A Wells Fargo balance transfer is a great way to consolidate your unsecured debt and pay off high interest credit card balances. When you need to take out a balance transfer, it is wise to know how to balance transfers work and whether you need to do a balance transfer with Wells Fargo. A balance transfer allows you to get a new introductory low rate on your credit cards. This means that your balance will be paid off once the introductory period is over and you are left paying interest on the new balance. Here are some things to keep in mind when you consider a balance transfer and whether or not you need one with Wells Fargo.
Balance transfers are usually available for a specific period of time. Many introductory APR periods last from a few months to a year, while others last for up to three years. However, regardless of the duration of your introductory APR, you are still charged interest on the amount you transferred to your new account. In many cases, you can transfer your balances to an account with a lower APR after your interest free term has ended. As long as you pay your balance before the introductory period ends, you can continue to pay normal interest rates on your balance transfers.
Before you move your balance to any other bank, make sure you check their policies. Some banks freeze your credit, whereas others will not freeze your account until you have filed bankruptcy. If your debts are already large and you have not been bankrupted, you may be able to transfer your balance without a freeze. Still, this is better off being on the safe side with a freeze so that you can rebuild your credit before you seek other forms of financial help, such as a loan from the bank.
Most banks freeze accounts when there has been a customer complaint about abuse or fraud. When a bank freezes an account for this reason, the customer may still be able to open an account at another bank. This does not always hold true, so it is best to contact your current bank and inquire about a possible freeze on your account. This will help avoid problems later on.
In general, banks need about six months to unfreeze a frozen account. They will need more time if the original creditor filed for bankruptcy. If you were not declared bankrupt, however, you should be able to start making transfers immediately once the company sends you a letter to tell you that your account has been removed from the frozen list. Also, you might be able to apply for a new debit card number after you have paid off your balance at the new bank.
Be aware that transfers to other checking accounts must occur at the same time as debit card transfers. The process of transferring money from a checking account to a savings account usually takes longer than the transfer process. Check with your local . . . . . . branch to see if they have any specific rules about checking account transfers. Some banks only allow a certain amount of money transferred to a checking account each month, while others will not allow any.
Wells Fargo offers three unique options for customers who need to reduce their card balances. They offer savings, cash back, and business line of credit. They also have balance transfers. Depending on your needs, your interest rate, your credit score, and your bank account information, you will find the perfect option for you.
There are two types of balance transfer offers available through wells Fargo bank. The first is a direct transfer to a traditional savings account, and the second is a direct debit to a debit card. The direct transfer requires you to open a new checking account, provide proof of bankruptcy, and sign an agreement. The debit card allows you to make purchases online or by telephone using a pre-paid card, but you are not obligated to take out a monthly check. You do, however, need to pay any balance due on the card. For more detailed information about these options, including what you need to do to get started, go to the bank's website.
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