Here’s How You Can Shut Down Your Account With These Big Banks

You might be aware of the fact that big banks follow different ways of dealing with their clients. The initial phases of your relationship with your bank might have been a cakewalk, but as time goes by, things might start getting exorbitant and perplexing, much more than you had thought initially. You have to bear the brunt of those minimum balance fees, monthly fees, overdraft fees, and others. And this might very well lead to some unpleasantries between you and your bank. So what do you do? Contemplate closing your account, right? As far as closing a bank account is concerned, some banks haven’t quite underlined the details regarding how to go about the entire process. Then how do you do it? Go through the following points:

How Do You Close An Account With Citibank?

First, create a new account with a bank of your choice and transfer whatever balances you have with Citibank to that account. In cases of bills that usually avail auto-pay, keep your payment preferences updated. That would enable you to continue making payments even if you are not with Citibank anymore. Now, drop in at a Citibank branch in your locality and inform them that you are intending to close your account. If you are unable to do that, give a call to 1-888-248-4226 and communicate with the representatives of Citibank. Tell them that you wish to discontinue availing the services of the bank. As an alternative, you can avail the online portal that you have with Citibank and send a message requesting the bank officials to close your account. Remember, while shutting down your Citibank account, you need to receive a written confirmation. This is for the records.

How Do You Close An Account With Bank of America?

If you are dealing with Bank of America, your first and foremost priority should be to maintain a minimum balance if you don’t want to get sucked into the quagmire of paying a monthly fee. If you are unable to have the requisite amount, the maintenance fees every month could range between $12 and $25. That comes to around $144 to $300 in a single year. So what are the tips you need to abide by while closing your Bank of America account? Just move your remaining balances to another bank and keep your payment preferences up-to-date. After you are done with it, visit the bank’s branch in your locality, call the bank at 800.432.1000, or send a letter to the bank requesting them to shut your account down. Your letter should reach the Bank of America headquarters in Tampa, Florida.

How Do You Cancel An Account With Wells Fargo?

Wells Fargo has been in the news recently for all the wrong reasons. A massive number of fraudulent accounts have been created by the employees of the institution in an attempt to hike up their sales figures. Despite this controversial piece of news, Wells Fargo employees have even received an honorarium for achieving their targets. In order to close an account with them, first, shift your leftover balances to another bank and give a call at 1-800-869-3557 requesting the bank to close your account. You can also sign in to your account and communicate with the representatives through ‘Contact Us’. Wells Fargo also offers an Account Closure or Partial Withdrawal Request form. Fill it out in case you want the bank to send you the balance through a check.

How Do You Cancel An Account With Chase?

As is the case with many banks, you can’t shut down a Chase account online. Before you proceed, you need to follow the same step of transferring your balances to another financial institution. Once you are done with it, grab the Account Closing Form in one of the bank’s branches and fill it out providing all your basic details in it. You can also ask the bank employees to help you transfer the remaining balances. Alternatively, you call the representatives at 1-800-935-9935 to receive further assistance. After everything is done and dusted, get a written confirmation from the bank.

If you have the feeling of giving out much more than you are actually receiving, it’s time to choose a new bank which would look after your financial necessities and shut down the current one. These were some tips that would make things easy for you. The steps are pretty simple and you shouldn’t have much of a difficulty in dealing with the entire process.