Closing The Wells Fargo Account: A Complete Guide

Closing or opening a bank account is easy; anyone can follow simple steps to do that; however, the reasons to close an account may vary; some close it as it's difficult to manage more accounts, or the hidden fees make it harder to keep an account. Similarly, meeting the minimum balance requirement is also an issue for many.

Whatever the case, closing an account is an easy process, especially for a Wells Fargo account; you need to follow some simple steps, but a few things need to be taken care of before you begin closing your account.

Things to Consider

If you are also considering closing your Wells Fargo Account, below are a few things you must consider. So, get thorugh it for once before you take any final decision:

You Must Have a Positive Balance

You can't close an account if you have a negative balance; it's a must to have a positive balance or at least zero; Wells Fargo doesn't allow closing an account if it has a negative balance or overdrawn balance.

An account with a positive balance closes without a hack. Still, there may be other charges like cashier's checks, but that depends on your account type. The best practice is to shift your funds to another account before closing your existing one.

No Pending Deposits or Outstanding Items

Your account must have no pending/outstanding deposits or items like disputes or legal claims; Well Fargo will not entertain your account closing request until these claims/disputes are settled; therefore, you should be aware of these things before beginning with your account closing.

Your Account must be Active

Check your account status; it must be active; if it is inactive, you must reactivate it by logging in online or requesting a banker.

Move your Payments, Subscriptions, and Salary Deposits

Another thing to do before closing your account is to move your subscriptions, bill payments, and other similar services to a new account to avoid any inconvenience. Bill payments like water, gas, electricity, and car are important, and you don't want to get in any inconvenience in case of late or no payments later.

Moving to a new account can be crucial if you are salaried. It will be frustrating if your employer or clients deposit your salary in the old account you close or plan to close. To avoid such a situation move your salary to a new account.

How to Close The Wells Fargo Checking or Savings Account

Closing your account at Wells Fargo, whether checking or saving, is easy; if it's your first time closing an account, don't worry; you can close it by following these simple steps, but don't forget to fulfill the prerequisites explained earlier in the article. The account closing steps are as follows:

Requesting Account Closure Online

One of the easiest and smoothest processes for closing the Wells Fargo account is logging on to Well Fargo's online banking site. You can use their contact us tab and email your request to close your account. Suppose your account has a positive balance or zero. Your request will be processed, and will receive a closing confirmation shortly.

Visiting Your Local Branch

Suppose you feel more comfortable closing an account by visiting a bank branch. In that case, you pay a visit to your nearest or local branch, speak to your account executive, and provide your proof of identity (social security number), valid ID, and other details like your address, PINs, etc. Use an online branch locator by simply going to their website if you don't find a branch in your locality.

Calling Support Center Helpline

Another way to close the Wells Fargo account is by simply calling the Wells Fargo support center, talking to their online representative, and asking for your account closure. You can call 1-800-869-3557.

Closing an Account Affects my Credit Score?

Closing a bank account doesn't affect your credit score; credit bureaus can't take your account information and therefore don't know your account activity. But if there is a long overdue negative balance that you haven't paid for longer, it might affect your credit score.

Banks send this information (overdue amount) to amount collection agencies, which share or can report this information to credit bureaus, which can affect your credit score; therefore, it's a must thing to clear all your pending dues before closing your account.

Is there any Cost to close an Account at Wells Fargo?

No, there are no charges to close your account. Still, one must ensure that their account has a positive or zero balance and has no outstanding claims or pending deposits.

Can I Reopen my Account Once I closed it?

You can't reopen your account once you close it; however, you can open another Wells Fargo account; the process is simple.

• You can apply online and open a new account in a few minutes.
• You can also call the Wells Fargo customer (1-800-869-3557) helpline and request a new account opening.
• Last but not least, you can visit your local or nearby Wells Fargo branch and open a new account; you can use the online branch locator on the Wells Fargo website if you don't know the address.

Final Thoughts

Closing a bank account is a 3 step process, especially if it's your Wells Fargo account; it involves simples steps, but certain things are crucial before closing a bank account and avoiding any inconvenience; it includes maintaining a positive or zero balance, moving your bills, salary and other payments to new accounts and clear your outstanding amount, claims or disputes. You can call Wells Fargo customer support or request online or visit your nearest branch and request your account closure.