The overdraft fee is something all bank account holders are familiar with. This is the price most of us have to pay for making impulsive buys or failing to keep track of our bank account funds. A lesser-discussed cost, though, is the one associated with the sale of your bank account. There is a small fee associated with permanently canceling your account with a verified bank. A significant savings amount and a permanent departure from the financial institution are typically required to make closing an account worthwhile.
This article will go over the benefits and drawbacks of closing your bank account, the potential repercussions of doing so, the rules and regulations that apply when you close your verified banking account, the reasons why you might want to close your verified banking account, and the circumstances under which you might want to close your unverified banking account.
Is Closing My Bank Account Worth It?
There are a few positive outcomes that could result from deciding to cancel a bank account, but are they worth the effort of Selling verified account?There are some reasons why a client might decide to cancel their account. If you want your money to work for you or if you have a significant sum of money in the account or if you are moving to a new place or just want a break from the bank, among other reasons, you may decide to terminate your account. The decision to close a bank account comes with many potential advantages, but should you pursue them?
The Benefits of Closing Your Bank Account
- Lower Annual Fee: If you have a verified high-balance savings account and plan to leave the financial institution forever, you can try to negotiate a lower annual fee.
- No ATM Fees: You won’t have to pay any ATM withdrawal fees when you close your verified bank account.
- No Service Charges: You might forget to cancel your account, and when that happens, your bank might charge a service charge, however, when you close your verified bank account, you’re simply taking ownership of it, so there’s nothing to cancel.
- No Maintenance Fees: You can safely assume your verified bank account is maintained in-house, and that the bank is responsible for the upkeep of the account. However, many out-of-house verified accounts are maintained by third parties, and those accounts usually have maintenance fees.
- No Overdraft Fees: There’s always a possibility that you won’t have enough money in your verified bank account to cover a debit from several, credit cards, loans, or another type of payment. When that several verified bank accounts can automatically cover the transaction, it can also charge you an overdraft fee.
- No Paperwork: The more you have paper in your life, the more likely you are to lose it. As a verified bank account owner, you can simply close your account and move on.
- No Risk of Identity Theft: The primary purpose of verifying your bank account is to reduce the risk of identity theft. When you close your verified bank account, you’re taking ownership of it, so you reduce the risk of someone else getting access to your financial information.
There are several advantages to not having a bank account, but are they worthwhile? It’s usually not worth it to go through the hassle of canceling a confirmed bank account. Verified bank accounts are more difficult to close, but could be worthwhile if you have a large savings sum and are planning to leave the bank permanently.