America’s biggest banks have been called out by consumer groups for the “hidden fees” they have tried to charge to customers over the years. While those fees are typically directed at using a bank account, such as ATM fees, monthly checking account charges, etc. it turns out banks are also winning when you close your account.
According to a recent study by consumer advocacy group Consumers Union the top 10 big banks charge up to $55 on average to close a customers account.
The group surveyed the 10 largest banks in the United States to determine the type of fees they charge when a customer wants to close an account and in many cases move their cash to another institution. Among those surveyed were JPMorgan Chase, Bank of America, Wells Fargo, Citibank, PNC, HSBC, Citi, US Bank and BB&T.
What Consumers Union discovered is that costly obstacles often exist when making a jump to smaller banking institutions. The group found that none of the 10 banks will make a same-day transfer and when they do make that transfer there will be a wire fee for all funds or a charge when customers ask for a certified check(s). The survey found that on average a certified check will cost a soon-t0-be former customer $10 while a wire transfer will run upwards of $30.
Consumers Union also found that US Bank, Citi, HSBC, BB&T and PNC Bank tack on an additional $25 fee to close an account if the customer opened the account in less than 90 or 180 days.
For customers who have a little bit of time writing a check to their new account will save them the wire or cashier’s check fees however the $25 fee for closing a new account is likely harder to avoid if a switch is deemed necessary.