Timeline for How to close a bank account with six figure savings?
Current License: CC BY-SA 4.0
13 events
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| Jun 2, 2019 at 18:48 | comment | added | jamesqf | The question that really needs to be asked is why are you keeping $100K in a savings account, fer gawdsakes? Open a mutual fund account (or several) and transfer the money. While I've never done $100K in a single transfer, transferring $10K or so at a time has never been a problem. | |
| Jun 2, 2019 at 13:07 | answer | added | Bob Baerker | timeline score: 4 | |
| Jun 1, 2019 at 19:15 | comment | added | RonJohn | "I'm afraid they will not let me wire transfer my total savings with a standard token based confirmation on my laptop's browser." Have you asked? | |
| Jun 1, 2019 at 19:10 | comment | added | Ben Voigt | @HardWorker: The thresholds are because the bank initiating the transfer has responsibility if it turns out to be fraud. So use your new bank to do an ACH transfer drawing on the old bank (you trust the new bank with your money, so why not trust them with your old account number). As Henning mentioned, the new bank has an incentive to let you make a higher transfer because they're gaining your business. Or, if you are willing to pay for a wire transfer, jump through old bank's hooks to verify your identity and make the transfer. | |
| Jun 1, 2019 at 18:56 | comment | added | HardWorker | @GaneshSittampalam Well, the transfer itself is my biggest concern. I'm afraid they will not let me wire transfer my total savings with a standard token based confirmation on my laptop's browser. I've raed that banks usually have thresholds and all transactions above the threshold are suspicious by definition. It makes sense in a way, but my transfer request will be legitimate. | |
| Jun 1, 2019 at 18:07 | comment | added | hmakholm left over Monica | @GaneshSittampalam: I don't even think the process is all that automated here -- it's more that the new bank has a business interest in acquiring a new customer so they will have one of their employees (who knows intimately how these things work) do all of the various manual steps for you, rather than risk not getting a new customer because switching is too overwhelming. | |
| Jun 1, 2019 at 17:54 | comment | added | Ganesh Sittampalam♦ | @HenningMakholm The US retail banking system seems substantially less sophisticated than most European systems, so I wouldn't count on that. Also this sounds like a savings account, not a current/checking account. | |
| Jun 1, 2019 at 17:51 | comment | added | hmakholm left over Monica | Around here (not US, though it is probably the same there) your new bank will usually handle all of the mechanics of moving accounts, at no cost to you, if only you authorize them to act on your behalf towards the old bank. | |
| S Jun 1, 2019 at 17:46 | history | suggested | perennial_noob |
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| Jun 1, 2019 at 17:46 | review | Suggested edits | |||
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| Jun 1, 2019 at 17:46 | comment | added | Ganesh Sittampalam♦ | Are there any obstacles to just transferring the money out first, then closing it? This could be an answer but I'm not sure if I'm missing something that prevents that. | |
| Jun 1, 2019 at 17:40 | review | First posts | |||
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| Jun 1, 2019 at 17:33 | history | asked | HardWorker | CC BY-SA 4.0 |