Fees for Closing Accounts Draw Attention

Publication: The Boston Globe

Author: Todd Wallack


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.

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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.

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Read the full article, Fees for Closing Accounts Draw Attention, on the Boston Globe's Web site.

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