10/08/2022
Closing an account too soon could cost you
Reasons for closing a bank account include moving to a new location, switching to an online bank or finding better rates or a sign-up bonus elsewhere. It pays to know whether there’s a penalty for closing your current account, however.
Some banks will charge you a fee if you close an account soon after establishing it. For instance, both KeyBank and Regions Bank charge a $25 early closure fee if you close your account within 180 days of opening it.
Read the fine print if you wish to close an account soon after opening it. You might decide to avoid an account closure fee by waiting until the designated time frame ends while opening a new account elsewhere in the meantime.
