Are you looking to streamline your finances by combining two Wells Fargo accounts? Perhaps you have a checking account you no longer actively use, or you're looking to simplify your banking by merging two savings accounts. Whatever your reason, this comprehensive guide will walk you through the process, step by step, to help you achieve your financial goals.
Let's dive in and get started!
Step 1: Assess Your Accounts and Gather Information
Before you begin the actual process of combining accounts, it's crucial to take stock of your current situation. This initial assessment will help you understand the implications of merging your accounts and ensure a smooth transition.
-
1.1 Identify the Accounts:
- Clearly define which two Wells Fargo accounts you intend to combine. Note down their account numbers, account types (e.g., checking, savings, money market), and the names on each account. Are they both individual accounts, or is one a joint account?
- Consider the purpose of each account. For example, is one primarily used for bill payments and the other for discretionary spending?
-
1.2 Review Account Balances and Activity:
- Check the current balance in both accounts. This will give you an idea of the total funds involved.
- Examine recent transaction history for both accounts. Are there any pending transactions, automatic payments, or direct deposits linked to either account that you need to be aware of? This is especially important to avoid disruptions to your regular financial activities.
-
1.3 Identify Linked Services and Automatic Transactions:
- Think about any services linked to the account you plan to close or transfer funds from. This could include:
- Automatic bill payments: Utilities, loan payments, subscriptions.
- Direct deposits: Payroll, government benefits.
- Automatic transfers: Transfers to other internal or external accounts.
- Debit card linkages: Which debit card is linked to which account?
- Zelle or other peer-to-peer payment services: Confirm which account is associated with these services.
- Make a comprehensive list of all these linked services. This proactive step will save you a lot of hassle later on.
- Think about any services linked to the account you plan to close or transfer funds from. This could include:
Step 2: Choose Your Combination Strategy
There isn't a single "combine" button at Wells Fargo. Instead, combining accounts typically involves either transferring funds and closing one account, or converting an account type. Your choice depends on your specific needs and the types of accounts you have.
-
2.1 Option A: Transfer Funds and Close an Account (Most Common)
- This is the most frequent method for combining accounts. You'll move all the funds from one account into the other, and then close the now-empty account.
- Consider which account will be your "primary" account going forward. This will be the account you keep open.
- This option is suitable for combining two checking accounts, two savings accounts, or a checking and a savings account.
-
2.2 Option B: Account Type Conversion (Less Common, Specific Cases)
- In some limited scenarios, you might be able to convert one account type to another. For example, a basic checking account might be convertible to a different checking account product.
- This option is less likely to apply if you're combining two distinct account types (e.g., checking and savings) into one. It's more about upgrading or downgrading a single account.
- You'll need to speak directly with Wells Fargo to determine if this is an option for your specific accounts.
Step 3: Update Linked Services and Automatic Transactions
This is a critical step that often gets overlooked, leading to missed payments or delayed deposits. Before you move any money, ensure all your vital financial connections are redirected to your chosen primary account.
-
3.1 Redirect Direct Deposits:
- Contact your employer, benefit providers, or any other entities that send direct deposits to the account you plan to close. Provide them with the routing and account number of your primary Wells Fargo account.
- Do this well in advance of closing the old account, as changes can take one or two pay cycles to go into effect.
-
3.2 Update Automatic Bill Payments:
- Log in to your biller's websites (e.g., utility companies, credit card companies, loan servicers, subscription services) and update your payment method to reflect the account and routing number of your primary Wells Fargo account.
- If you use Wells Fargo's Bill Pay service, you'll need to modify the linked account for each payee.
-
3.3 Modify Automatic Transfers:
- If you have automatic transfers set up within Wells Fargo (e.g., from savings to checking, or to a separate investment account), adjust these transfers to originate from your primary account.
- If you have transfers to external accounts, update those settings with the external institution as well.
-
3.4 Re-link Debit Cards and Payment Services:
- If you use a debit card linked to the account you're closing, ensure your new primary account is linked to your existing debit card, or request a new one if necessary.
- Update your primary account information in Zelle, PayPal, Venmo, or any other peer-to-peer payment services you use.
Step 4: Transfer Funds
Once you've updated all your linked services, you can safely proceed with transferring the funds.
-
4.1 Online Transfer (Recommended for Most Cases):
- Log in to your Wells Fargo online banking account.
- Navigate to the "Transfers" or "Move Money" section.
- Initiate a transfer from the account you wish to close to your primary account.
- Verify the account numbers and the transfer amount carefully before confirming.
