Skip to main content
Personal Finance & Money

Return to Question

added 86 characters in body
Source Link
J.Todd
J.Todd
  • 419
  • 4
  • 9

I called my bank to close my account. The sequence of events they told me was required is:

  • Transfer all of my funds to the other bank (makes sense).
  • Wait up to 2 business days for the transfer to complete.

But when I asked:

  • If I transfer all of my funds from my account and some automated monthly subscription I've forgotten to cancel comes through, I'll be charged an overdraft fee.
  • Can I suspend all new transactions on the account? No.
  • Is there any solution for this or way I can safely empty my account without worry about about incurring overdraft fees? No.

Obviously the best solution would be to carefully track all of your monthly subscriptions and move them to the new account, but I've been a bit frivolous with these (Netflix, Hulu, Youtube, HBO, Amazon, Apple TV, Apple Music, Vimeo, Github, the list goes on and on) and have so many, I'm tempted to use this as an opportunity to let them all fail to renew and only update billing for the ones I actually notice not having anymore.

I'm just a little surprised that I'm not allowed to suspend charges on my own bank account, especially after telling the bank I want to close the account.

Edit: Now that I realize it matters (jealous glance at Europeans), I am in the US.

I called my bank to close my account. The sequence of events they told me was required is:

  • Transfer all of my funds to the other bank (makes sense).
  • Wait up to 2 business days for the transfer to complete.

But when I asked:

  • If I transfer all of my funds from my account and some automated monthly subscription I've forgotten to cancel comes through, I'll be charged an overdraft fee.
  • Can I suspend all new transactions on the account? No.
  • Is there any solution for this or way I can safely empty my account without worry about about incurring overdraft fees? No.

Obviously the best solution would be to carefully track all of your monthly subscriptions and move them to the new account, but I've been a bit frivolous with these (Netflix, Hulu, Youtube, HBO, Amazon, Apple TV, Apple Music, Vimeo, Github, the list goes on and on) and have so many, I'm tempted to use this as an opportunity to let them all fail to renew and only update billing for the ones I actually notice not having anymore.

I'm just a little surprised that I'm not allowed to suspend charges on my own bank account, especially after telling the bank I want to close the account.

I called my bank to close my account. The sequence of events they told me was required is:

  • Transfer all of my funds to the other bank (makes sense).
  • Wait up to 2 business days for the transfer to complete.

But when I asked:

  • If I transfer all of my funds from my account and some automated monthly subscription I've forgotten to cancel comes through, I'll be charged an overdraft fee.
  • Can I suspend all new transactions on the account? No.
  • Is there any solution for this or way I can safely empty my account without worry about about incurring overdraft fees? No.

Obviously the best solution would be to carefully track all of your monthly subscriptions and move them to the new account, but I've been a bit frivolous with these (Netflix, Hulu, Youtube, HBO, Amazon, Apple TV, Apple Music, Vimeo, Github, the list goes on and on) and have so many, I'm tempted to use this as an opportunity to let them all fail to renew and only update billing for the ones I actually notice not having anymore.

I'm just a little surprised that I'm not allowed to suspend charges on my own bank account, especially after telling the bank I want to close the account.

Edit: Now that I realize it matters (jealous glance at Europeans), I am in the US.

Tweeted twitter.com/StackFinance/status/1469094591177674753
Became Hot Network Question
Source Link
J.Todd
J.Todd
  • 419
  • 4
  • 9

How can I avoid overdraft fees while moving all of my funds to a new bank?

I called my bank to close my account. The sequence of events they told me was required is:

  • Transfer all of my funds to the other bank (makes sense).
  • Wait up to 2 business days for the transfer to complete.

But when I asked:

  • If I transfer all of my funds from my account and some automated monthly subscription I've forgotten to cancel comes through, I'll be charged an overdraft fee.
  • Can I suspend all new transactions on the account? No.
  • Is there any solution for this or way I can safely empty my account without worry about about incurring overdraft fees? No.

Obviously the best solution would be to carefully track all of your monthly subscriptions and move them to the new account, but I've been a bit frivolous with these (Netflix, Hulu, Youtube, HBO, Amazon, Apple TV, Apple Music, Vimeo, Github, the list goes on and on) and have so many, I'm tempted to use this as an opportunity to let them all fail to renew and only update billing for the ones I actually notice not having anymore.

I'm just a little surprised that I'm not allowed to suspend charges on my own bank account, especially after telling the bank I want to close the account.