The time it takes to close a negative account at Wells Fargo depends on the account's current balance and your chosen method. Detailed information mentioned herein below.
Scenario |
Time to Close |
Recommended Action |
Zero Balance Account |
Immediate |
Request closure online, by phone, or at a branch |
Negative Balance Account |
Varies |
Deposit funds to bring balance to $0 and close immediately. 2. Account may automatically close after 6 months of inactivity (fees accrue). |
Inactive Account |
Automatic in 2-10 months |
No action needed for closure, but outstanding balance remains. |
Immediate Closure:
Zero Balance: If your account balance is $0 or positive,
Wells Fargo can close it immediately upon your request. You can initiate this
through a branch visit, phone call to customer service, or online chat.
Outstanding Items: Even with a zero balance, pending transactions or direct deposits might delay closure. Wait for them to post before requesting closure. Wells Fargo Stock Fee
Negative Balance:
Paying to Zero: This is the recommended option. Deposit
enough funds to bring your balance to $0. Then, follow the immediate closure
steps above.
Automatic Closure: If your account remains inactive and
in the negative for six months, Wells Fargo may automatically close it.
However, fees and negative interest may accrue during this period.
Frequently Ask Questions:
Question |
Answer |
What is an inactive account? |
No qualifying transactions for 2 months (or 10 months for IOLTA/RETA). |
Can I avoid fees? |
Bring balance to $0 quickly or utilize overdraft protection/grace periods. |
How to confirm closure? |
Request final statement or check online banking for account absence. |
What qualifies as an inactive account? |
An inactive account typically has no qualifying transactions (deposits, withdrawals, checks) within the past two months (or ten months for IOLTA and RETA accounts). |
Can I avoid fees associated with a negative account? |
Bringing your balance to zero quickly helps minimize fees. Additionally, Wells Fargo offers overdraft protection programs and grace periods depending on your account type. |
Beyond Timelines:
Remember, closing a negative account doesn't erase
outstanding debt. Wells Fargo may pursue collections efforts if the balance
remains unpaid.
Consider addressing the negative balance while closing
the account for financial well-being.
Additional Tips:
Communicate clearly with Wells Fargo representatives
about your closure intent. Gather
necessary documentation, like your account number and last statement.