Empty accounts

[chicklets123]

Do you close accounts that have no funds in them or just leave them as is?

I have some accounts that at the time had good High interest savings rates when I opened them but nowadays that no longer holds. I still have other HISA if I needed.


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[Chris22]

I have a USAA checking account from college that had $0.51 in it, and there’s no automated way to move the $$ out. USAA won’t mail you a check for that amount, and I can’t seem to do any kind of transfer. So the account just sits there in perpetuity taunting me whenever I log into my account to view credit card/529/insurance stuff. It doesn’t really matter but it seems there should be a way to clear and close it.

[socaso]

I have a USAA checking account from college that had $0.51 in it, and there’s no automated way to move the $$ out. USAA won’t mail you a check for that amount, and I can’t seem to do any kind of transfer. So the account just sits there in perpetuity taunting me whenever I log into my account to view credit card/529/insurance stuff. It doesn’t really matter but it seems there should be a way to clear and close it.

Maybe there's a minimum amount to issue a check? If so, put whatever the minimum amount is in that account and ask them to issue a check, then close it.

[Chris22]

I have a USAA checking account from college that had $0.51 in it, and there’s no automated way to move the $$ out. USAA won’t mail you a check for that amount, and I can’t seem to do any kind of transfer. So the account just sits there in perpetuity taunting me whenever I log into my account to view credit card/529/insurance stuff. It doesn’t really matter but it seems there should be a way to clear and close it.

Maybe there's a minimum amount to issue a check? If so, put whatever the minimum amount is in that account and ask them to issue a check, then close it.

I could, but that requires time and effort on my part. I assume that some day USAA will wise up and either eat my $0.51, or apply it to my insurance bill or something and close the account on their own.  It’s not worth my energy to do anything about it myself.

[Nutty]

For one of my accounts that I was closing, a penny ($0.01) interest payment was credited.  Rather than issue a check or conficating my cash (LOL), they sent it to the government as a tax payment.

I still laugh about this.  I'm expecting a piece of paper saying I've paid $0.01 for tax.  The stamp is going to cost them so much more than this.

The account is closed.  Ask them to credit it to your credit card as a payment, when you want to deal with it.

[bacchi]

For one of my accounts that I was closing, a penny ($0.01) interest payment was credited.  Rather than issue a check or conficating my cash (LOL), they sent it to the government as a tax payment.

I still laugh about this.  I'm expecting a piece of paper saying I've paid $0.01 for tax.  The stamp is going to cost them so much more than this.

The account is closed.  Ask them to credit it to your credit card as a payment, when you want to deal with it.

I have a check from Citi for $0.01 that I never bothered cashing.

They should ask (via email) if it can be used as a donation or something. I'm not a big fan of corporate charitable funds but what a waste of effort and resources.

[slappy]

For one of my accounts that I was closing, a penny ($0.01) interest payment was credited.  Rather than issue a check or conficating my cash (LOL), they sent it to the government as a tax payment.

I still laugh about this.  I'm expecting a piece of paper saying I've paid $0.01 for tax.  The stamp is going to cost them so much more than this.

The account is closed.  Ask them to credit it to your credit card as a payment, when you want to deal with it.

I have a check from Citi for $0.01 that I never bothered cashing.

They should ask (via email) if it can be used as a donation or something. I'm not a big fan of corporate charitable funds but what a waste of effort and resources.

My understanding is that if you don't cash the check, the account will remain open. That's what I was advised when I was getting a check for less than $1 to close a checking account.

[slappy]

I have an account with 72 cents in it that I tried to close. The bank suggested that I surrender the money to them so they could zero out the account and close it. I find that be quite an obnoxious suggestion on their part.

[chicklets123]

Is there any reason for keeping them open? I guess not right?


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[Zikoris]

I always close stuff. I like everything financial to be very sleek and simplified.

[EricEng]

I have a USAA checking account from college that had $0.51 in it, and there’s no automated way to move the $$ out. USAA won’t mail you a check for that amount, and I can’t seem to do any kind of transfer. So the account just sits there in perpetuity taunting me whenever I log into my account to view credit card/529/insurance stuff. It doesn’t really matter but it seems there should be a way to clear and close it.

Could always use the USAA Checking.  Been my primary for over a decade and very happy with their checking and insurance functions.

[MoseyingAlong]

I have a USAA checking account from college that had $0.51 in it, and there’s no automated way to move the $$ out. USAA won’t mail you a check for that amount, and I can’t seem to do any kind of transfer. So the account just sits there in perpetuity taunting me whenever I log into my account to view credit card/529/insurance stuff. It doesn’t really matter but it seems there should be a way to clear and close it.

Curious why you can't pay $0.51 towards your credit card?
Then your checking account would be empty and you could close it.

USAA has a problem with closing old things. I applied for a mortgage with them in 2016. Ended up not using it (paid cash instead) but it's still there on my home screen.

I'm in the midst of moving again. The electricity provider included an option to donate low credit balances to their fund to help people with their bills. I think it was for anything below $5. Thought that was a handy solution.

[Chris22]

I have a USAA checking account from college that had $0.51 in it, and there’s no automated way to move the $$ out. USAA won’t mail you a check for that amount, and I can’t seem to do any kind of transfer. So the account just sits there in perpetuity taunting me whenever I log into my account to view credit card/529/insurance stuff. It doesn’t really matter but it seems there should be a way to clear and close it.

Curious why you can't pay $0.51 towards your credit card?
Then your checking account would be empty and you could close it.

USAA has a problem with closing old things. I applied for a mortgage with them in 2016. Ended up not using it (paid cash instead) but it's still there on my home screen.

I'm in the midst of moving again. The electricity provider included an option to donate low credit balances to their fund to help people with their bills. I think it was for anything below $5. Thought that was a handy solution.

Haven’t looked in a while but don’t think you can make a payment <$1 towards the CC.

[alcon835]

Yep, I close accounts that are empty and that I won't use anymore. No reason to keep them open.

[Sibley]

I also close accounts. If I had one sitting out there with 71 cents or something, it would bug me enough that I would put money in sufficient to then pull money out so I could close it.