Reasons to Close a Bank Account
Not sure whether you really want to close your bank account?
Here are a few reasons why finding a new bank might be a good idea.
For one, just think about how many auto-pay bills youve connected to the account.
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Finding a new bank might seem like a daunting task, but it doesnt have to be.
after you snag your new account open and ready, its time to work on closing your old account.
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At the least, thatll mean late fees.
Youll need to provide your new account number, as well as the routing number of your new bank.
They likely wont accept the number that you send via personal email.
Dont know where the account and routing numbers are on your check?
Time tolearn with this guide.
Keep an eye on your bank statements to ensure everything is being deposited correctly.
The last thing you want is to have an overdraft on your old bank account.
confirm you transfer money from all your bank accounts, including checking and savings.
Your bank might also require that you submit a written request to close this account.
The notification letter should include your name, address and account number.
ensure you deposit that check ASAP into your new account.
After youve officially closed your account, check your last statement carefully.
You want to ensure there arent any unexpected charges on there or ones you dont recognize.
If you see anything suspicious, contact your old bank immediately to patch up the issue.
Will Closing a Bank Account Hurt My Credit Score?
You probably know that closing a credit card or loan can have a small effect on your credit score.
This story will help you learn to hunt for thered flags on your credit reportthat can cause trouble.
Weve found the answers to the most commonly asked questions.
Some banks automatically reopen closed accounts if a charge is made.
If this happens, contact your old bank to discuss your options.
You will need to check with your specific financial institution to see what they require for account closures.
No, closing a bank account isnt bad, as long as you go about it the right way.
It doesnt have an effect on your credit and it shouldnt cost you anything to quit your bank.
That applies whether you are closing a checking or a savings account.
It sounds appealing right?
Check it out here!
