02/09/2012 - Upset about bank fees? Want to close your bank account?
No problem, your bank says. Just one catch: There may be a fee for that.
Many banks across the country, including several in Massachusetts, are charging customers if they close a checking or savings account within several months of opening it. Boston-based Sovereign Bank, Citibank, PNC Bank, and U.S. Bank charge $25. Some smaller financial institutions demand up to $50 to close an account.
Six of 10 of the nation’s largest retail banks charge fees to close accounts, according to a study last year by the Pew Charitable Trusts, a nonprofit based in Philadelphia. These fees, however, are often buried in a thicket of legal documents, Pew found.
Pew has been pushing banks to disclose all their fees in a standard one-page format upfront and has urged the Consumer Financial Protection Bureau to require them to take that step.
Read the full article, Fees for Closing Accounts Draw Attention, on the Boston Globe's Web site.