Learn how to close a Wells Fargo account quickly and easily with our step-by-step guide. If you’re looking to close your Wells Fargo account, you’re in the right place.
Today, we’ll walk you through the steps to close your account, whether you prefer to do it online, by phone, or in person at a branch. We’ll also cover some essential information you should know before making this decision.
How to Close a Wells Fargo Account Online
First things first, let’s address the quickest and most convenient method: closing your Wells Fargo account online. Although Wells Fargo doesn’t offer a direct online account closure option, you can still initiate the process through Wells Fargo Online Banking.
- Log In: Start by logging in to your Wells Fargo Online Banking account.
- Contact Us: Once logged in, navigate to the “Contact Us” tab.
- Send a Secure Message: Find the option to “Send a Secure Message” and click on it.
- Subject Line: In the subject line, type “Close Account Request.”
- Message Field: In the message field, provide your name, account number, and a brief reason for closing your account.
- Send: Finally, click the “Send” button to submit your request.
How to Close Your Wells Fargo Account by Phone
If you prefer a more direct approach, you can call Wells Fargo customer service at 1-800-TO-WELLS (1-800-869-3557) to close your account over the phone. Be prepared to provide your name, account number, and a reason for closing your account. They may also ask you to verify your identity.
How to Close Your Wells Fargo Account in Branch
For those who prefer face-to-face interactions, you can visit a Wells Fargo branch near you to close your account. Here’s what you’ll need:
- Government-Issued ID: Make sure to bring a government-issued ID.
- Debit Card: If you have a Wells Fargo debit card, it’s a good idea to bring it along.
A branch banker will assist you with the account closure process and address any questions or concerns you may have.
Important Things to Know Before Closing Your Wells Fargo Account
Before you proceed with closing your Wells Fargo account, there are some critical points to consider:
Account Balance: To close your account, ensure that your balance is either zero or in the positive. You cannot close an account with a negative balance.
Outstanding Transactions: Keep in mind that any outstanding checks or debit card transactions may still be processed even after you initiate the account closure.
Joint Accounts: If your account is jointly held, all account holders must agree to close it, and both signatures will be required.
Credit Score Impact: Closing your Wells Fargo account may have a minor impact on your credit score. This is because your credit score considers factors like the length of time you’ve held accounts and the number of open accounts. However, the impact is typically small and temporary.
Alternatives to Closing Your Wells Fargo Account
If you’re unsure about closing your Wells Fargo account, there are some alternatives to consider:
Dormant Account: You can switch your account to a dormant status. A dormant account is one with no activity for a certain period, typically one year, and it doesn’t incur monthly fees.
Convert to Savings: Convert your checking account to a savings account. Savings accounts usually have lower monthly fees compared to checking accounts.
Transfer to Another Bank: If you’re unhappy with Wells Fargo, you can explore the option of transferring your balance to a different bank that better suits your needs.
Closing a Wells Fargo Account
Closing your Wells Fargo account is a straightforward process, and you can choose the method that works best for you, whether it’s online, by phone, or in person at a branch. Just remember to consider your account balance, outstanding transactions, and the potential impact on your credit score before making your decision. If you’re uncertain, explore the alternatives mentioned above to find the best solution for your financial needs.
How Long Does It Take to Close a Wells Fargo Account?
Closing a Wells Fargo account typically takes 1-2 business days. However, it may take longer if there are outstanding checks or debit card transactions to be processed.
What Happens to My Direct Deposits After I Close My Wells Fargo Account?
If you have direct deposits set up, you’ll need to update your direct deposit information with your new bank. Reach out to your employer or payroll administrator to make this change.
What Happens to My Automatic Payments After I Close My Wells Fargo Account?
For automatic payments, be sure to cancel them before closing your account. Contact the companies to which you make automatic payments and provide them with your updated banking information.
Will Closing My Wells Fargo Account Hurt My Credit Score?
Closing a bank account can have a minor negative impact on your credit score due to factors like account length and the number of open accounts. However, this impact is typically small and temporary.