Thursday, October 08, 2015
Current Weather
Loading Current Weather....
Published: Thursday, 5/31/2012

Closing a bank account can be costly exercise


It could cost as much as $55 to close your bank account.

That's the finding of the advocacy group Consumers Union. The group surveyed the 10 largest banks in the country, including JPMorgan Chase, Bank of America, Citibank, and Wells Fargo.

It found that people who want to close their accounts at big banks and switch to a smaller bank can face costly obstacles.

Consumers Union says none of the 10 banks will make a same-day electronic transfer, and all 10 charge for wire transfers or certified checks. Certified checks can cost up to $10, wire transfers $30.

US Bank, Citi, HSBC, BB&T, and PNC Bank charge customers a $25 fee to close an account that has been open for fewer than 90 or 180 days.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.