Banks rarely penalize you for closing a checking account, but some do charge a fee if you close within a certain window — usually 90 days to six months after opening. The fee is typically $25 to $100. Most banks waive the fee if you've kept the account open long enough or if you close it in person at a branch rather than by phone or mail. The key is to check your account agreement before you open, or call your bank now if you're thinking about closing.
Key Takeaways
- Early closure fees exist at some banks but not others, and they explore only if you close within a set timeframe — usually measured in months, not years.
- The fee amount and the window in which it applies are written in your account agreement or fee schedule, which you can request from your bank at any time.
- Closing in person at a branch sometimes avoids the fee even if closing by phone or mail would trigger it, so ask before you proceed.
- If you've already paid an early closure fee, you can contact the bank and ask them to refund it — some will if you explain your situation.
- Closing a checking account does not affect your credit score or your ability to open accounts elsewhere.
When banks charge a fee for closing early
An early closure fee is a charge some banks impose if you close an account within a certain number of months of opening it. The timeframe varies by bank — common windows are 90 days, six months, or one year. If you close outside that window, there is no fee.
The fee itself is usually a flat amount: $25, $50, or $100. A few banks charge more, but this is less common. The fee is meant to discourage customers from opening accounts just to collect a sign-up bonus and then leaving when ready, so it applies most often to accounts opened with a promotional offer.
Not all banks have this fee. Many checking accounts have no early closure penalty at all. Whether your bank charges one depends on the specific account type and the bank's own policy.
How to learn about your bank charges the fee
The early closure fee, if one exists, is listed in your account agreement or fee schedule. This is a document the bank gave you when you opened the account, either in paper form or as a PDF you can read from your online banking portal.
If you don't have the agreement, call your bank's customer service line or visit a branch and ask for a copy of the fee schedule for your specific account type. Tell them you want to know whether there is a fee for closing the account early, and if so, what the amount is and how long you need to keep the account open to avoid it.
You can also check your bank's website. Most banks publish their fee schedules online, though you may need to search for "checking account fees" or "account closure fees" rather than finding it on the main page.
What happens if you close within the penalty window
If your bank does charge an early closure fee and you close the account before the window closes, the bank will deduct the fee from your account balance before closing it. If your balance is lower than the fee amount, the bank will either charge you the difference (creating a negative balance you owe) or waive the fee because there is not enough money to cover it — policies vary by bank.
The fee does not appear on your credit report and does not affect your credit score. It is a fee between you and the bank, not a debt that gets reported to credit bureaus. However, if the bank charges you more than your balance and you don't pay the difference, that negative balance could eventually be reported and affect your credit.
The fee also does not prevent you from opening a new account at the same bank or at a different bank. Banks do not share early closure fee information with each other or with credit reporting agencies.
Ways to avoid or reduce the fee
If you know you want to close the account, ask your bank whether closing in person at a branch avoids the fee. Some banks waive the fee for in-person closures even if phone or mail closures would trigger it. This is worth asking about before you proceed.
If you have kept the account open long enough that the penalty window has closed, there is no fee to worry about. Check your account agreement to confirm the exact date the window closes — for example, if the window is 90 days, count forward from the day you opened the account.
If you have already paid the fee and believe you should not have, contact the bank and ask them to refund it. Explain your situation — for example, if you closed the account due to a hardship or if you were not aware of the fee. Some banks will refund it as a one-time courtesy, especially if you have been a customer for a while or if the fee was not clearly disclosed.
Early closure fees versus other account costs
An early closure fee is different from a monthly maintenance fee. A maintenance fee is charged every month you keep the account open, while an early closure fee is a one-time charge for closing too soon. You may have both — a checking account might have a $12 monthly maintenance fee and also charge $50 if you close within 90 days.
Some accounts waive the monthly maintenance fee if you meet certain conditions, such as keeping a minimum balance or setting up direct deposit. Closing the account does not refund the maintenance fees you already paid, but it does stop future charges.
If you are closing because the monthly fees are too high, look for a checking account with no monthly maintenance fee. Many banks and credit unions offer free checking with no minimum balance and no early closure penalty.
What to do before you close
Before you close the account, make sure any automatic payments or direct deposits are set up elsewhere. If a bill payment or paycheck is scheduled to hit the old account after you close it, the transaction may fail or be delayed.
Ask your bank whether they will charge the early closure fee before you submit the closure request. This gives you a chance to decide whether to wait until the window closes or to go ahead and pay the fee. If the fee surprises you, you can ask the bank to reconsider or to delay the closure until the penalty period ends.
Keep a record of the closure confirmation. The bank should give you a confirmation number or letter stating that the account is closed. Save this in case you need to prove the account is closed later — for example, if a payment tries to process after the closure date.
Frequently Asked Questions
Does closing a checking account hurt my credit score?
No. Closing a checking account does not appear on your credit report and does not affect your credit score. Credit scores are based on credit history — loans, credit cards, and payment history — not on checking or savings accounts. You can close as many checking accounts as you want without any impact on your credit.
Can I reopen the same account after I close it?
Most banks do not allow you to reopen the exact same account once it is closed. However, you can usually open a new checking account at the same bank. Whether you face an early closure fee on the new account depends on the bank's policy for that account type, not on the fact that you closed an account before.
What if I close my account and then the bank tries to charge me the fee?
Contact the bank when ready and ask them to reverse the charge. Explain that you were not aware of the fee or that you believed the penalty window had closed. Keep records of your account opening date and closure date to support your case. If the bank refuses, you can file a complaint with your state's banking regulator or the Consumer Financial Protection Bureau.
Do I get a refund of my balance when I close?
Yes, the bank will return your remaining balance to you, minus any outstanding fees or charges. You can ask the bank to send the balance as a check, transfer it to another account, or give it to you in cash if you close in person. The early closure fee, if one applies, is deducted from this balance before you receive it.