What to Do Before You Close a Bank Account

As a person in their 20’s, I’m still learning a lot about life…unfortunately. There are many deceitful people and companies out there. If you don’t watch your back, it could hurt you in the long run. I learned this the hard way when it came to closing my bank account at WellsFargo.

A few weeks ago a debt hit my credit score. A debt I had already paid. However, there was no way for me to prove I had paid the charge because I didn’t have my statements from my old account. WellsFargo wanted to charge me $5 per statement and I needed a whole two years’ worth. It ended up being cheaper for me to pay the debt again than to buy all of the statements.

In order to save yourself from some future issues, here’s what to do before you close a bank account:

  1. Download ALL of your statements. Make sure to download every single statement from every year. I do this monthly and save it to the cloud. 
  2. Backup your statements to two different locations. Don’t just leave them on your computer since they can crash. Instead, back them up to a cloud service like DropBox. Keep an extra copy on a thumb or external hard drive.
  3. Record your account and routing numbers. Document both your account and routing numbers in a safe place to hold onto for eternity. This could be a Word document that you back up to DropBox or a note in a binder that you will hold onto forever.

Unfortunately, banks like WellsFargo make it difficult and costly to obtain information from closed accounts. Taking these precautions will make things much easier for you.

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