Most banks do not charge a fee to close a checking account, but some do—and the fee depends on your bank, your 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. However, smaller regional banks, credit unions, and online banks have different policies. Some charge between $25 and $100 if you close within a certain window—often 90 days to one year after opening. Others charge a fee only if you have an outstanding balance or unpaid fees at the time of closure.

The fee structure varies enough that you need to check your specific bank's policy before you close. Your account agreement or the bank's website will list the early closure fee, if one exists. If you cannot find it online, call the bank's customer service line and ask directly: "Is there a fee to close this account, and if so, how much?"

Key Takeaways

  • Most large national banks do not charge a fee to close a checking account at any time.
  • Some banks charge $25 to $100 if you close within 90 days to one year of opening the account.
  • Regional banks and credit unions are more likely to have early closure fees than national chains.
  • Your account agreement or the bank's website lists the exact fee policy for your account type.
  • You can avoid the fee by waiting out the required holding period or by switching to a bank with no early closure fee.

Which banks charge early closure fees

Banks that impose early closure fees typically do so to discourage customers from opening accounts to take advantage of sign-up bonuses and then leaving immediately. The fee is most common at regional and community banks, credit unions, and some online banks that compete on interest rates rather than brand recognition.

Examples include Ally Bank (no early closure fee, but some regional banks do charge), Charles Schwab Bank, and various credit unions. However, even within the same bank, the policy can differ by account type—a premium checking account might have an early closure fee while a basic account does not. The only reliable way to know is to read your account agreement or contact the bank directly.

National banks like Chase, Bank of America, and Wells Fargo generally do not charge early closure fees on standard checking accounts. If you have an account with one of these banks and are unsure, your account agreement came with your welcome packet or is available in your online banking portal under "Account Documents" or "Disclosures."

How long you typically have to wait to avoid the fee

If your bank does charge an early closure fee, the holding period is usually between 90 days and one year. Some banks specify 90 days, others six months, and some a full year. A few charge the fee only if you close within 30 days.

The holding period starts from the date you opened the account, not from when you made your first deposit or first transaction. If your bank's policy says "no fee after 90 days," you can close on day 91 without a charge. If you close on day 90, you will owe the fee.

Check your account agreement for the exact language. It will say something like "If you close this account within 90 days of opening, a $25 early closure fee will apply" or "Accounts closed within six months of opening are subject to a $50 fee."

What happens to outstanding balances and unpaid fees

Some banks charge a closure fee only if you have an outstanding balance or unpaid fees when you close. This is different from an early closure fee—it applies regardless of how long you have had the account. Before you close, make sure your account balance is zero and that you have no pending charges or overdraft fees.

If you close with a negative balance, the bank will deduct the closure fee from any refund you are owed, or it will add to the amount you owe. If you close with a positive balance, the bank will send you a check or transfer the funds to another account you specify. The closure fee, if charged, comes out of that balance.

Always confirm your balance and review recent transactions before you submit a closure request. Some banks process pending transactions after you close, which can result in overdraft fees even though the account is closed. Ask the bank whether any transactions are still pending and when the account will be fully settled.

How to close without paying a fee

The simplest way to avoid an early closure fee is to wait out the holding period. If your bank charges a fee for closing within 90 days and you opened the account 60 days ago, waiting 30 more days costs nothing. If you cannot wait, you have two other options: switch to a different bank that has no early closure fee, or contact the bank and ask whether the fee can be waived.

Some banks will waive the fee if you explain your situation—a move for work, a change in circumstances, or dissatisfaction with the account. There is no harm in asking, especially if you have been a customer for a while or have other accounts with the bank. The worst they can say is no. If they refuse and the fee is significant, the cost of waiting a few weeks is usually less than the fee itself.

If you are switching banks to avoid the fee, open the new account first, transfer your funds, and then close the old one. This way you do not have a gap in banking services. Make sure any automatic payments or direct deposits are updated to the new account before you close the old one.

What to do if you are charged a fee you did not expect

If the bank charged you a closure fee that you did not know about, contact customer service and ask them to explain the charge. Request a copy of the account agreement you signed and ask them to show you where the fee was disclosed. If the fee was not clearly stated in the agreement or on the bank's website, ask whether it can be reversed.

Banks sometimes waive unexpected fees, especially if the disclosure was buried or unclear. Keep records of all communications—dates, names of representatives, and what was said. If the bank refuses to reverse the fee and you believe it was not properly disclosed, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB does not reverse fees directly, but it investigates complaints and can pressure banks to change practices.

Frequently Asked Questions

Can a bank charge me a fee after I close my account?

Yes. If you close with a negative balance or unpaid fees, the bank can charge you. Some banks also process pending transactions after closure, which can trigger overdraft fees. Confirm your balance and review recent activity before you close to avoid surprises.

Do credit unions charge fees to close checking accounts?

Some do, some do not. Credit unions vary widely in their policies. Contact your credit union directly or check your account agreement. Many credit unions do not charge early closure fees, but it is not may provide.

What if I close my account and then the bank sends me a bill for a fee?

Contact the bank immediately and ask why you were charged. If the account is closed, the bank may send the bill to your mailing address on file. Pay it or dispute it through your credit card or bank if the charge was made to another account. If you believe the fee was improper, file a complaint with the CFPB.

Can I avoid an early closure fee by transferring the account instead of closing it?

No. Transferring funds to another bank is not the same as closing the account. You must formally close the account with the original bank, which is when the early closure fee applies. Closing and transferring are separate steps.

Do online banks charge more to close accounts than traditional banks?

Not necessarily. Some online banks charge no closure fee at all, while others charge $25 to $50 for early closure. The policy depends on the individual bank, not on whether it is online or brick-and-mortar. Check your bank's terms before you open.