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depending on your original account, if it has a minimum balance to avoid fees you might want to leave the minimum balance in there and transfer the rest first.
by dmh2000 7y ago
depending on your original account, if it has a minimum balance to avoid fees you might want to leave the minimum balance in there and transfer the rest first. Then close the account officially and get a check for the remainder. the reason is that if you transfer it all and it goes under a minimum deposit, you could get a fee and then you are overdrawn, generating more fees and more overdraw. Generally just taking all money out of an account doesn't automatically close it.
- vageli 7y agoBut, closing an account does result in all of the money coming out, avoiding any potential balance issues since the deposit is refunded upon closure, in full.