Closing accounts when heading back to S. Korea
Some facts:
UMCU
1. Interest checking requires min $1,500 but it can be always changed to checking without any requirements.
2. After 6 month of no activity, account goes to dormant and $5/month applies. You can avoid the fee by tossing a dollar between saving checking.
3. To close an account, you need to write a letter with your signature. Scan it and email or fax it.
4. When writing this email, you can specify either a person to retrieve the money or an address. The a check will be sent to the address or a person.
Chase
1. Checking requires min $1,500. To have both saving and checking, you need to keep $5,000 balance in total.
2. After 6 month, dormant fee applies.
3. To close the account, you need to call to the number behind your debit card.
4. When a credit card expires, the new one will be delivered to the address you have in your account. This can be a foreign address.
5. Wire transfer to korea is possible via web in chase. You need to activate this before you leave (when you have phone number to get the sms code).
6. Activation code is required when executing wire transfer. But if you go to chase branch they will teach you how to do this when you do not have a US cell phone.
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