Some Banks Now Charging To Close Accounts
DENVER (CBS4) – Thanks to new fees and charges there is a lot of consumer frustration about banks. But one many may not have heard of is that some banks are now charging fees to close an account.
According to the policy advocacy group Consumers Union, banks have added all sorts of fees on basic checking accounts which are once again raising alarm bells.
Ten of the largest banks charging fees are as follows:
– Bank of America
— PNC Bank
— TD Bank
— US Bank
— Wells Fargo
As part of the study the group sent 16 secret shoppers into branches around the country to ask how to close an account. The survey found that people who want to close their accounts at big banks and switch to smaller banks or credit unions can face costly obstacles.
BB&T and Citibank charge a $25 fee if the account is closed within 90 days. US Bank, HSBC, and PNC Bank charge customers a $25 fee to close an account that has been open for fewer than six months. All charge for wire transfers or certified checks ranging from $10 to $30.
Some banks told CBS4 that some of the fees associated with closing an account are used to offset the administrative costs. However, no one could give a definitive answer as to why the fees fluctuate so much from bank to bank.