Comments on: Closing more bank accounts

By: kitty

kitty — Tue, 19 Feb 2008 03:52:39 +0000

Clever Dude – thanks.

By: Tim

Tim — Sun, 17 Feb 2008 15:32:31 +0000

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.

By: Clever Dude

Clever Dude — Tue, 12 Feb 2008 14:03:55 +0000

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.

By: kitty

kitty — Tue, 12 Feb 2008 04:36:58 +0000

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.

By: Laura

Laura — Tue, 12 Feb 2008 03:42:45 +0000

I think simplifying your accounts is the way to go. I have two banks and that’s enough to keep me busy.

By: Chief Family Officer

Chief Family Officer — Tue, 12 Feb 2008 03:06:00 +0000

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.

By: Frugal Dad

Frugal Dad — Mon, 11 Feb 2008 19:49:10 +0000

I really need to do this myself as I’ve left accounts open with nominal amounts in old banks, credit unions, etc.

By: Mrs. Micah

Mrs. Micah — Mon, 11 Feb 2008 18:17:43 +0000

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.

By: Fiscal Musings

Fiscal Musings — Mon, 11 Feb 2008 17:04:07 +0000

I like what you’re doing. I can’t imagine having so many different personal accounts. I can see keeping different business acounts separate and whatnot, but that’s a lot of accounts.