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Closing Old or Unused Bank Accounts | Debtbeater

Closing Old or Unused Bank Accounts

January 30th, 2008


Photo by pointybunny

I grew up moving around quite a bit.  Compared to many, I’ve actually moved around quite a bit since I grew up.  One side effect of doing so is that I’ve accumulated quite a few bank accounts in various places over time. 

Of course none of them had a significant amount of money, but when sitting down to REALLY do the math, I surprised myself.  I had FOUR bank accounts in places that I have not visited or passed through in over THREE YEARS. 

Total value of all accounts?  Just over $300!  Ok, $300 is now a significant amount of money.  So how do I get my hands on it?


A Simple Phone Call

For each bank, you simply look up the main phone number and give them a call.

  1. Identify yourself.
  2. State that you’d like to close all accounts since you no longer use them.
  3. Ask that they just mail a check to your current address.

Yes, that was it.  I mean, how EASY is that?  I feel like an idiot for not having done this before.  There’s simply NO reason to have 10 bank accounts spread all around the country when I can access my two or three main accounts from anywhere already.


Consolidation Keeps Things Simple

I don’t know about you, but I get enough mail as it is.  This eliminates four monthly/quarterly statements that I simply don’t need in my mailbox and in my file cabinet.  That money is also going to waste at 0-0.5% interest in old savings and checking accounts at local banks in places I’m a THOUSAND miles away from.  LOL!


So What Took So Long?

Photo by Mason Poe

I have just never really closed any bank accounts.  Ever.  I didn’t know how easy it was, so I always just left whatever money was there when I moved out of town.  Fear of the unknown made me hesitate.  Once I called the first bank ready to deal with some long tedious process of exchanging signatures and faxing paperwork only to find out it only took a FIVE MINUTE PHONE CALL…I just laughed myself silly!  ROFL!


So, now I’ve got less to keep track of, an extra $300 in my pocket, and I’m no longer AFRAID of just asking questions or inquiring about things I don’t understand.  Don’t hesitate!  Call up some banks and close old accounts you’re not using anymore TODAY!

Please let me know if you’ve had any "nightmare" experiences closing an account.  I mean, this just shouldn’t be as bad as trying to cancel your AOL subscription!  ;)  Do any of you have unnecessary bank accounts that have been dormant for over 3-5 years?  I’m curious if I’m alone on this one.


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3 Responses to “Closing Old or Unused Bank Accounts”

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