Most banks do not charge a fee to close your account, but some do—and the fee can range from nothing to $25 or more depending on the bank and account type.
Whether you pay depends on three things: which bank you use, what kind of account it is, and whether you've met any minimum balance or activity requirements. Large national banks like Chase, Bank of America, and Wells Fargo typically do not charge closing fees. Credit unions and smaller regional banks vary widely. Some charge nothing; others charge $10 to $25 just to close the door.
The fee is not automatic. You only pay it if your bank's terms say you do. Before you close, call your bank or check your account agreement to find out whether a fee applies to you. If a fee is listed and you think it's unfair, you can sometimes negotiate it away—especially if you've been a customer for years or if the bank made an error on your account.
Key Takeaways
- Most major banks charge no fee to close an account, but credit unions and regional banks may charge $10 to $25.
- The fee only applies if your bank's account agreement lists one; check your terms or call before closing.
- Some banks waive the fee if you ask, particularly if you've had the account open for a long time.
- If your account has a negative balance or outstanding checks, the bank may hold the closing until those are resolved.
- Request written confirmation of the closure and check your credit report later to make sure the account is marked closed, not delinquent.
When banks charge a closing fee
Banks that do charge a fee typically list it in the account agreement you signed when you opened the account. The fee is most common at credit unions, online banks, and smaller regional institutions. It is less common at the largest national banks, though some do charge for closing certain account types—such as money market accounts or accounts with special features.
A few banks charge a fee only if you close the account within a certain time frame, usually six months to a year after opening it. This is sometimes called an "early closure fee." If you opened the account three years ago and are closing it now, that fee would not apply. Read the fine print or ask your bank directly whether a time limit applies to you.
Some banks also charge a fee if your account has a negative balance when you close it—meaning you owe the bank money. In that case, the bank may keep the fee from any remaining funds or send you a bill for the difference.
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?" Write down the name of the person you spoke to and the date, in case you need to dispute a fee later.
You can also check your account agreement, which you should have received when you opened the account. If you do not have a copy, log into your online banking portal—most banks post the current terms there. Search for "closing" or "account closure" on the page. If the document lists a fee, note the exact amount and any conditions (such as a time limit).
If your bank's website or agreement does not mention a closing fee, that usually means there is none. But call to confirm before you close, because policies can change and some banks do not post all fees online.
Negotiating or waiving the fee
If your bank charges a closing fee and you think it is unfair, ask whether it can be waived. Banks have discretion here, and customer service representatives can often remove the fee if you have a good reason or a long account history.
The best approach is to be direct and polite. Call the bank and say something like: "I'm closing my account because I'm moving to another bank. I see there's a $25 closing fee. Is there any way you can waive that for me?" If the representative says no, ask to speak to a supervisor. Supervisors have more authority to make exceptions.
You are more likely to get the fee waived if you have been a customer for many years, if you have a good account history with no overdrafts or disputes, or if the bank made an error that prompted you to leave. You are less likely to get it waived if you are closing the account within a few months of opening it, because the bank sees that as a sign you were testing the account.
What happens to your money when you close
When you close an account, the bank will not simply delete your balance. You need to tell the bank what to do with any remaining money. You can ask them to transfer it to another account at the same bank, send you a check, or transfer it to an account at a different bank.
If you have pending transactions—such as checks you wrote that have not cleared yet—the bank may delay the closure until those clear. This can take several days to a week. Ask the bank how long they expect it to take and whether they will charge you a fee for each day the account stays open.
If your account has a negative balance (you owe the bank money), the bank will not close it until you pay what you owe. They may deduct the amount from another account you have at the same bank, or they may send you a bill.
Getting proof of closure and protecting yourself
After you close the account, ask the bank for written confirmation. This should include the account number, the date it was closed, and the final balance. Keep this document for your records. You may need it later if a company tries to charge you on the old account or if there is a dispute about whether the account was actually closed.
Check your credit report a few weeks after closing to make sure the account is marked as "closed by consumer" or "closed at consumer's request." If it shows as "delinquent" or "charged off," contact the bank immediately and ask them to correct it. A delinquent account can damage your credit score.
If the bank charged you a closing fee and you believe it was wrong, you can dispute it. Contact the bank in writing and explain why you think the fee should not have been charged. If the bank does not respond or refuses to refund it, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state's banking regulator.
Frequently Asked Questions
Can a bank charge me a fee if I close my account online?
Yes, the fee applies whether you close online, by phone, or in person. The method does not change whether a fee is charged. However, some banks may require you to close in person or by phone if there are pending transactions or a negative balance.
What if I close my account and then the bank sends me a bill for a fee?
Call the bank and ask why you were charged. If the fee was listed in your account agreement and you were told about it before closing, you may owe it. If it was not disclosed or if you were told there was no fee, ask the bank to reverse it. If they refuse, file a complaint with the CFPB.
Do I have to pay a closing fee if I'm switching to a different bank?
Only if your bank's terms say you do. The reason you are closing does not matter—the fee applies or it does not based on the account agreement. However, you can ask the bank to waive it, and many will if you explain you are moving your business elsewhere.
Will closing my account hurt my credit score?
Closing an account itself does not hurt your credit. However, if the account shows as delinquent or charged off instead of closed by consumer, it can damage your score. Check your credit report after closing and dispute any incorrect status with the credit bureau.
What if I close my account but forget to move my direct deposits?
Any direct deposits sent to the closed account will be returned to the sender. Contact your employer or the organization sending the deposit and provide your new account number. This can take a few days to process, so update it as soon as possible to avoid missing a paycheck.