Legal Question in Banking Law in Wisconsin

Closing or Changing a Checking Account number

I want to close or change the account number to a checking account from which I currently lack sufficient funds to satisfy all of the automatic withdrawals. My Banker says that they will not permit me to drop the account and open a new one or change the account number on a current one. He said that I must make arrangements with all companies making automatic withdrawals and pay ''stop payment charges'' on each. Do I or Do I not have the power to simply drop one of my checking accounts regardless of the reason? I would of course call each company and make arrangements to pay by check a portion owed to each until I can get back on my feet again. Please respond.


Asked on 10/03/05, 4:54 pm

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Re: Closing or Changing a Checking Account number

YOur contract with the bank will govern and I can't advise you without looking at that.

If you close your account and notify all autopay creditors simultaneously, I can't imagine why you would have further liability to the bank, but I haven't read the fine print yet.

Call or e-mail for more assistance.

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Answered on 10/03/05, 4:59 pm


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