How to Cancel Your Wells Fargo Account: Step-by-Step Guide & Tips

Introduction

If you’re looking to switch banks or just want to cut ties with Wells Fargo, understanding how to cancel a Wells Fargo account is essential. Unfortunately, this process isn’t always straightforward, so it’s important to be aware of the steps involved. Knowing the right questions to ask and the documents you’ll need to have ready can help make the process easier.

This article provides step-by-step instructions on how to cancel your Wells Fargo account and offers helpful tips to ensure that you avoid any unnecessary fees. It also covers what you should do before closing an account, including transferring funds and notifying any beneficiaries.

Step-by-Step Guide on How to Cancel a Wells Fargo Account

Closing a Wells Fargo account is a lengthy process that requires some preparation. Before you begin, it’s important to understand all of the fees associated with closing the account and make sure all payments are up-to-date. Here are the steps you’ll need to take to close your Wells Fargo account:

Collecting Documents Needed to Close Your Account

Before you can close your Wells Fargo account, you’ll need to collect certain documents related to the account. This includes any checks, deposit slips, and other paperwork related to the account. You may also need to provide proof of identity such as a driver’s license or passport.

Contacting Wells Fargo to Request an Account Closure

Once you have the necessary documents, you’ll need to contact Wells Fargo to request an account closure. Depending on the type of account you have, this can be done online, by phone, or through their mobile app. When you call, make sure to have all of your account information available, including the account number and any passwords.

Receiving Confirmation of Account Closure

After you request an account closure, Wells Fargo will send you a confirmation letter. This letter will include details about any fees that were charged and when the account was closed. Make sure to keep this letter for your records.

Tips for Closing Your Wells Fargo Account

When closing a Wells Fargo account, there are some important steps to take to ensure that the process goes smoothly. Here are a few tips to keep in mind:

Understand All Fees Associated with Closing Your Account

Wells Fargo may charge a fee for closing an account, depending on the type of account and how long you’ve had it open. Make sure to ask about any fees when you contact Wells Fargo to request an account closure. If you don’t want to pay the fee, you may be able to waive it by transferring your funds to another bank.

Ensure That Any Automatic Payments are Stopped or Changed

If you have any automatic payments set up for bills or subscriptions, make sure to stop or change them before closing your Wells Fargo account. Otherwise, those payments may still be taken out of the account even after it has been closed.

Notify Any Joint Account Holders of the Closure

If you have a joint account with someone else, make sure to notify them before closing it. They may need to take action to transfer their funds or close the account themselves.

How to Cut Ties with Wells Fargo Easily

Once your account has been closed, there are a few steps you should take to completely cut ties with Wells Fargo. These steps will help ensure that you don’t have any lingering ties to the bank:

Receive Final Statement from Wells Fargo

Once your account has been closed, Wells Fargo will send you a final statement. This statement will include details about any fees charged and the balance of the account when it was closed. Make sure to review the statement carefully and keep it for your records.

Remove Any Paperwork Related to Wells Fargo

Go through any physical or digital files and remove any paperwork related to Wells Fargo. This includes any statements, checks, or deposit slips. Make sure to shred any physical documents to protect your privacy.

Shred Any Physical Wells Fargo Cards

If you have any physical Wells Fargo cards, such as a debit or credit card, make sure to shred them. This will help protect your personal information and prevent anyone from using the card.

What You Need to Know Before Cancelling a Wells Fargo Account

Before you close a Wells Fargo account, there are a few things you should be aware of. These steps will help ensure that you don’t run into any issues after the account is closed:

Check for any Outstanding Charges or Unpaid Loans

Before closing your Wells Fargo account, make sure to check for any outstanding charges or unpaid loans. If there are any, make sure to pay them off before closing the account. Otherwise, the bank may take legal action against you.

Make Sure All Checks Have Cleared

If you recently wrote any checks from the account, make sure that they have all cleared before closing the account. Otherwise, the bank may charge you a fee or take legal action if the checks bounce.

Review Your Credit Report After Cancelling

Once you have closed your Wells Fargo account, review your credit report to make sure the account has been removed. If the account is still listed on your credit report, contact the credit bureau to have it removed.

Everything You Should Do Before Cancelling Your Wells Fargo Account

Before closing a Wells Fargo account, there are a few steps you should take to make sure the process goes as smoothly as possible. These steps will help ensure that you don’t run into any issues after the account is closed:

Make Sure All Funds Have Been Transferred Out of the Account

Before closing the account, make sure to transfer any remaining funds out of the account. If you’re switching to another bank, you may be able to transfer the funds electronically. Otherwise, you’ll need to withdraw the money in cash or via check.

Notify Any Beneficiaries of the Account Closure

If you have any beneficiaries listed on the account, make sure to notify them of the closure. This will give them time to transfer their funds or close the account themselves.

Change Any Automatic Payments to Another Bank

If you have any automatic payments set up for bills or subscriptions, make sure to change them to another bank before closing your Wells Fargo account. Otherwise, those payments may still be taken out of the account even after it has been closed.

How to Avoid Unnecessary Fees When Cancelling Your Wells Fargo Account

Wells Fargo may charge a fee for closing an account, depending on the type of account and how long you’ve had it open. To avoid paying this fee, here are a few tips:

Understand All Fees Associated with Closing Your Account

Make sure to ask about any fees when you contact Wells Fargo to request an account closure. Knowing what fees may be charged can help you plan ahead and decide whether or not to close the account.

Ask About Waiving Fees

In some cases, Wells Fargo may waive the fee for closing an account. Ask about this when you call to request an account closure and see if you can get the fee waived.

Make Sure All Payments Are Up-to-Date

Before closing the account, make sure all payments are up-to-date. Otherwise, the bank may charge a fee or take legal action if the payments are late.

Conclusion

Closing a Wells Fargo account can be a lengthy process, but following these steps can help make it easier. Understanding the fees associated with closing an account and making sure all payments are up-to-date can help you avoid any unnecessary fees or legal action. Finally, make sure to transfer any funds out of the account and notify any beneficiaries before closing it.

By following this guide, you can rest assured that you’re cancelling your Wells Fargo account in the most efficient way.