Money Matters
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WWMMD? - Closing Bank Account

I am closing a bank account today. Mostly just tired of the fees and poor customer service and now don't have anything coming out or going into that account automatically. But it is the bank account I've had the longest. I think I opened it in 2002-2003. Will closing it out have an impact on my Credit Report/Score. I know long standing Credit Cards do but do bank accounts work in the same way?
#GetItTogether2013

Re: WWMMD? - Closing Bank Account

  • I don't know if it will impact your credit score, I wouldn't think so.  I'm also closing accounts with a bank that I've been with since 1997 and going to a credit union because the perks are better.  I've already closed 3 accounts and need to close 1 more.  If I were you I would just close it.
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  • I closed a few accounts when I got married.  I monitor my credit with Credit Karma, and it didn't register any changes or notifications.  
  • I don't believe it affects your credit score at all.
  • Thanks guys. Closed it at lunch and took the remaining monies straight to my savings account!
    #GetItTogether2013
  • I closed mine, and moved to a CU. I never noticed an issue. If it affects your score it would be a short amount of time.
  • hoffsehoffse member
    Sixth Anniversary 2500 Comments 500 Love Its Name Dropper
    Nope.  Banks have an internal thing that they use to report overdrafts to each other, but it shouldn't go to your credit report.
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  • As hoffse said, closing bank accounts will not effect your credit score.  If you had an overdraft that wasn't paid or other issues such as the bank closing your account then it would be harder to get a new account at another bank.

    I had a bank account closed on me because of the BS that my ex did to me with her significant other while still married.  I learned a lot about divorce and bankruptcy that way including being barred from writing checks at some stores because of what happened.
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