Author Topic: Any reason to keep an unused bank account?  (Read 2142 times)

GreenSheep

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Any reason to keep an unused bank account?
« on: May 10, 2017, 02:14:13 PM »
I acquired a Bank of America account (checking and savings) when I bought my first house 10 years ago, since my mortgage was through BoA. I have since sold that house. I kept the account open because they used to have a free notary, but now they have no notary at all. Then I was using BoA to stash my savings for a new house, to keep it separate from my other financial activity... but we just bought the house, so now there's something like $6 in my BoA account.

I don't use the account for anything now. I have both personal and business checking and savings accounts with Chase, and I have a credit union account in the town where I grew up just because my backup credit card is through there, and since I've had it since 2002 it's good for my credit rating (which I hope never to need again anyway).

I can't think of a reason to keep the BoA account. Can anyone else?

NathanP

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Re: Any reason to keep an unused bank account?
« Reply #1 on: May 10, 2017, 02:16:35 PM »
No, and with little money in the account it likely will start accumulating fees. Even if there was a reason to keep the account, you have to balance that against the simplicity of not having it.

4alpacas

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Re: Any reason to keep an unused bank account?
« Reply #2 on: May 10, 2017, 02:30:40 PM »
I can't think of a reason to keep the BoA account. Can anyone else?
If you have to pay fees, cancel it.  But if you've got an ATM card, you can get free entry into museums the first weekend of the month. 

misshathaway

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Re: Any reason to keep an unused bank account?
« Reply #3 on: May 11, 2017, 09:00:24 AM »
I can't think of a reason to keep the BoA account. Can anyone else?

I have one, not BOA, that i got a couple of years ago because it was the easiest way to get a signature medallion. It has no fees. I keep it with a $1000 balance b/c it's within walking distance of my house and it's a hedge against some lockout to my regular checking. Belt and suspenders.

boarder42

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Re: Any reason to keep an unused bank account?
« Reply #4 on: May 11, 2017, 09:55:40 AM »
thanks for this tip about museums with BofA been wanting to see the WWI museum in KC and this makes it free.

GreenSheep

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Re: Any reason to keep an unused bank account?
« Reply #5 on: May 11, 2017, 11:31:51 AM »
Thanks! The account has no low-balance fee in my case, and I was aware of the museum tip, but even so, it seems like the best thing to do is get rid of it. We're moving to the middle of nowhere, with no museums for probably at least a couple of hours, and it doesn't seem like there's any point in keeping an account even if there is no fee for keeping almost nothing in it. Thanks for reassuring me that I wasn't missing something!

AlanStache

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Re: Any reason to keep an unused bank account?
« Reply #6 on: May 12, 2017, 06:21:08 PM »
Get rid of it, you dont need one more thing to look at and check to make sure no shenanigans are going on.