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At some point there will come a time when you need to close an account. This can come about as a result of too many cards and not enough money. But you must close that account so that you do not get charged a closing fee. This is will be the last fee you get on the card, so do not let it haunt you. Here are some tips that will help you close an account without getting charged a final fee.
Things to Look Out for
You need to make sure that all your checks have cleared in regards to this account. You do not want to close it too early and find that people try to deposit a check you paid them. The check will not clear and the money you owe them will still be out there. You will still be on the hook for the money.
- Shift old payments to new accounts
If you have signed up for automatic deduction, make sure it changes over. If you pay your electric bill over the internet, then make sure the new payment is directed into that new account. That way you still know that your bills are being paid on time.
This is the same things as when you pay. If your company automatically put the money into your account, make sure you shift it over to the new account. Do not cancel the old account until the first payment actually goes into the new account.
Make sure everything in your safety deposit box is cleared and that you take out all your belongings. Do not hold anything over in the box. Mainly because you do not want to forget any of your things you put into the deposit box.
Don’t Get Them a Reason to Charge
This is the main goal. You do not want to give any excuse to the bank to charge you an extra fee. So make sure your new account works and that all the main aspects of the old account are transferred over. That way bills still get paid, and checks still get deposited. If you leave a lot of checks uncleared and a lot of bills unpaid on that account, then you will find that a closing fee is coming your way. You should want to close your account with the least trouble possible.
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