Want to close your bank account? Here's 7 good tips from a Texas banker

This post was in the "Bernie Sanders Calls For Boycott Of Big Banks To Support Occupy Wall Street" thread posted by KPETE, and comes from a new DU member who can't post the message until he meets DU criteria. He asked that someone post it.

TexasPaganDem (4 posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Sun Oct-16-11 05:16 PM

7. Helpful tips

As a banker, and as a private person, I've been following the Occupy Wall Street and Bank Transfer Day causes. In the next 2 weeks, if you feel you'd like to close your bank account, there are some things to remember:

- It takes time to close your account. Some items are going to take a few days or weeks to post to your account. You will need to open a new account (if you are going to), transfer your direct deposit and any automatic payments before closing your old account or you may delay your paycheck and/or interrupt your payments on important items. Some automatic payments and direct deposits can force your old account back open, which can lead to unexpected fees. Give yourself 2-4 weeks to allow everything to move to the new account, and time for you to receive your new checks and debit cards.

- Leave any signs, bullhorns, protest posters outside. Feel free to protest outside, but inside, the employees can only help you if sit down with them, not preach to the entire bank. Do not block entrances or exits, or accost the employees. Trying to enter restricted areas will get you arrested. As a federal building, and a bank, if you come in wearing a mask, they will assume you are trying to rob the bank, and you will be arrested if not shot.

- Be professional. The people working in the retail branches are like you, working paycheck to paycheck and trying to make ends meet. You are there to make a statement to the corporations and share holders, not to hassle someone that's just trying to do their job. Their job is to take care of your finances and try to retain your business. You may have an issue with the company, but unless the person across the desk from you is personally rude or unprofessional, give them the benefit of the doubt.

- Be honest why you are closing your account. If it's because of fees, let the banker show you how you could avoid fees. Maybe you were in the wrong account and didn't know it. If it's a service issue, let the branch manager know how the bank failed in that situation. Not happy that a friend's home was foreclosed on, let us know that too. We understand we may not be able to change your mind, but we can't fix it if we don't know about it. Be honest, but not ugly.

- If you have a large amount of funds in your account, don't ask for cash. Ask for a cashier's check or wire funds to your new account. If you are attempting to get more than $10,000 in cash, most banks may ask you to wait several days for additional cash shipments into the branch (banks are required to keep a 10% deposit reserve, but it's kept in central banks, not in individual branches). Most branches can handle a single withdrawal of $10,000, but not several in the same day. Also, there are additional reporting requirements to the government when you withdraw large sums of cash, but not cashier's checks or wires. There may be a fee for the wire, but there should not be one for a cashier's check. There is also a huge security risk of carrying large sums of cash once you leave the bank.

- Don't decide that you're going to just leave a few cents in the account to "stick it to the man" making the bank produce statements and pay for maintenance on your one penny account. You will be charged a bank fee, and the account will charge off. When it charges off, you will be reported to Chexsystems, Transunion or some other reporting agency which will make it harder for you to open accounts in the future. Some banks will close an unrelated account you own at their bank if you have a report with another bank because you are a potential charge off risk. This could leave you with no account, and no way to open a new one.

- With most banks, the checking account is the centerpiece of the relationship. By closing your checking account, you may lose discounts on car loans, mortgages or other loans you are not able to close at that bank. You may also lose bonus rewards on credit card or other programs. Make sure you are aware of this before closing your account. If you have questions, ASK before you close the account.

- Lastly, not all bankers are out to screw people. Not all national banks are bad. Make sure that closing your account is the right thing to do before you do it. Once an account is closed, except for very special circumstances, it's done and over. Where ever you bank, there's usually one person that always has a long line of people waiting just for them. There's a reason for that. Some of us bankers actually care a lot for our customers, and keep relationships that last years and years because we value our clients not as a pile of cash and a number, but as people.

I hope this helps anyone that is looking for the information, and feel free to pass this information along (I'm new, so I couldn't start my own thread with it like I intended). Remember, we're all in this together.

Don't bother with the big banks, and even some of the smaller regional banks.

Local banks can be good, but often get taken over by bigger fish.

the exclusive banking for local businesses and/or unions. We don't have anything around here that is open to the general public.

We bank at a small, local bank, but need to check if it's independent or owned by a bigger bank.

The Bank of America is just around the corner. So, if I have to visit the credit union, I would have to drive in 10 miles of heavy traffic. Whereas, if I have to visit my local Bank of America, I could walk if I had to.

and we get along fine. We keep a thousand or so in a local bank so they will cash our checks. The checks from the credit union are accepted in all stores, and at all utility companies etc. Never had a check refused. I call an 800 number, get regular statements. They do all our banking.

But move your money anyway. Using these tips, of course.

ESPECIALLY the tips about not taking out your ire with the banksters who own the joint on the workers toiling behind the teller cages or at the customer service desks. They know they are likely to lose their jobs if the bank becomes unviable, they are caught between a rock and a hard place, and they are part of the 99%.

Credit Unions and local banks (if there are any in your community) can serve you well.

appreciatively,
Bright

when they pull you over for whatever reason because they believe you to be involved in criminal enterprise. And since most if not all of the notes will have traces of cocaine on them, you're going to lose it permanently.

The most of have in my wallet is $10.

But the fact remains that cops will confiscate it if they find it on you, assuming you're up to no good.

I don't think I have ever seen $1,000 in cash.

every time my bowling leagues finish up. You just have to request the amount in advance and have some security when you go to your car:)

They're just too beholden to the big boyz to buck them, so yeah, you get screwed by bankers whether they really mean it or not. I was fine with most of this advice, but if truly, "not all national banks are bad," then why aren't they taking advantage of the animosity toward certain national banks to score points with small depositors?

Go to your new bank, to make your first deposit hand them a check written to yourself for what's in your existing account.
Notify the old bank in writing if necessary (in the past I've done it over the phone but I don't deal with megabanks) that you're closing the account. End of story. And you get to keep your bullhorn with you at all times that way.

And that takes time. So while I think your advice is sensible and good, I would definitely leave enough money in the bank to pay one month's worth of "auto-pay" bills if that's the way you do business. Lots of folks do it that way.

:hi:

:+

If I withdrew all my money from Bank of America in coins, I would need a big wheel barrel to carry it out.

it out. :crazy:

I often qualify!

:P

Of course they probably charge for that now.

then go to your current big-bank, Inc.. have your automatic withdrawals & direct deposits set up to draw on the new account...


After they have completed a full cycle, and everything is "working"...




Then


Go to the new accounts desk..not a teller.. at the bank your are leaving


tell them you are closing your accounts, and get a cashier's check for any balances..

make sure you have stopped writing checks/paying online and all debits have cleared befpre you close the account.

The teller handled such business at my former bank.

I would have thought it was the way you suggested too but it wasn't at that bank.

Don