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+--- Thread: Any repercussions for stopping bank drafts by closing account instead of stopping payments? (/showthread.php?tid=143310)
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Re: Any repercussions for stopping bank drafts by closing account instead of stopping payments? - zero - 10-24-2012
Dennis S wrote:
I have a few business account drafts that I need to stop before 11/1/12, like credit card merchants, some vendors, and insurance. I am moving banks. I don't have the money to leave a safety cushion in the current bank and start the new account at the same time. If I just close the account instead of paying multiple stop pay fees and phone the companies drafting my account to either close my account or set up drafts at the new bank, is there a chance one of the companies might charge me for NSF for Account Closed or something similar?
I waited too close to the end of the month to feel comfortable doing it any other way that I can think of. Also, things have come up so I won't have time to do much phone calling or letter writing until into next month. The companies I need to maintain a good relationship with can be handled OK. It's the CC Merchant accounts I am closing I am worried about. They are terrible to deal with and I would rather just cut them off without the hassle of dealing with them - if there are no consequences.
Wait until the money you paid them clears, then switch banks.
It clearly sounds like you don't have time to do anything else this month, anyways.
Re: Any repercussions for stopping bank drafts by closing account instead of stopping payments? - Robert M - 10-24-2012
Zero,
He does have time. These days, many places have online and downloadable forms readily available. You can often make the change online and it'll take just a day or two to go into effect. Or, you can print out the form, complete it and fax it to the company and it can be implemented quickly. These methods aren't necessarily available from all the places, though.
Robert
Re: Any repercussions for stopping bank drafts by closing account instead of stopping payments? - Jimmypoo - 10-26-2012
Go into the bank, Dillinger style, and kill them all.
Problem solved.
(if more than one branch - write checks for more ammo)