Should i close onlien bank accounts I don't use?

December 25, 2010 9:41 AM

I've accumulated a few more online bank accounts over the years. I've just opened an ING account, because it seems like while they don't have the absolute highest interest rates, people generally seem happy with them and they've been around for a while. I'm going to stick with them and put my savings and checking money there, but after emptying out my accounts at other places/sites, should I close them? Or leave them open? Any pros/cons to either option I might not have thought of?
posted by Busoni to Work & Money (7 answers total)

well they will still charge you fees even if ya got no money in 'em.
posted by Max Power at 10:13 AM on December 25, 2010

Leaving a real bricks and mortar bank in your portfolio of banks is always a good thing. I had an ING account that I was very happy with until their rates dropped.
posted by boby at 10:30 AM on December 25, 2010

Having a relationship with a local bricks-and-mortar bank could come in handy. You never know when you might want to convert coins to paper money or buy a money order (without a fee), have a document notarized, or cash a check from someone. It can also be a good transfer point for money from your savings account when a local check would expedite matters (like a down payment with a contractor or completing a Craigslist purchase).
posted by DrGail at 10:42 AM on December 25, 2010

I had an account with BoA that I closed out completely at a teller, who told me I was done and good to go.

A month later, $30 in fees show up (don't remember what for). Fortunately, I'd left the country permanently and a couple of "nyah nyah, you can't get me" emails resulted in a complete shutdown.

The moral being, if you leave an empty account open, they will find a way to screw you.
posted by klanawa at 11:11 AM on December 25, 2010 [3 favorites]

Yeah, and they can charge you fees for not using the account enough. Bank of America in particular is a big fan of screwing people.
posted by delmoi at 11:17 AM on December 25, 2010

Having more bank accounts might slightly increase your chances of having one of those accounts hacked. And it might increase the amount of junk mail in your life. These are probably bigger concerns to some people than others.
posted by box at 12:15 PM on December 25, 2010

I have multiple online savings accounts. I leave the minimum required balance in each one, then move the bulk of savings to the one with the best interest rate. I check up on a regular basis (generally I get notified when the rate changes) and then transfer money around if one of the "empty" ones gets the best rate again. They don't like this behavior, but there's no much they can do about it, as long as you keep the required minimum.

Note that I am talking about online savings accounts, not B&M banks. I think you are too, but other answers seem to be referring to B&M banks.
posted by Joh at 12:38 PM on December 25, 2010 [1 favorite]