5 min read
Simplifying the process of closing or transferring your bank account
So you’ve made the decision to close your bank account. By this point, you’ve probably realized that their rosy promises of 'free' checking accounts and 'high-yield' savings accounts eventually lead to a labyrinth of hidden fees and charges. Minimum balance requirements. Monthly service fees. Overdraft fees. Ridiculous wire transfer charges. And to add insult to injury, an interest rate that hovers between 0 and 0.01%; making you effectively zero income on your precious deposits.
Use our detailed guide and checklists to understand how to close your bank account with ease.
There are four main options if you're looking to close a Chase account.
Unfortunately, you cannot close a Bank of America account online. It can only be done by the following three routes.
There are three main options available if you're looking to close a Wells Fargo account.
While it is certainly convenient to close your bank account online, many banks are yet to offer this service. Most national banks like Chase and Wells Fargo offer the ability to initiate and complete bank account closure via their online portals, while some like Bank of America still recommend customers to walk into a branch or call in. Similarly, many smaller credit unions only offer account closing in-person or by phone.
Not at all. You have every right under consumer protection laws to close your bank account if you are dissatisfied with their service. Let's be honest, be it monthly maintenance fees, hidden costs, overdraft charges or poor customer service, we've all been burnt by our banking relationships. If you are privy to better banking options, warn your financial institution of your impending departure, follow our bank account closing checklist, and be on your way!
No, it won't! Credit bureaus are not privy to your bank account information and hence cannot report your transactional activity to the credit bureau. The only case where your credit score might be affected is if you have negative overdraft balance and haven't repaid in a long time. Banks will pass on the overdue amount to collection agencies, who can report to credit bureaus, thus affecting your credit score.
This is why it is essential that you clear all bank dues before you close your bank account.
12.15% bonus rate is a promotional rate for our Priority Access users. The Priority access users get 2.15% bonus rate up to $50,000 in deposits. The bonus rate drops to 0.50% beyond $50,000. These bonus rates are fixed until April 30, 2021 and will be subjected to evaluation after.
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Interest rate and Annual Percentage Yield comparisons are based on a comparison of OnJuno's Checking Account 2.15% bonus rate to the following checking & savings account APYs reported by Bankrate for 7/29/2020: Marcus Savings Account (0.8% APY), Wealthfront Cash Account (0.35% APY), BofA Adv. Relationship (0.02% APY) and Chase Premier+ (0.01% APY). Actual savings may vary based on rates that are available during the time of your deposit The Annual Percentage Yield (APY) for the Cash Account is as of a specific date and may change at any time, which could decrease or increase actual earnings. The national average is based on rates published at https://www.fdic.gov/regulations/resources/rates/, as of July 29, 2020.
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