Author Topic: Best way to close an online savings account?  (Read 1820 times)

naturelover

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Best way to close an online savings account?
« on: February 10, 2015, 05:55:02 AM »
Can I just transfer out the entire balance and then contact them to close the account? I didn't know if having the balance go all the way to zero might be a problem. There is no minimum for the account.

Anyone have any tips or cautions for things to do beforehand? I will make sure and save all my statements and documents first. Thanks!

nereo

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Re: Best way to close an online savings account?
« Reply #1 on: February 10, 2015, 06:00:53 AM »
first: is this a normal taxable account, or is it a tax-advantaged (e.g. IRA, ROTH, etc.) account?

Ricky

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Re: Best way to close an online savings account?
« Reply #2 on: February 10, 2015, 06:03:16 AM »
It's as simple as your first paragraph.

KD

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Re: Best way to close an online savings account?
« Reply #3 on: February 10, 2015, 07:02:12 AM »
Call them and ask!  Most have an 800 number.

Agamede

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Re: Best way to close an online savings account?
« Reply #4 on: February 10, 2015, 08:07:19 AM »
I closed two bank accounts recently (linked checking and savings at the same bank). Since there were no branches nearby, I called the 800 number on the back of my ATM card. Once I got through the phone system to a real person, it was easy. The customer service rep confirmed my identity and address, told me I'd receive two cashier's checks in the mail for the balances, and closed the accounts. Everything worked out painlessly.

ShoulderThingThatGoesUp

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Re: Best way to close an online savings account?
« Reply #5 on: February 10, 2015, 08:33:10 AM »
I have a bank account from a local bank in a place I've never been to from back when Kasasa was useful. I never could convince them to actually close the account, even though I transferred all the money out.