Because of a low interest rate I ACH’ed out all my money from an iGo Banking MMA after Nov. 30 interest was posted. Do I have to notify them to close the account? They have a $25K minimum balance requirement so I don’t want to get hit with a fee.
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Yes, notify them to close your account before the next statement cut, otherwise they will charge you a fee and your account could go negative.
Generally you can just forget about it - the account will either be closed due to the $0 balance, closed due to inactivity, or closed due to fees overdrawing the account (with the fees being reversed to zero out the final balance). However, there’s no reason not to send them a message or make a quick call to request it be closed. Things dont always wind down smoothly, so that simple step can ensure you avoid any number of potential hassles.
I’ve never had an account with iGo, but I would NEVER pull all the money out of a bank account without also closing the account if there were any minimum balance requirements.
I called and they told me to send them an email to close the account.