I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.See all posts Frank Gogol
How to Close a Wells Fargo Account
There could be many reasons why you want to close your bank account. It’s not uncommon for traditional banks to offer free checking accounts only for you to be slammed with hidden fees later on. Or for banks to promise high yields on investments and savings accounts, but then you realize the high fees that come with the high yield don’t really make it worth it. On the other hand, some banks just make it outright difficult for immigrants. Now you’ve found a better banking solution and want to get rid of the hassle.
Either way, you’re here because you’re wondering how to close a Wells Fargo account. Fortunately, we have the answer. But before you just go ahead and close it, make sure you’re prepared. You don’t want to find yourself in an impractical situation with payments to make or money you wish to receive but no bank account!
Below we cover how to close a Wells Fargo account and also give you a few tips to make sure it is a smooth process.
Is It Possible to Close a Wells Fargo Account?
Absolutely. It’s actually also relatively easy.
You aren’t bound to any bank account for life. Some banks might make it more challenging to close a bank account than others. But if you don’t owe the bank money, you should be able to close any bank account.
We’ll show you how to close a Wells Fargo account in just a bit. Let’s first take a look at what you should do before you close your account.
What to Do Before You Close Your Account
You should do a few things before you close any bank account, including your Wells Fargo bank account. These aren’t requirements set by the bank but rather practical things, so you don’t get yourself in a pickle.
Here is a checklist of what to do before you close your Wells Fargo account:
- Open a new bank account – you will see below why you want to have a new bank account ready before closing your existing one.
- Move your salary – if you are receiving your salary or any other payments into your Wells Fargo account, notify your employer or customers (for example) to make the next payment into your new bank account. Make sure you do this at least a week before payment will be made.
- Move recurring and online charges – you should move any regular payments that are charged to your current Wells Fargo bank account to your new bank account. This includes things like water, electricity, and rent. It also includes any online subscriptions such as Spotify or Netflix that are charged to your existing account. Of course, you don’t necessarily carry a list of these in your head. The easiest thing to do is to review your monthly statement to see which charges to move. Make sure you move these at least 15 days before they are due.
- Check quarterly, semi-annual, and annual payments – not all your recurring charges happen monthly. Some only occur quarterly or annually, for example. You don’t want to miss these and have them try and charge it to a non-existing bank account. Try and make a list of these (there usually aren’t that many) and move them over to your new bank account.
- Overdue fees – check if there are any overdue bank fees or unpaid balances on your account. If there are, settle the outstanding amounts. If you don’t, it could affect your credit score, as we’ll explain later.
- Transfer any remaining funds – finally, once you’ve ticked all the above items off your list, you can transfer any remaining balance (i.e., any money left in your Wells Fargo account) to your new account.
Now you’ve got all your ducks in a row to close your bank account. Let’s look at how to close a Wells Fargo Account.
Steps for Closing a Wells Fargo Account
There are 3 ways how to close a Wells Fargo account. Let’s take a quick look at each.
This is probably the easiest way to close a Wells Fargo account. You can log onto the Wells Fargo online banking website and go to the Contact Us section. You can then send an e-mail to Wells Fargo requesting your account to be closed. You should receive a confirmation e-mail confirming your account has been closed within a few days if you kept your balance at zero. If you didn’t, they might need to clear the account or have you settle any negative balance before they close it.
2. Visit a Branch
You can also visit your closest Wells Fargo branch to close your account. Speak to one of the account executives and ask them to close your account. Take your social security number, a document confirming your identity, proof of your address, and pin numbers with you.
3. Over the Phone
If you can’t get to the closest branch and don’t have access online, you can call the Wells Fargo support center at 1-800-869-3557. You can request your account to be closed over the phone. They will need to verify your identity before they proceed with your request. The support assistant will take you through the necessary steps.
Does Closing a Bank Account Affect Your Credit Score?
Merely closing your bank account doesn’t have any impact on your credit score. Credit bureaus don’t have access to your bank account information, so they can’t report on your transactional activity.
However, your credit score will be affected if you have a negative overdraft balance on your account, which you don’t repay in a long time. This overdue amount will be passed over to collection agencies. These agencies then report it to the credit bureaus, and your credit score is adjusted accordingly.
You can prevent this from happening by making sure you always pay any negative overdraft balances as soon as possible. If you want to protect your credit score, you should also not close your bank account with a negative overdraft balance and ignore the payment requests. Just because you close the bank account doesn’t mean your negative balance is wiped. Wells Fargo is also not likely to close the bank account with a negative balance in place. You will still owe the money, and your unpaid debt will reflect on your credit score.
- How to Cash a Check Without an ID
- Where to Get a Cashier’s Check Without a Bank Account
- How to Close Chase Account
- How To Sign Over a Check
- How to Close Bank of America Account
- What is the Chase ATM Withdrawal Limit?
Now you know how to close a Wells Fargo account. And you’re also prepared with everything you need to do before you close your account. Just follow the easy steps above, and you’ll be free of your Wells Fargo account in no time.