When you opened your money market account, you may have been in a different position than you are today. The one constant about financial investments is that they are changeable. That money market account was right at the time, but now you need to close it and move your money in another direction, invest it or use it for unexpected bills. Closing the account is a painless procedure that can be handled in a few minutes.
Locate your money market statement. If possible, use the most recent statement to be sure all of your latest deposits have posted before you move to close the account.
Examine the statement to be sure all checks you have written have cleared. If you close the account before all checks clear, you may incur overdraft fees.
Find the customer service number on the statement and call it. Inform the person on the phone you want to close the account. Answer any questions asked and let the customer service representative know on what date the account should close. Request a mailing address so you can send a follow up letter putting your request in writing. Ask the customer service representative to send you an email confirmation summarizing what was discussed and the date the account will be closed for you. She may not have that capability, but it can't hurt to ask.
Compose and send a follow-up letter. Include in the letter the date you want the account closed, the account number, your name, your address and the date and amount of your most recent deposit. The last deposit information helps verify for the bank that you are in fact the letter's author. Include instructions about how you want the account funds dispersed. If they are to go to another account, provide complete account information for it to be done. If you want a check mailed to you, include your mailing address.
Call to be sure it is closed. Wait two to three weeks to give the bank time to get it closed, disperse the funds and record the action. Ask what date the account closed so you will have that information for your own records.
- Make a written record of every phone call and a copy of every letter sent. It will be easier to follow up if a problem arises.
- Identity theft is a modern reality. When providing information about where to disperse your funds, only provide the necessary information for a deposit to occur.
- Joint Ownership Bank Account Risks
- Differences Between a Savings Account & a Money Market Account
- How Do I Know What a House Is Really Worth Before Making an Offer?
- Which Is Better, a Savings Account or a Money Market Account?
- How to Have Back-Up Cash
- Positives & Negatives of Money Market Accounts
- How to Get Car Repossession Fees Waived
- How do I Invest in Money Market Accounts?
- What Happens When You Contribute More Than the Maximum Allowed in Your 401(k)?
- Regulated Money Market Vs. Cash Account