Amanda Stanhaus

If there isn’t $$ in the bank account, then why does it matter?

Once upon a time, I thought it didn’t matter. But recently, I learned it matters because ofinterest payments.  I happened to look closely at the most recent statement and realized that somehow my previously empty account has earned 2 cents in interest.

I called this bank asking for them to send me my 2 cents and to then close my account. I just have to wait and see if they bother to pay the 49 cents to mail me a check with my account balance of 2 cents.

At least I tried!

(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)

When it comes time to say “it’s not me, it’s you” to my bank, I want out as quickly —and cheaply — as possible.

Closing account fees are not all created equal.

For me and my bank, the quickest and cheapest way out was to transfer all of my money to one account online and then visit the branch to wire transfer my $$ to my new bank and cancel my account.

Lesson learned: research all account closing options to before ending  banking relationships!

(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)