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Old 10-27-11, 04:51 AM
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tizeye 
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I just closed my business account due to fees, but moved to another bank as credit unions typically don't offer business accounts. Method works the same either way.

1. Credit unions are based on membership affiliation eligibility, although that is becoming quite watered down where most people now qualify at some. Research the ones you are eligible for concerniing their policies and choose 1.

2. Open an account there and fund it with a check written on your current bank account.

3. Before the end of the month (or whenever their statement/fee cycle is) get the account down to zero so they won't have anything to charge last minute fees to. Walk in or call the 800# customer service prior to statement end and formally close the account.

In my case, I thought I had it at zero, but was advised I had a $0.02 balance which represented unposted interest and they couldn't transfer it from a business to personal account, so my options were their mailing me a check, walking into the bank and withdrawing, or give it to the bank. I elected giving it to the bank as they were not giving me a hassle. However, if they had been a pain grilling me on closing and trying to "save", I would have required them to mail the $0.02 check to me. Incidently, with the routine question "Why are you closing the account", before I could give them a true answer about fees and other issues, they volunteered "account no longer needed" and I said "yes."
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