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Clever Dude

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  • I understand! We’re working on consolidating our accounts too. My old one was only getting the same 0.2% and I’m linking the new one to ING. Much better rate even though it dropped.

  • I think you’re being wise closing these accounts. I have always closed accounts when I stopped using them. One thing to keep in mind is that unless there is activity within a certain period, the account will automatically be closed and the money will escheat to the state. So not only is important to not forget about them (as you pointed out), but to DO something with them once in a while.

  • I really need to do it too. Starting with Citybank which I only opened to get free $100 – I like free money. Probably HSBC too since FNBO where I have my main saving now has slightly higher rate.
    Quick question. How do you close Citybank direct? What about HSBC? Do they have an option when you transfer all money out or do you need to call/write them? I’ve only started using internet banking not that long ago.

  • kitty: For Citibank, you just call them and request that they close the account. They sent me a check of the balance.

    For HSBC, you have to transfer your money out first, then you either mail, fax or “Bankmail” the request to close the account to them. Bankmail is probably the easiest. It’s the bottom left option on the left once you login. Just make sure the money has been moved out before sending the notice so they don’t complain that they can’t do it. I’m waiting for my money to move out right now.

  • I’m relieved that I’ve reduced my accounts too. i had signed up for all the promo accounts this past year, and although no issue tracking them all, it felt taxing having so many accounts opened.

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