10 Sneaky Banking Fees


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Account Closing Fee

To ensure they can provide your account information for audits and IRS summons, some banks will charge account closing fees.
To ensure they can provide your account information for audits and IRS summons, some banks will charge account closing fees.
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For a bank, closing an account means more than completing a couple of forms and transferring your money elsewhere. To ensure they can provide your account information for audits and IRS summons, banks will keep records for a few years after your account is closed [source: IRS]. Plus, the bank must handle any deposits, charges or outstanding checks it receives for that account.

In what may be an effort to cover the cost of these activities, a bank can charge an account-closing fee, but it probably won't charge this fee for every closing. For example, checking account rules for Chase as of January 2011 indicate there is a $25 account closing fee, but only if the account is closed within 90 days of opening [source: JPMorgan Chase].

Even if you've avoided most of the fees listed so far, you might still find it hard to steer clear of the next one when you're in a crunch.