The Ultimate Guide to Closing Your Wells Fargo Account Effectively
A crucial aspect of your journey towards a sustainable climate is transitioning to a green bank. Traditional banks often invest your money in industries and companies that heavily contribute to carbon emissions and environmental degradation. It's time to realize that big banks don't always align with your values, and explore emerging options that not only have an environmental impact but also offer fee-free banking, leaving more money in your pocket.
Let us guide you on cutting the cord with your old bank.
Switching to a new bank might seem daunting, but it's simpler than you think, especially with new digital offerings that come with various conveniences and features, saving you money.
Before Closing Your Current Account
Before jumping the gun and closing your account, there are a few necessary steps you should take to ensure nothing falls through the cracks.
1. Open an Account with A Green Bank
Start by identifying a suitable financial institution for your new account. Several options, such as Atmos, enable you to bank sustainably, while credit unions or community banks help promote the local economy. With newer digital offerings, opening an account is now more convenient and can take only a few minutes. Look for an option with no monthly service fees.
2. Fund Your New Account
Fund your new account to order your debit card and start using your account immediately. Ensure there is enough money in your old account to cover any recurring bills before transferring them to your new account. You can also keep your old account for easy ATM or cash access until you adapt to your new setup.
3. Transfer Recurring Bills and Deposits
Review your recent bank statements to see which bills and subscriptions are auto-deducting from your old account. Create a list and transfer them to your new account gradually. Ensure you have enough money in your new account to cover any expenses. Regularly reviewing your credit card statement can help avoid paying for unused services.
Pro tip: A digital debit card is an excellent way to manage your subscriptions in the future. You can cancel and replace it without affecting recurring payments.
4. Move Your Money
After you have completed the previous steps and started using your new account as your primary source of payment, it's time to move your remaining funds to your new account. This is the final step before closing your old account and reducing your investment in fossil-fuel funding.
In the new digital age of banking, transferring your money to a new account has become a simple process. With options like Automated Clearing House (ACH), you can effortlessly send your account balance to your destination account, with many digital banking options offering free ACH transfers!
If you’ve successfully set up your new account with recurring debits and credits, it's time to close your Wells Fargo account. Closing your account is hassle-free if there's no account activity and the balance is zero.
Although customer service representatives may try to persuade you to keep your account open, you have various methods to close the account:
If you prefer the online method, log into your Wells Fargo account through their online banking portal and request account closure via email. You should receive a reply in a couple of business days, providing you information on the next steps to finalize the process. If you choose to skip the wait, you can either close your account by phone or opt for an in-person experience at a Wells Fargo branch. To close your account by phone, dial the customer service number, 1-800-742-4932, and a representative will guide you through the process. Alternatively, you can schedule an appointment at your nearest branch and bring a valid government-issued ID, ensuring you zero out your balance before heading in.
Closing an account with Wells Fargo comes at no cost, but keeping that account might have monthly maintenance fees, which can be avoided by transferring your funds using ACH. Although you might be worried that closing your Wells Fargo account might affect your credit score, rest assured that it won't.
Closing your account with big banks can be empowering and can save you a significant amount of money. Suppose you're environmentally conscious and want to reduce your carbon footprint. In that case, eco-friendly banking providers like Atmos offer the option to manage your finances while still maximizing your environmental and social impact, all while benefiting from higher returns, leading technology, and rewards.
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