- Most internal Wells Fargo transfers are instantaneous.
-
4.2 Branch Visit:
- If you prefer, you can visit a Wells Fargo branch. A banker can assist you with transferring funds between your accounts.
- Bring valid identification (e.g., driver's license, passport) and your account information.
-
4.3 ATM Transfer (Limited Functionality):
- Some ATMs allow transfers between linked accounts. However, this may not be suitable for large sums or if you need immediate confirmation.
Step 5: Close the Account (The Final Step)
After all funds have been successfully transferred and you've confirmed that no automatic transactions are still linked to the old account, it's time to officially close it.
-
5.1 In-Person at a Wells Fargo Branch (Highly Recommended):
- Visiting a branch is the most secure and recommended way to close an account.
- A Wells Fargo banker can confirm that all funds have been transferred and that there are no pending transactions or outstanding issues.
- They will provide you with documentation confirming the account closure.
- Bring your ID and the account information.
-
5.2 By Phone:
- You can call Wells Fargo customer service to close an account.
- Be prepared to verify your identity thoroughly.
- Request a confirmation of account closure in writing.
-
5.3 By Mail (Less Common and Slower):
- You can send a written request to Wells Fargo to close an account. This method is generally not recommended due to potential delays and lack of immediate confirmation.
- If you choose this option, send it via certified mail with a return receipt requested.
Step 6: Confirmation and Record Keeping
Once the account is closed, it's important to confirm the closure and keep meticulous records.
-
6.1 Verify Account Closure:
- Check your Wells Fargo online banking periodically to confirm that the closed account no longer appears.
- If you closed it in person, ensure you received a written confirmation.
-
6.2 Retain Records:
- Keep all documentation related to the account closure for your records. This includes the closure confirmation, any transfer receipts, and your initial assessment notes. This can be helpful for future reference or if any discrepancies arise.
-
6.3 Monitor Your Primary Account:
- For the next few weeks, closely monitor your primary account's activity to ensure all direct deposits and automatic payments are flowing correctly. This will help you catch any issues quickly.
By following these steps, you can effectively combine your Wells Fargo accounts, simplify your banking, and gain better control over your finances. Remember, patience and careful attention to detail are key to a successful transition!
10 Related FAQ Questions
How to combine two Wells Fargo checking accounts?
You can combine two Wells Fargo checking accounts by transferring all funds from one account to the other (your chosen primary checking account) and then formally closing the now-empty account, either online, by phone, or in person at a branch.
How to combine a Wells Fargo checking and savings account?
To combine a checking and savings account at Wells Fargo, transfer all funds from the savings account into your checking account, or vice-versa, and then close the account that has been emptied. Ensure all linked services are updated to the remaining account.
How to transfer money between two Wells Fargo accounts?
You can transfer money between two Wells Fargo accounts easily through online banking, using the "Transfers" or "Move Money" section, or by visiting a Wells Fargo branch. Most internal transfers are instantaneous.
How to close a Wells Fargo account online?
Wells Fargo generally requires you to call customer service or visit a branch to close an account for security reasons, especially if there's a balance. While you can initiate transfers online, the final closure typically isn't a direct online option for many account types.
How to update direct deposit information for a Wells Fargo account?
To update direct deposit information, you need to contact your employer or benefit provider and provide them with the new routing and account number of your preferred Wells Fargo account. Wells Fargo cannot directly change this for you.
How to change automatic bill payments linked to a Wells Fargo account?
You need to log in to each biller's website or service individually and update the payment method to your new Wells Fargo account's details. If you use Wells Fargo's Bill Pay service, update the linked account for each payee within Bill Pay.
How to find my Wells Fargo account number and routing number?
You can find your Wells Fargo account number and routing number on your checks, by logging into your online banking account (under account details or statements), or by calling Wells Fargo customer service.
How to ensure all automatic transactions are updated before closing a Wells Fargo account?
Make a comprehensive list of all linked services (direct deposits, automatic payments, transfers, etc.) and proactively update each one to your new primary account's details. Monitor your old account's activity for a few weeks after making changes to catch any missed connections.
How to get confirmation of a closed Wells Fargo account?
When closing an account at a Wells Fargo branch, request a written confirmation of account closure. If closing by phone, ask for an email or mailed confirmation. Keep this documentation for your records.
How to avoid fees when combining Wells Fargo accounts?
Ensure you transfer all funds out of the account you intend to close to avoid any remaining balance falling below minimums that could trigger fees. Also, confirm there are no outstanding checks or pending debits that could overdraw the account before closing it.
