COST OF CLOSING CHECKING ACCOUNTS
It has become very common for bank to charge customers a fee when they close their checking accounts. You will definitely be charged a fee if you decide to close your account within 90 days from opening. Many banks will charge this same fee if your account is closed with one year. Typical fees will range as little as $5 to as much as $50.

This fee is not charged by all banks. You should ask your bank for a fee schedule prior to opening your account, or you can simply ask them what their policies are regarding closing accounts. If you decide to terminate your account as a result of poor service being provided or because of mistakes that the bank has made, and you are subjective to a closing fee, ask that the fee be waived.

When closing your checking account, it is important to abide by the following guidelines to avoid bouncing checks:
 
 - Make sure you balance your checkbook. This entails making sure that all of your outstanding checks have cleared prior to closing the account.

  - Does your employer deposit your paycheck directly into your account? If this is the case, do not close your account until you are certain that your next scheduled payment is going to be deposited into your new account. A good idea would be to check with your employer to make sure that they have your new account information for deposits.

  - Do you utilize automatic deductions from your checking account for your car loan or mortgage payments? Make sure you reroute these payments to your new account before you close the old one.

  - If you have a safety deposit box, make sure you empty it and return the keys.

Learn about the other fees associated with checking accounts and what you can do to avoid having to pay bank fees.