In light of recent controversy over the business practices of Wells Fargo bank, some account holders have decided to close their accounts and find a new financial institution to conduct business with. Although it would seem fairly straightforward to close a bank account, there are some things account holders need to keep in mind before they take the plunge. Closing an account can have detrimental effects on a person’s financial records so it is vital individuals take heed of these instructions and close their accounts safely.
When one decides they want to cancel Wells Fargo account, they will first need to determine where they want to place their money. Going without a bank account can be cumbersome because most people pay their bills and shop with plastic. It is a wise idea to go ahead and set up an alternate bank account before canceling a Wells Fargo account so there will be no issues that prevent a person from being able to utilize their money.
The steps for canceling an account at Wells Fargo include:
- When an account holder has decided they want to cancel their account, they must do it formally. It is not enough to simply withdraw all funds. One must visit a Wells Fargo branch or call them at 1 (800) 869-3557. It is important one has their account number, social security number, and other pertinent information when they call or visit the branch.
- Most people will find it more convenient to cancel their account online but this can be a problem. If funds are left in the account, Wells Fargo will need the account holder to fill out an Account Closure or Partial Withdrawal Request form. This form must be filled out so the bank can send the remaining account funds back via cashier’s check. It is wise to go ahead and transfer the funds to a new bank account before requesting cancellation so this step can be avoided.
If an individual would like to cancel Wells Fargo account and they have an established line of credit with the bank, it is important they are aware of the risks to their credit. A big portion of a person’s credit score is their credit utilization ratio. This shows how much credit a person is using versus how much they have available. Closing one credit card can make a big difference in a person’s credit score so it is vital they are careful in making a decision.
Steps After You Cancel a Wells Fargo Account
Once a person closes their account, it is crucial they receive a formal letter of closure from the bank. If this is not received in a timely manner, one will need to contact the bank or drop by their local branch so they can receive a hard copy of the confirmation of their account closure.
Those who close their accounts will not be able to determine their credit impact until at least thirty days later. It is prudent a person checks their credit score to safeguard their credit rating and avoid issues with being denied credit.
Wells Fargo is more than willing to help people close their accounts, though they may attempt a sales pitch to talk a customer out of the action. When calling, one should remain firm, yet professional and make sure their request is handled properly.