How To Cancel Self Account

Understanding the Self Account

Overview of Self Account

A Self Account, offered by Self Financial, Inc. (formerly known as Self Lender), is a financial tool designed to help individuals establish or improve their credit scores. This innovative product serves as a hybrid between a savings account and a credit-builder loan, allowing users to bolster their credit history while saving money.

By opening a Self Account, users make monthly loan payments that are not disbursed upfront. Instead, the funds are placed in a certificate of deposit (CD) account with one of Self's partner banks, which is insured by the FDIC. As users consistently make payments, Self reports these transactions to all three major credit bureaus, promoting a positive credit history. Over time, this structured approach not only improves users' credit scores but also enhances their savings.

Understanding Self Account Cancellation

Common Reasons for Cancelling a Self Account

There are several reasons users might consider cancelling their Self Account. A primary reason is financial hardship; users may find it challenging to maintain their monthly payments. Additionally, some may feel they have achieved their credit-building goals and no longer see the need for the account. Others may seek alternative financial products that better align with their needs or offer lower fees. There may also be dissatisfaction with the service or support received, prompting users to explore other options. Finally, life changes such as relocation or changes in employment can influence the decision to cancel.

How Cancellation Affects Your Credit Score

Cancelling a Self Account typically does not harm your credit score, provided the account is in good standing at the time of cancellation. The account's history will still remain on your credit report, reflecting the positive payment behavior during its term. However, if there are any outstanding balances at the time of cancellation, they must be settled to avoid negative impacts. It's essential to ensure that all payments are up to date to maintain the benefits gained from the account, as the closure of a well-managed account could prevent any potential reduces in your credit score.

How to Cancel Self Account	Extra Information
Cancel via Phone Call	Call Self Customer Service at 877-883-0999 for assistance.
Cancel via Website	Log in to your Self account and follow the cancellation instructions.
Scheduled Payment Cancellation	Cancel scheduled payments before 11:59 PM a day prior to the payment date.
Final Deposit Requirement	A small final deposit (usually less than $1) may be needed if the account is closed early.
Impact on Credit Score	Canceling won't hurt your credit if you’re in good standing.
Refunds Post-Cancellation	Refund policies vary, check your agreement or contact customer support for specifics.
Customer Support Contact	Reach out via [email protected] for assistance with your account.

Methods to Cancel Your Self Account

Canceling Your Self Account via Phone

To cancel your Self Account through the phone, follow these detailed steps:

1. Prepare Your Information: Ensure you are using the phone number linked to your Self Account to avoid additional verification hurdles.

2. Dial the Customer Service Number: Call 877-883-0999 to connect with the Self Customer Service automated system.

3. Navigate the Voice Prompts: Listen to the voice prompts and select the option related to account management (usually option 1).

4. Verify Your Identity: If you’re calling from a different number, be prepared to provide identification details such as your social security number or date of birth.

5. Select Cancellation Option: Once verified, the automated system will present multiple options. Choose the option to cancel your account, typically indicated by a specific number.

6. Follow Instructions: The system may provide directions concerning any outstanding balances or potential refunds. Pay attention to these details.

7. Confirmation of Cancellation: Your Self Account will be officially closed by 11 PM EST on the same day. You will also gain access to a payout tracker on your dashboard within 24 hours.

Canceling Your Self Account via the Website

If you prefer a digital approach, here’s how to cancel your Self Account through their website:

1. Log into Your Account: Visit the Self website and log in with your credentials (username and password).

2. Navigate to Account Settings: Once logged in, go to the account settings or account management section.

3. Find the Cancellation Option: Look for the option to cancel your account. This may be under account status or subscription settings.

4. Review Cancellation Information: Carefully read any information regarding final balances, outstanding payments, or potential fees associated with canceling your account.

5. Confirm Cancellation: Follow the on-screen instructions to confirm the cancellation. You may receive a confirmation message or email once the process is complete.

6. Check for Payout Tracker: After cancellation, keep an eye on your dashboard for a payout tracker, which will provide updates on any remaining funds.

Things to Consider Before Closing Your Account

Understanding Final Payments and Associated Fees

When considering the closure of your Self Account, it's crucial to be aware of any final payments or fees that might be involved, especially if you decide to cancel before the loan is fully paid off. Typically, if your account has not been completed, a small final deposit is required to settle any remaining balance. This fee usually amounts to less than one dollar, but it can vary depending on the total size of your account and any pending dues that need to be cleared. By ensuring that all obligations are met, you can facilitate a smooth account closure without unexpected financial consequences.

The Aftermath of Account Cancellation

After your Self Account is officially closed, several key processes will take place. First and foremost, if your account was in good standing, you shouldn't see any negative impact on your credit score. Any remaining balance will be settled, which ensures that your credit history remains intact. Within 24 hours of closure, a payout tracker will become available on your dashboard, allowing you to monitor the location and expected arrival of any remaining funds. This transparency helps you stay informed about your financial situation following the cancellation, ensuring that all processes are managed efficiently.

Frequently Asked Questions

How to Cancel Your Self Account

Canceling Your Account via Phone

To cancel your Self Account over the phone, follow these steps:

1. Prepare: Use the phone number linked to your Self Account for the call. If you don’t, you may need to provide additional verification.
2. Call Customer Service: Dial 877-883-0999 to reach Self's automated customer service.
3. Navigate the Menu: Follow the voice prompts and select the option for account management or services—typically option 1.
4. Verify Your Identity: If using a different phone number, be ready to confirm your identity with your Social Security number, date of birth, or account information.
5. Confirm Cancellation: Follow the prompts to cancel your account. You should receive directions on how to handle any outstanding balance and payment reporting.
6. Check for Confirmation: Your account will be closed by 11 PM EST on the same day, and you will receive a payout tracker in your dashboard within 24 hours.

Canceling Your Account Online

You can also cancel your Self Account through the website:

1. Log In: Go to the Self website or app, and log in with your username and password.
2. Find Payment Activity: Navigate to the section showing your payment history.
3. Select Payment: Locate the payment you wish to cancel, typically highlighted or listed separately for scheduled payments.
4. Confirm Cancellation: Follow the on-screen prompts to cancel the payment, reviewing the details before confirming.

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Refund Policy and Fees

Understanding the Refund Policy

The refund policy for canceling your Self Account can vary depending on your specific agreement. Typically, if you cancel your account and there has been no misuse or outstanding balances, refunds may be processed according to the terms outlined in your agreement. Contact Self customer support for assistance regarding specific refund situations.

Fees for Early Cancellation

If you decide to close your Self Account early, you may incur a small fee. This fee often applies when the account has not been fully paid off. Generally, the fee is typically less than a dollar and is determined by the size of your account and any pending balances. To ensure a smooth cancellation process, check your account details or refer to your contract for specific fee-related information.