Continuing my recent string of account closings as part of my grand plan to simplify my savings account setup, I just closed my HSBC Direct Advance account. Doing so was was easy, and did not require a phone call.
If you want to close your account online, all you have to do is log in and look for the BankMail option. Send them a secure message with the following information:
- That you want to close the account (naturally).
- Your reason for closing (I cited that the interest rate was too low and that I could get better rates elsewhere).
- How you want them to disburse your remaining balance to you, if any (such as a cashier’s check or wire transfer).
In my case, I ended up closing both a savings and a checking account, and I transferred my entire balance out via ACH before I submitted the closing requests. I did not receive any confirmation message, but when I logged into HSBC the next day, I saw this:
The “Account Unavailable” notice was enough to tell me that HSBC was out of my life. 
To be clear, I had no qualms with my HSBC accounts, other than the ubiquitous interest rate sucking issue that currently plagues most other banks. Shedding unused accounts is increasing the simplicity of my financial life, and that’s music to my ears.
Since I finally decided to close my FNBO Direct account, I’ve been thinking a lot about the multitude of savings accounts that I’ve created over the last few years. Most of them are now idle, practically abandoned with only a penny, or maybe a dollar in them.
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The following article is a guest post by Kris of Credit Card Compare.
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