How to Close a DollarSavingsDirect Savings Account

How to Close a DollarSavingsDirect Savings Account

As I noted earlier in the week, I’ve recently spent some time cleaning up and organizing our finances. As part of this process, I closed our FNBO Direct savings account. Today I want to share the steps for closing an account at another online bank that used to offer a competitive rate – DollarSavingsDirect.

For starters, you should start by transferring your money out of your account. If you don’t, you’ll have to wait for them to send you a check with your remaining balance. Note that DSD will keep your unearned interest if you close your account before it posts, so make sure you don’t have a bunch of unpaid interest before you proceed.

Once you’ve cleared out your account, simply follow these steps:

  • Click the customer service link at the top
  • Click the button to compose a new message
  • Choose any topic – e.g., “I have a question about my account(s)”
  • Select your account from the pulldown menu
  • Submit a short message asking them to close your account

That’s it. You should receive a response within a day or two saying that they’ve closed your account. We still have accounts with a few more online banks, but I’m done closing accounts for the time being. If you’d like to see which banks we’re still using, be sure to check out our financial network map.

2 Responses to “How to Close a DollarSavingsDirect Savings Account”

  1. Anonymous

    I just closed mine, thanks for the tip. Haven’t had anything in it all year. I moved to Discover Bank when their rates went higher and haven’t regreted it yet.

  2. Anonymous

    I was thinking many might be keeping at least $1,000 in their DSD account to qualify for the top yield which is now 1.00%. However, I just noticed in the disclosure that the yield below $1,000 is also 1.00%.

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