Personal Finance
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3 mins read
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July 16, 2020
How to Close a Wells Fargo Account - Tips, Tricks and More
You can close your Wells Fargo account by submitting an online request, visiting a branch, or by dialing in to the customer support number.
So you’ve made the decision to close your Wells Fargo account. By this point, you’ve probably realized that their rosy promises of free checking accounts and high-yield savings accounts were just leading you into a labyrinth of
. Minimum balance requirements. Monthly service fees. Overdraft penalties. Ridiculous wire transfer fees. And to add insult to injury, an interest rate that hovers between 0 and 0.01%; making you effectively zero income on your precious deposits.
Ever heard the phrase, “your money should generate returns as you sleep"?. This is clearly not the case when you bank with America’s most illustrious financial institutions. At some point in the distant past, large banks ganged up to charge you over
just for the privilege of using your own hard earned money.
But let bygones be bygones. You’re moving on to better things. As with any break up, this may seem like an anxiety-inducing uphill battle. But as always, we’re here to help.
Things to Do before you Close your Wells Fargo Account
1. This may seem obvious, but make sure you have a new bank account set up prior to closing your Wells Fargo account.
2. Review your most recent monthly statement for any recurring charges like water, electricity, gas and rental bills. Make sure that you transfer over all these essential charges to your new account at least 15 days before they are due.
3. Take note off all your online subscriptions like Netflix, Apple Music and Spotify and transfer them over to your new account.
4. Highlight any annual or semi-annual recurring charges that may not be reflected on the monthly statement and transfer them as well.
5. If your salary's direct deposit is attached to this account, transfer it to your new bank at least a full working week before it is expected.
6. Check for any recurring or overdue bank fees and resolve them. This is essential to protect your credit score (explained later).
7. Transfer any remaining balances over to your new account and go make that evening margarita. You deserve it.
Closing a Wells Fargo Checking or Savings Account
1. The easiest way to close your account is to log onto the Wells Fargo online banking website, head to the Contact Us section, where you can send an email requesting account closure. If you've maintained zero balance, you should receive a confirmation email within a few days.
2. Visit your local Wells Fargo branch and speak to an account executive. You will need to provide identity proof, so carry along your social security number, valid ID, address details, pin numbers etc. You can find the closest branch to you on this
.
3. If you don't have access to a local branch, call the Wells Fargo support center at 1-800-869-3557 and request for account closure.
Does Closing a Bank Account Affect Credit Score?
No, it doesn't! Credit bureaus are not privy to your bank account information and hence cannot report your transactional activity to the credit bureau. The only case where your credit score might be affected is if you have negative overdraft balance and haven't repaid in a long time. Banks will pass on the overdue amount to collection agencies, who can report to credit bureaus, thus affecting your credit score.
This is why it is essential that you clear all bank dues prior to closing your account.
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