|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.
- Identify yourself.
- State that you’d like to close all accounts since you no longer use them.
- 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.