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Switching Checking Accounts – I Changed My Mind

Image of Checkbook

A couple of weeks ago I told you about how Wells Fargo is eliminating free checking accounts and how I planned to close my account and start with a different one.  I did not receive notice that this was happening until one day when I was doing my banking the teller let me know.  I’m glad she said something, but somewhat frustrated that I’d not received notice by any other source like snail mail or email.  At any rate thankfully she decided to say something.  To compound my frustration, I’d been given conflicting information on the situation.  The teller had said one thing, and in talking to Wells Fargo by phone I was told something altogether different.

At any rate, I began the process of switching accounts. I had our son added to our account, which required that they speak to him by phone and make sure this was okay with him, and ordered the debit cards.  While going through this process, I told the young woman who was helping me that the person I’d talked to on the phone said I could not open a savings account to tie to my checking account and she told me that was incorrect information and indeed this could be done, but they would need to convert my checking account to the new style.  With this clarification, I told her I would just follow through with closing the checking account as I didn’t need an additional account to worry about.

But then over the last few days, I started to think that it would be a lot easier to just convert the existing checking account that I’ve had for nearly twenty years and already have checks for, and have the account number memorized to the new style while opening a new savings, and then close the other checking and savings.  I have been using the other savings account, but mostly for transferring money for my sinking funds, but I haven’t been using the checking account for anything.  I’ll still be getting rid of one account in the end. I was going to close one account but now I’ll be opening a new savings, but closing the extraneous checking and savings.

After I’d changed my mind to keep my old account, which may sound silly but I like the idea of having had the account open for so many years… something else occurred to me… even though I have no payments coming from this account, I do use this card for purchases at online sites, like and others, and I have it linked to my PayPal account and ING Direct.  It’s not too difficult to relink the new account to these banking institutions, but it will take time, even if only a few minutes I would rather not have to take up the time if it can all be avoided by opening a savings account and having my old checking account converted.

I am glad I gave myself some time to think through this process. I feel a sense of relief at not having to go through the hassle of making all those changes.  Even though they may not seem like much, my life is busy enough without having to make a bunch of little changes when it’s not really necessary.

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2 thoughts on “Switching Checking Accounts – I Changed My Mind

  1. Sounds like in this case the path of least resistance turned out to be the right path! Good thing you took your time and considered all the angles. I tend to decide and move on things quickly with both good and bad results, so I plan to learn from your example and slow down and think before acting in the future!


  2. This actually isn’t quite accurate, to the best of my understanding. Wells Fargo existing customers will be able to keep their free checking, but those that are new will not get the free checking, UNLESS they either have a mortgage with Wells Fargo or signup for Direct Deposit. This occurred as of July 1.


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