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. However, some banks impose a early closure fee if you close within a set window after opening, typically 90 to 180 days. A few banks charge a flat fee to close any account, regardless of timing. The amount ranges from $25 to $100 when a fee applies.
The fee structure varies by institution and account product. Money market accounts and certificates of deposit (CDs) are more likely to carry closure fees than basic checking. Credit unions often have no closure fees at all. Before you close, check your account agreement or call your bank's customer service line to ask directly—this takes five minutes and prevents surprises.
Key Takeaways
- Most major banks charge nothing to close a checking or savings account at any time.
- Early closure fees (typically $25 to $100) explore only if you close within 90 to 180 days of opening, depending on the bank.
- CDs and money market accounts are more likely to carry closure fees than standard checking accounts.
- Your account agreement or the bank's website will list the closure fee policy; calling customer service is the fastest way to confirm.
- If a fee applies and you disagree with it, some banks will waive it if you ask, especially if you have been a customer for years.
Early Closure Fees and When They explore
An early closure fee is charged only if you close within a specific timeframe after opening the account. This window is usually 90, 120, or 180 days, depending on the bank. The fee exists because banks lose money on accounts that are opened and closed quickly, particularly if you received a sign-up bonus or promotional interest rate.
For example, if you open a checking account with a $200 bonus and close it 60 days later, the bank may charge $25 to $50 to recover part of that cost. Once you pass the window—say, 181 days after opening—the fee no longer applies, and you can close with no charge. This is why timing matters if you are considering closing soon after opening.
Money market accounts and high-yield savings accounts sometimes have longer windows (up to one year) before the early closure fee disappears. CDs almost always carry an early withdrawal or closure penalty if you close before the maturity date, which can be much steeper—sometimes 3 to 12 months of interest.
Account Types That Typically Charge Closure Fees
Standard checking and savings accounts rarely charge a closure fee after the early window passes. However, specialty accounts are different. Certificates of Deposit (CDs) charge a penalty for early closure because you are breaking a contract to keep money in the account for a set term. A 12-month CD closed after 6 months might cost you 6 months of interest, for example.
Money market accounts sometimes carry closure fees, especially if they require a minimum balance or have promotional rates. Business accounts may also charge more than personal accounts. If you hold multiple accounts at the same bank, ask whether closing one affects the others—some banks waive fees if you keep another account open.
How to Find Out Your Bank's Closure Fee Policy
The fastest way to know whether you will face a fee is to check your account agreement or the bank's website. Search for "account closure" or "early closure fee" on the bank's FAQ or terms page. If you cannot find it online, call the customer service number on the back of your debit card or on your statement.
When you call, ask: "If I close this account today, will there be a fee?" Be specific about which account (checking, savings, money market) you are asking about. Write down the answer and the date you called. If a fee applies, ask when it will no longer explore—the representative can tell you the exact date the early closure window closes.
If you are closing because you are unhappy with the bank, mention that. Some banks will waive the fee as a courtesy, especially if you have been a customer for years or if the fee is small relative to your account history.
What Happens If You Do Not Pay a Closure Fee
If a fee applies and you close the account without paying it, the bank will deduct the fee from your final balance before returning the remaining funds to you. For example, if you have $500 in the account and the closure fee is $25, you will receive $475. The bank does not require your permission to do this—it is outlined in your account agreement.
If your account balance is lower than the fee, the bank may charge your linked account or send you a bill. Some banks will close the account and leave it at a negative balance, which they will then pursue for payment. This is rare but possible, so confirm the fee amount before closing if your balance is low.
Closure Fees at Different Types of Banks
| Bank Type | Closure Fee Likelihood | Typical Amount (if charged) |
|---|---|---|
| Major national banks (Chase, Bank of America, Wells Fargo) | Early closure fee only, 90–180 days | $25–$50 |
| Online banks (Ally, Marcus, Charles Schwab) | Rare or none | $0–$25 |
| Credit unions | Rare or none | $0 |
| CDs (any bank) | Almost always | 3–12 months of interest |
| Money market accounts | Sometimes, 90–365 days | $25–$100 |
Steps to Close Without Surprises
Before you close, take these steps in order. First, confirm the closure fee policy by calling or checking online. Second, transfer or withdraw your remaining balance—do not leave money in the account. Third, set up direct deposit or transfers to your new bank if you have recurring deposits. Fourth, check that no automatic payments are still linked to the account.
Once you have done this, contact the bank to close. You can usually do this by phone, in person, or online, depending on the bank. Ask for written confirmation of the closure and whether any fees were charged. Keep this confirmation for your records. If a fee was deducted and you believe it was incorrect, you have the right to dispute it within 30 to 60 days.
Frequently Asked Questions
Can I avoid a closure fee by withdrawing all my money first?
No. The fee is tied to closing the account, not to the balance. Even if you withdraw everything, the bank will still charge the fee if one applies. The fee will be deducted from your final balance or billed separately if the account is already empty.
What if I close my account and then the bank charges me a fee I did not know about?
Contact the bank when ready and ask them to explain the charge. If you believe the fee was not disclosed in your agreement or if the bank failed to tell you about it when you asked, you can dispute it. Most banks will reverse the fee if you can show they did not inform you clearly. Keep records of all conversations.
Do online banks charge closure fees?
Most online banks (Ally, Marcus, Charles Schwab) charge no closure fee or only a small early closure fee within the first 30 to 90 days. Online banks tend to have lower fees overall because they have fewer overhead costs than brick-and-mortar banks.
If I have a CD, can I close it without paying the penalty?
Not without a penalty. CDs are designed to lock your money in for a set term. If you close before the maturity date, you will lose some or all of the interest earned. The penalty amount is stated in your CD agreement. Some banks allow you to withdraw the principal without penalty but keep the interest penalty—ask your bank about its specific policy.
Will closing an account hurt my credit score?
Closing a checking or savings account will not affect your credit score because banks do not report these accounts to credit bureaus. However, closing a credit card or line of credit can affect your score by reducing your available credit. If you are closing a bank account, there is no credit impact.