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Maverick
Maverick, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 5767
Experience:  20 years of proefessional experience
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I have a Wells Fargo checking and savings account I wish to

Customer Question

I have a Wells Fargo checking and savings account I wish to close, in addition a credit card and personal line of credit are attach to the account. I owe on both the credit and personal line of credit accounts. How do I proceed with closing my checking and savings account, and what happens with the credit credit account and personal line of credit?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Maverick replied 1 year ago.

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1. what state are you located in?

2. do you have a copy of the credit agreements under which the credit lines were opened?

Customer: replied 1 year ago.
I reside in Washington State, I do not have the credit agreements for the Visa credit card account or the personal line of credit, both were open about 10 years ago.
Customer: replied 1 year ago.
I do plan on making arrangements to continue paying on the account I mentioned.
Expert:  Maverick replied 1 year ago.

Okay. There should be no problem closing the checking and saving account unless your credit accounts are tied to the deposit accounts. When you opened the credit accounts there may have been a clause in the agreement that said that the credit lines become immediately due and owing if the deposit accounts are closed. Since you do not have the credit agreements, you will have to contact WF and see what their policy is and what options you may have. It is also possible that no such clause exists and that you were able to secure the credit accounts based soley on your income and credit history. If that is the case, then you should be able to close the deposit accounts so long as you make alternative arrangements for any direct withdrawals you may have from them to pay toward the credit lines.

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Customer: replied 1 year ago.
well I know I can close my accounts, however I was asking how to proceed legally, do I need to put it in writing, if so what do I say to make sure its done also is the visa credit account different from the line of credit, how do I proceed with arrangements to take care of them legally as well?
Expert:  Maverick replied 1 year ago.

The easiest way to close both credit lines is to go to a WF branch near you and do it in person. It does not need to be in writing, but they should give you proof that it is being closed as of XYZ date. The next option is to call and do it over the phone and ask them to send you written proof that the deposit accounts have been closed. Your third option is to send WF written notice and give them instructions of what you want done with the funds that remain in the deposit accounts. They can mail them to you via a check, for example; or apply them to you credit accounts.

Typically, both credit lines can will be treated the same way; unless the agreements you signed say something different.

Customer: replied 1 year ago.
I am not closing the lines of credit.
I want to close the checking and saving accounts
Expert:  Maverick replied 1 year ago.

My mistake. As you can see from context, I was thinking depsot accounts and typed in credit lines by error. For clarity, let me retype the answer here:

The easiest way to close both deposit accounts is to go to a WF branch near you and do it in person. It does not need to be in writing, but they should give you proof that it is being closed as of XYZ date. The next option is to call and do it over the phone and ask them to send you written proof that the deposit accounts have been closed. Your third option is to send WF written notice and give them instructions of what you want done with the funds that remain in the deposit accounts. They can mail them to you via a check, for example; or apply them to you credit accounts.

Typically, upon closing the deposit accounts, both credit lines can will be treated the same way; unless the agreements you signed say something different. The cc account is usually unsecured so there is only a slim chance that it would have been opened conditioned on your maintaining a deposit account at WF. But banks often have a right to offset cc balances against deposit accounts if you default on the cc agreement.

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