Hi all, Quick question. What's the best way to close a secured account? I have had FCNB for almost 2 years now. After only 1 late payment in nearly two years they are unwilling to increase my limit or unsecure my account. I have other accounts (CAP 1 and GetSmart) with credit lines of over $1500.00. I have decided it's time to pare down some. Should I pay the balance ($400.00) and have them return my secured amount of $350.00 or should I have them apply the secured amount and I will pay the difference? Any suggestions are appreciated. Thanks, CR
I don't think it would make a lot of difference, but I'd rather they put the deposit money against the account, shut off any future charges and once you see what the final balance is, pay it. They may not want to do it that way, but whatever you have to do, don't put out money to them that you hope you will get back someday in the future. You probably would get the money back, but when?
8-12 WEEKS IS THE USUAL WAIT TIME SO OTHER POSTERS HAVE SAID... If the account is "CLOSED" to any more charges, I think 1-2 weeks would be enough time to get the money to you...
When I closed my secured account (different bank) they asked me if I would like my deposit to go towards the balance. That's what I did, put my deposit towards my balance and had them send me the final statement balance and then paid in full. -Om
crap 1 credited my security deposit too. Otherwise you will have to wait FOREVER to get your deposits back...
