Do banks charge a fee to close an account?

Many banks charge an early account closure fee if you close an account within 90–180 days of opening it. Typical fee: $25–$50. This fee is designed to prevent customers from opening accounts for a sign-up bonus and immediately closing. However, most banks do NOT charge a fee to close accounts that have been open longer than the minimum period. After the minimum period, closing is generally free. Banks that waive or do not charge early closure fees include most online banks (Ally, Marcus, SoFi, Discover). Always check your account agreement's fee schedule before closing.

What are the early closure fees at major banks in 2026?

Early account closure fees at major banks (2026): Chase — $25 fee if checking account closed within 90 days; Bank of America — $25 fee if account closed within 90 days of opening; Wells Fargo — varies; typically $25 within 90–180 days depending on account type; Citi — $25 if account closed within 90 days; US Bank — fee may apply for early closure; check account agreement. Online banks: Ally — no early closure fee; Marcus by Goldman Sachs — no early closure fee; SoFi — no early closure fee; Discover Bank — no early closure fee. Always verify current fees in your specific account agreement, as banks update fee schedules.

How do I avoid the early account closure fee?

Ways to avoid early account closure fees: 1) Wait out the minimum period — the most straightforward approach; keep the account open 91–180 days (depending on the bank), then close; 2) Never open an account solely for a bonus and immediately close — this is precisely what the fee targets; 3) Choose online banks — Ally, Marcus, SoFi, and Discover typically do not charge early closure fees; 4) Request a fee waiver — if you have a long relationship with the bank or another account there, the banker may waive the fee as a courtesy; 5) Read the account agreement before opening — early closure fees are disclosed in the fee schedule.

How do I properly close a bank account?

Steps to close a bank account properly: 1) Open your new account first and confirm it is active; 2) Update all autopay and direct deposits to the new account — allow at least 1–2 billing cycles to transition; 3) Spend down or transfer the remaining balance (leave enough for any pending transactions to clear); 4) Wait for all pending transactions to post (7–10 business days); 5) Request account closure in writing (branch visit, written letter, or secure message in online banking); 6) Request written confirmation that the account is closed; 7) Shred or destroy old debit cards, checks, and deposit slips; 8) Monitor your credit report — closing should not affect your score unless it involves a credit-linked product.

Does closing a bank account hurt your credit score?

Closing a standard checking or savings account does NOT affect your credit score. Bank accounts are not reported to credit bureaus (Equifax, Experian, TransUnion) and do not appear on your credit report. Exceptions that can affect your credit: if you owe the bank money (overdraft balance, unpaid fees) and the bank sends the balance to collections — this will appear on your credit report and can significantly lower your score; if the bank reports your account to ChexSystems (a bank screening bureau) — this can affect your ability to open accounts at other banks for up to 5 years, but is separate from your credit score.

Early Account Closure Fees at Top Banks 2026 — What to Know Before Switching

Early Account Closure Fees at Top Banks in 2026

Before you switch banks, check whether you owe an early closure fee. Most major banks charge $25–$50 if you close within the first 90–180 days.

Early Account Closure Fee Comparison

Bank	Early Closure Fee	Minimum Open Period
Chase	$25	90 days
Bank of America	$25	90 days
Wells Fargo	$25	90–180 days (account type varies)
Citi	$25	90 days
US Bank	$25	90 days
TD Bank	$25	90 days
Ally Bank	None	No minimum period
Marcus by Goldman Sachs	None	No minimum period
SoFi	None	No minimum period
Discover Bank	None	No minimum period
Capital One 360	None	No minimum period

Verify current fee schedules with your bank — fees change.

How to Close a Bank Account: Step-by-Step

Open new account first — confirm it is active and funded
Redirect all autopay — update each biller and employer direct deposit
Wait 2 billing cycles — ensure all autopayments have successfully transferred
Clear pending transactions — wait 7–10 days after last activity
Transfer or withdraw remaining funds
Request closure in writing — branch, letter, or secure message
Get written confirmation — document that the account is officially closed
Destroy old debit cards and checks

ChexSystems: The Bank Screening Bureau

Closing an account in good standing has no credit report impact. However, banks report customers to ChexSystems for:

Unpaid overdraft balances left unresolved
Repeated bounced checks or overdrafts
Suspected fraud

A ChexSystems record can prevent you from opening accounts at other banks for up to 5 years. Always resolve any negative balance before closing an account.

Switching Banks: Moving Your Account to a New Bank — full switching guide
Reasons to Have a Local Bank — when a branch still matters
Banking Basics Hub — complete banking guide

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy