Most banks do not charge a fee to close an account, but some do—and the fee depends on the account type and how recently you opened it.
The majority of major banks (Chase, Bank of America, Wells Fargo, Citibank) charge nothing to close a checking or savings account. Regional banks and credit unions typically do the same. But some banks impose a early closure fee if you close the account within a set window, usually 90 days to six months after opening. A few banks charge a flat fee regardless of timing.
The fee, when it exists, typically ranges from $25 to $100. Some banks waive it if you maintain a minimum balance before closing or if you close in person rather than by phone or mail. The only way to know what your bank charges is to check your account agreement or call the bank directly—the fee is not always listed on the website.
Key Takeaways
- Most major banks charge nothing to close a checking or savings account at any time.
- Early closure fees (charged within 90 days to six months of opening) range from $25 to $100 when they exist.
- Your account agreement or the bank's fee schedule will state whether a closure fee applies and under what conditions.
- Some banks waive the fee if you close in person or maintain a minimum balance before closing.
- Credit unions and online banks rarely charge closure fees.
When banks charge a closure fee
Early closure fees exist because banks lose money on new accounts that close quickly—they spend on marketing, account setup, and fraud checks but collect little in deposits or transaction fees. The fee is meant to discourage rapid account cycling.
The window varies. Some banks charge the fee only if you close within 30 days; others extend it to 90 days, six months, or even a year. A few charge the fee regardless of when you close, though this is uncommon. Check your account agreement under "Fees" or "Account Closure" to find the specific terms for your account.
Savings accounts, money market accounts, and certificates of deposit (CDs) sometimes have different rules than checking accounts. A CD, for example, has an early withdrawal penalty that applies if you withdraw funds before maturity—closing the account triggers the same penalty. Savings accounts may have a closure fee separate from any withdrawal penalties.
How to learn about your bank charges a fee
The fastest way is to call your bank's customer service line and ask directly: "Is there a fee to close my account, and if so, how much?" Have your account number ready. The representative will tell you the exact fee and any conditions that waive it.
You can also check your account agreement, which you received when you opened the account. Look for sections titled "Fees," "Account Closure," or "Early Closure." If you no longer have the agreement, most banks post it online under "Account Terms" or "Disclosures." Online banks typically list all fees on a single fee schedule page.
If you are closing because you are unhappy with the bank, ask whether the fee can be waived. Some banks will waive it as a courtesy, especially if you have been a customer for years or if you explain that you are switching due to poor service. It costs nothing to ask.
Banks that rarely or never charge closure fees
Online banks (Ally, Charles Schwab, Discover, Marcus) almost never charge closure fees. They have lower overhead than brick-and-mortar banks and do not rely on account longevity to offset opening costs. Credit unions typically do not charge closure fees either.
Among traditional banks, Chase, Bank of America, and Wells Fargo do not charge a fee to close a checking or savings account. Citibank does not charge one either. However, these policies can change, and they may vary by account type or region, so confirm with your specific bank before closing.
What happens if you close an account with a pending fee
If you close an account and a closure fee applies, the bank will deduct it from your remaining balance before closing the account. If your balance is too low to cover the fee, the account will go negative. The bank may then charge an overdraft fee on top of the closure fee, or it may straightforward close the account and send you a bill for the negative balance.
To avoid this, withdraw enough money before closing to cover both the fee and any pending transactions. Ask the bank what the exact fee is, then leave that amount in the account until it is closed.
Closure fees versus other account costs
A closure fee is separate from monthly maintenance fees, overdraft fees, or minimum balance fees. You may have been paying a monthly maintenance fee while the account was open; that fee stops once the account closes. A closure fee is a one-time charge specifically for closing the account.
Some accounts have no monthly fee but do have a closure fee. Others have both. Your account agreement will list all of them. If you are trying to avoid fees entirely, closing the account and moving to a bank with no monthly fees and no closure fees is the cleaner path than trying to negotiate individual fees away.
Frequently Asked Questions
Can I close my account online, or do I have to go to a branch?
Most banks allow you to close by phone or mail, though some require an in-person visit. A few banks waive the closure fee if you close in person. Call your bank to ask which methods are available and whether closing in person changes the fee.
What if I have a negative balance when I close?
The bank will deduct the closure fee from your remaining balance. If the balance is negative, you owe the bank the amount of the negative balance plus any closure fee. The bank may send you a bill or attempt to collect from a linked account.
Do I have to pay the closure fee if I'm closing because of poor service?
The fee is standard policy, but banks sometimes waive it as a courtesy. Call and explain your situation—if you have been a long-term customer or if the bank made an error, they may remove the fee. There is no harm in asking.
Will closing my account hurt my credit score?
Closing a checking or savings account does not affect your credit score. Credit scores are based on credit history (loans, credit cards, payment history), not on bank accounts. Closing a bank account leaves no mark on your credit report.
What if my bank charges a closure fee but I did not know about it?
If you were not told about the fee before closing, contact the bank and explain. Some banks will refund the fee if they failed to disclose it clearly. If the fee was in your account agreement, the bank is unlikely to refund it, but asking costs nothing.