I have seen that November 5th has been designated as the day to close out accounts at the big banks. I used to work for a couple banks and have some suggestions on how to do this.
1 - Open a new account at whatever community bank or credit union you have chosen.
2 - If you have automatic deposits or bill payments, make arrangements to transfer them to the new account. Your employer may need a couple weeks to get the change processed.
3 - Once your new account is established, check your balance on the old account, make allowances for any monthly fees the bank charges, and withdraw from an ATM (or write another check to the new account) whatever is left. If you are unsure about the amount of the fees, leave less than $50 in the account.
4 - This is where YMMV. One bank I worked for would close out your account over the phone if the balance was less than $50, and mail you a check. Your bank may require you come into a branch to do so. When I closed out a personal account at one bank, I scheduled bill payments that brought my balance to 0, then called and closed out the account over the phone. Either way, you can still aim to do this on November 5th.
I hope this helps you make a smooth transition to a new bank or credit union. Plan on choosing your new financial institution this week so you can be on schedule.
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