Buying a first house is really exciting but closing a bank account is one of the procedures that is surprisingly emotional. It’s that account where probably the first paycheck was deposited and you received some overdrafts. But keeping an old account while trying to close a deal with the bank is definitely not the best option. So now let’s figure out what actions should be performed regarding closing a bank account.
First of all, it’s necessary to create a new bank account in such institution that will suit you to take the mortgage in time. It can be Chase, Ally and even credit union depending on your special needs. Don’t forget about the automatic payments and subscriptions that you should move to the new bank account before closing the old one. Even one failed payment to Netflix and your credit score will pay for this mistake.
Here comes the problem that is rarely explained to people till there is a trouble. Lenders are not happy with opening new accounts before the closing of your house deal. Talk to your loan officer in order to clarify when it is the appropriate time to close an account. There are situations when it’s better to wait to close the account till you get the keys.
Now when you’re ready to close an account, download all the statements in case you will need them in the future. All the tax documents, proof of address and other important documentation that you will need will be deleted rather quickly after closing the account. Call your bank and inform them about your intention to close an account and its zero balance.
Sometimes some banks require paying a fee for the closing of an account if you do it within 90 days after opening. Wells Fargo and Bank of America have already started doing this so don’t forget to check this information. Write the confirmation of closing the account and save it because underwriters love documentation.