said:

Very good point, since USB is more of a major regional bank, I bet they actually do segment their free checking options based upon geographic markets.

Eligibility for their bank accounts is location dependent. You have to be in their service footprint to qualify to open one. Holding one of their cards can sometimes bypass that. Opening a free brokerage account will always bypass the location requirement. 
Using “because you earned it” for the fee waiver isn’t dependent on location. Just meeting a certain Vantage 3.0 threshold. 

[cv91915]

On 1/7/2021 at 8:00 AM, cv91915 said:

First to go is State Department Federal Credit Union.

 

This is one of the only credit unions I joined that didn't give me a reason (or reasons) to loathe them.  Conversely, there's really been nothing to love either.

 

For the past several years I've had $1 per pay period direct deposited into my savings account to keep it active, and then periodically I'd draw the account down to almost $0... but I just canceled the direct deposit and submitted my request to SDFCU close my account and terminate my membership. 

 

Now the only decision left is what to do with the $23 I had on deposit.  💰

 

Two full business days have elapsed since I uploaded my signed request to close my account.

 

I thought I was an owner.    

 

 

 

 

 

 

[cv91915]

I just canceled my $1 direct deposit to United States Senate FCU, and uploaded to their banking portal my signed request to close my account and termination my membership.

 

I've never received a response to the one and only other secure message I submitted to them.  This was a request to expedite the membership application of a friend I referred to them so he could get one of their car loans.

 

I also once responded honestly to a member satisfaction survey and was contacted sometime later by a branch manager.  I agreed to a phone meeting with him to discuss my concerns, which he ended up canceling because he got "too busy."  He promised to send a follow-up email with other times to meet -- but that email has never arrived.

 

This is a good summary of my membership experience with USSFCU. 

 

 

  

[cv91915]

So far, no response from either of these CUs to my requests to close accounts/terminate memberships.

 

SDFCU:   Requested 01/07

USSFCU: Requested 01/11

 

  

 

Edited Tuesday at 10:38 AM by cv91915

[cv91915]

On 1/12/2021 at 5:37 AM, cv91915 said:

So far, no response from either of these CUs to my requests to close accounts/terminate memberships.

 

SDFCU:   Requested 01/07

USSFCU: Requested 01/11

 

  

 

 

The cats at USSFCU responded to my secure message late yesterday. 

 

Rather than take the requested action, the agent asked me why I wanted to leave, and then wanted me to join her in a campfire song about their participation in the CU shared branch network. 

 

As if that makes everything okay.

 

I responded more politely than this, asking again to have my account/membership terminated, and provided these four reasons:

• I had egg on my face after getting a friend to submit a membership application, after which neither of us could convince anyone to expedite the application review so he could apply for a car loan;
   
• I responded to a member satisfaction survey, and the branch manager who requested an appointment to discuss my feedback was suddenly too busy to talk at our scheduled time, promised to reschedule, and then ghosted me;
   
• Their rewards credit card is among the least rewarding I've ever seen (1X on every purchase!!!!!!!!!!!!!), and the lowish APR is of no value to a household that uses a credit card properly;
   
• Their savings rates are absolutely pathetic.  I am currently getting more on liquid savings (0.60%) than their 60-month CD pays (0.55%).  Their regular savings account currently pays 0.05%.  Even that open sewer Citibank is currently paying ten times that.

[cv91915]

On 1/12/2021 at 5:37 AM, cv91915 said:

 

SDFCU:   Requested 01/07  

 

It's been one week since I uploaded a scanned, signed request to close my account/terminate my membership, but my savings account still appears to be open, as the balance is still staring back at me when I log in.

 

There is no way to send a secure message through their web site to follow up...  I used the "File Upload" option from the Account Services menu to make the initial request.

 

So one week in, I still have no idea if I'll ever get the desired result, or if anyone has even seen my request.  

 

 

 

 

 

  

 

 

 

 

[cv91915]

On 1/11/2021 at 9:15 AM, cv91915 said:

I just canceled my $1 direct deposit to United States Senate FCU, and uploaded to their banking portal my signed request to close my account and termination my membership.

 

I've never received a response to the one and only other secure message I submitted to them.  This was a request to expedite the membership application of a friend I referred to them so he could get one of their car loans.

 

I also once responded honestly to a member satisfaction survey and was contacted sometime later by a branch manager.  I agreed to a phone meeting with him to discuss my concerns, which he ended up canceling because he got "too busy."  He promised to send a follow-up email with other times to meet -- but that email has never arrived.

 

This is a good summary of my membership experience with USSFCU. 

 

  

 

On 1/13/2021 at 4:34 AM, cv91915 said:

 

The cats at USSFCU responded to my secure message late yesterday. 

 

Rather than take the requested action, the agent asked me why I wanted to leave, and then wanted me to join her in a campfire song about their participation in the CU shared branch network. 

 

As if that makes everything okay.

 

I responded more politely than this, asking again to have my account/membership terminated, and provided these four reasons:

• I had egg on my face after getting a friend to submit a membership application, after which neither of us could convince anyone to expedite the application review so he could apply for a car loan;
   
• I responded to a member satisfaction survey, and the branch manager who requested an appointment to discuss my feedback was suddenly too busy to talk at our scheduled time, promised to reschedule, and then ghosted me;
   
• Their rewards credit card is among the least rewarding I've ever seen (1X on every purchase!!!!!!!!!!!!!), and the lowish APR is of no value to a household that uses a credit card properly;
   
• Their savings rates are absolutely pathetic.  I am currently getting more on liquid savings (0.60%) than their 60-month CD pays (0.55%).  Their regular savings account currently pays 0.05%.  Even that open sewer Citibank is currently paying ten times that.

 

I just received an email notification that that I have a secure message waiting for me.

 

Problem is, my credentials to the web site no longer work, so I cannot log in to retrieve it.

 

I'm going to go out on a limb and assume that they've processed my farewell message.  

 

 

 

 

[hegemony]

See You = Hotel California

[swimmingwithsharks]

2 hours ago, hegemony said:

See You = Hotel California

This is exactly what I was thinking! 

You can sign-up, but you can never leave!

 

Now CV understands firsthand what they mean by:"ONCE A MEMBER, *ALWAYS* A MEMBER!"