Most banks do not charge a fee to close an account, but some do—and the fee depends on the bank, the account type, and how recently you opened it.
The majority of major banks (Chase, Bank of America, Wells Fargo, Citibank, US Bank) close accounts for free. Regional banks and credit unions almost always close for free. But some banks charge a closure fee if you close within a certain window after opening—typically 90 days to six months. A few banks charge a flat fee regardless of timing, usually $25 to $50.
The fee is not automatic. It only applies if your bank's terms include one, and only if you meet the condition that triggers it. Before you close, check your account agreement or call the bank to ask directly: "Is there a fee to close this account?" If there is, ask what triggers it and whether the bank will waive it.
Key Takeaways
- Most national and regional banks charge nothing to close an account, but some charge $25 to $50 if you close within 90 days to six months of opening.
- The fee appears in your account agreement under "account closure" or "early closure"—call the bank if you cannot find it.
- If a fee applies, ask the bank to waive it; many will if you explain your reason or if you have had other accounts with them.
- Close the account in writing (by mail or through your online portal) rather than by phone, so you have proof of the request and the date.
- Move your money out before you close, and confirm the account is fully closed within one to two weeks.
Which banks charge closure fees and when
Banks that charge a closure fee typically do so only if you close within a set period after opening—not if you close after that window. For example, some banks charge $25 if you close within 90 days; after 90 days, the account closes free. Others charge only if you close within six months. A few charge a flat fee no matter when you close, but this is uncommon.
Online banks and credit unions almost never charge a closure fee. If you are switching from a traditional bank to an online bank or credit union, you are unlikely to face a charge. The risk is highest if you opened a new account at a brick-and-mortar bank and want to close it quickly.
The fee is disclosed in the account agreement you signed when you opened the account. It may be labeled "early closure fee," "account closure fee," or "account termination fee." If you cannot find it in the paperwork, log into your online banking portal and look for the account terms, or call the bank's customer service line and ask directly.
How to learn about your bank charges a fee
The fastest way is to call your bank's customer service number on the back of your debit card. Say: "I want to close my account. Is there a fee?" They will tell you yes or no, and if yes, they will explain the condition. Write down the answer and the name of the person who told you, in case you need to reference it later.
You can also check your account agreement online. Log into your account, look for "account terms," "disclosures," or "fee schedule," and search for "closure" or "termination." If the fee is not listed, the bank does not charge one.
If you are closing because you are unhappy with the bank or the account, mention that when you call. Many banks will waive the closure fee if you ask, especially if you have been a customer for a while or if you have other accounts with them. The worst they can say is no.
What happens if you close without paying a fee
If a closure fee applies and you close the account without paying it, the bank will deduct the fee from your account balance before closing it. If your account is already empty, the bank may send you a bill or report the debt to a collection agency, though this is rare for small fees.
To avoid this, confirm the fee amount before you close, and leave enough money in the account to cover it. Alternatively, ask the bank to waive the fee. If they refuse and you want to close anyway, you can pay the fee and move on—it is usually only $25 to $50.
The right way to close an account to avoid problems
Close your account in writing rather than by phone. This creates a record of when you requested the closure and protects you if there is a dispute later. You can close by mail, through your online banking portal, or in person at a branch.
Before you close, move all your money out of the account. This prevents the bank from deducting the closure fee from your balance and leaving you short. If a fee applies, leave just enough to cover it, or pay it separately.
After you submit the closure request, wait one to two weeks and check your account to confirm it is closed. If the account is still open after two weeks, call the bank and ask for a status update. Some banks close accounts immediately; others take a few business days.
Closure fees at specific bank types
| Bank Type | Closure Fee? | Typical Condition |
|---|---|---|
| Large national banks (Chase, Bank of America, Wells Fargo, Citibank) | Usually no | Some charge $25–$50 if closed within 90 days to six months |
| Regional banks | Usually no | Varies; check your account agreement |
| Online banks (Ally, Charles Schwab, Discover) | No | None |
| Credit unions | No | None |
| Savings banks and local banks | Varies | Check your account agreement |
What to do if the bank refuses to waive the fee
If the bank confirms a closure fee applies and will not waive it, you have three options: pay the fee and close, keep the account open, or close and dispute the charge later if you believe it was unfair.
If you believe the fee was not clearly disclosed or if the bank charged it in error, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB investigates complaints about bank fees and practices. You can also file a complaint with your state's banking regulator or attorney general's office.
In most cases, paying a small closure fee is simpler than disputing it. But if the fee is large or if you believe you were misled, a complaint is worth filing.
Frequently Asked Questions
Can a bank charge a fee if I close my account after the early closure window?
No. If the fee only applies within 90 days or six months, and you close after that period, you should not be charged. Confirm the window with the bank before you close, and if they charge you anyway, contact them to dispute it.
What if I have a negative balance when I close my account?
The bank will deduct the closure fee from your balance, making it more negative. You will owe the bank the full amount—the overdraft plus the fee. Pay it promptly to avoid collection action or damage to your banking history.
Do I have to close my account in person?
No. You can close by mail, phone, or online portal. In-person closure is not required. Use whatever method is easiest for you, but do it in writing so you have proof.
Will closing an account hurt my credit score?
Closing a bank account does not affect your credit score. Bank accounts do not appear on your credit report. Only loans, credit cards, and payment history do.
Can I reopen an account after I close it?
Yes, but the bank may treat it as a new account. If you reopen within a short time, the bank may charge a new closure fee if you close again soon after. Ask the bank about their policy before you reopen.