How to Close Out a Wells Fargo Account: Step-by-Step Guide
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In 2024, 8% of customers have changed their primary bank. Some people are no longer happy with the services provided, while others want to move to a fully digital bank. Another reason could be the closure of physical branches, such as Wells Fargo, which has continued to close its offices since 2017. If you are a client of theirs and want to switch to another bank, this article is for you. Here, we’ll discuss how to close out a Wells Fargo account and what to do to make the transition hassle-free.
Things to Do Before Wells Fargo Account Closures
Once you’ve decided you don’t want a Wells Fargo account anymore, there are some preparations to do. First of all, you’ll have to open an account with another bank to transfer your funds. There are also a few other steps to take, which you can read about below.
Make Sure Your Balance Is Not Negative
You may spend all the money in your current account or transfer it elsewhere, but ensure your balance is $0 rather than negative. Wells Fargo will not close an overdrawn account until the negative balance is paid off. You need to complete the account closure process before the bank charges additional fees, as otherwise, it will continue to charge you until you submit a closure request.
Ensure the Account Status Is Active
Wells Fargo can close your account only if it’s active. This means you must log in and perform some sort of activity, like transferring funds to your new bank. In other words, don’t forget to log in to your account before asking the bank to close it.
Resolve All Pending Transactions
Closing an account that still has transactions being processed could result in failed payments or incur additional fees. It’s also important to confirm that your account is clear of any outstanding matters, such as disputes or legal claims.
Transfer Subscriptions, Auto Drafts, and Direct Deposits
Most importantly, if you get a salary or regular deposits on your Wells Fargo account, don’t forget to notify your employer or clients. Check your statement carefully for any payments that are withdrawn from the account, such as water, gas, electricity bills, auto payments, and transfers. Finally, despite Wells Fargo closing accounts with active subscriptions without any additional trouble, it’s best to move them elsewhere beforehand.
Step-by-Step: How to Close a Wells Fargo Account
Wells Fargo offers checking and savings accounts. In general, the account closure process doesn’t differ much between the two, but the latter requires some additional preparations on your part.
How to Close a Wells Fargo Checking Account
If your account is active with a positive or zero balance and has no pending transactions, it can be closed immediately. You're unlikely to face any issues unless you have a negative balance or outstanding fees. Keep in mind that Wells Fargo will continue to charge any applicable monthly service fees until you formally request the account closure.
So, how to delete a Wells Fargo account permanently? You can do it in several ways.
- Visit your local Wells Fargo Branch and speak with a bank employee in person. To find the nearest branch, go to the bank’s website and select "ATMs/Locations” in the upper-right corner of the page.
- Call Wells Fargo customer service and ask them to close your account. The phone number is
1-800-869-3557. - Send a written request to Wells Fargo by mail. You’ll need to fill in a specific form, which you can find in the next section of the article.
How to Close a Wells Fargo Savings Account
The process is largely the same as for the checking account. It might be even faster because savings accounts aren’t usually linked to direct deposits, bill payments, or subscriptions. You’ll just need to transfer the remaining balance before initiating the closure. Just as with checking accounts, you can call customer service, visit a bank branch with your ID, or mail a request.
Ways to Close Your Wells Fargo Account
Let’s discuss the ways to close an account in a bit more detail. As long as your balance is clear and there are no outstanding transactions, the process is simple, no matter how you choose to do it: via mail, over the phone, or in person at a branch.
Can I Close My Wells Fargo Account Online?
While the bank doesn’t allow purely online closures, you can close your account by mail. Fill out the Account Closure Request or Partial Withdrawal Request form and mail it to the address listed on the PDF.
Wells Fargo states that most accounts can be closed immediately once the balance is zero and all pending items have been posted (no additional wait time is required in that case). If you have any questions or require assistance, call 1-800-869-3557.
If you prefer immediate closure, you should contact the bank by phone or visit a branch.
How to Cancel a Wells Fargo Account by Phone
Wells Fargo customer service is available 24/7. Call the service line at 1-800-869-3557, prove your identity, and inform the agent that you want to request a closure. Follow any additional instructions they outline.
Before calling, make sure that any ongoing transactions are checked, pay off any outstanding balances, and transfer the remaining money to another account.
How to Close a Wells Fargo Account at a Branch
To close your account in person, visit your local branch during business hours. You can schedule an appointment on the Wells Fargo online booking page. You can also find your local branches using the Wells Fargo locator. Just enter your location, use the filters, and click the Search button to pick the best option.
Don’t forget to bring a valid government-issued ID and make sure your balance is zeroed out beforehand.
FAQ
Do Wells Fargo bank account closures affect credit scores?
Major credit bureaus (Equifax, Experian, TransUnion) generally do not include checking or savings account activity in credit reports; they focus on credit products (loans, credit cards, etc.). However, having an outstanding negative balance or automatic payments deducted from a closed account can indeed lower your credit score.
Can I Reopen My Closed Account Later?
No, Wells Fargo account closures are permanent. However, you can open a new account if you closed your previous one with a zero or positive balance and no outstanding issues. Otherwise, the bank may decline your request to open a new account even after you repay the debt.
What If I Have Overdraft Protection or Linked Accounts?
In this case, resolve the following issues before closing the account: remove overdraft protection, clear any outstanding negative balances, and delink all other accounts. Please note that closing a primary account may result in the cancellation of benefits, such as fee waivers or higher interest rates.
