Photo: Daniel Goodman / Business Insider
This may not be as big as the outrage that poured out all over America when banks tried to charge debit card fees, but it’s definitely going to make some people mad.The Boston Globe has a story out about banks that charge customers a fee to close their account. Back in October, Representative Brad Miller (D-NC), a member of the House Financial Services Committee, introduced a bill to bar banks from this practice, but it hasn’t passed.
Now it sounds like the Consumer Financial Protection Bureau could step in, especially since the Pew Charitable Trusts just released a report that says 6 of the country’s 10 largest banks are charging customers for closing their accounts in a specific span of time after they open it. The fees are generally buried in all the paperwork and fine print that comes opening a bank account, and while that’s legal nobody likes it.
U.S. Bank and PNC, two of the nation’s largest regional banks, charge $25 if customers close their accounts within 180 days. Sovereign Bank and Citibank levy the $25 penalty if customers drop their account within 90 days. And People’s United Bank, a Connecticut institution that recently expanded into Boston, charges $20 if customers close an account within six months.
All we can say is, at least it looks like Bank of America is catching a break on this one for a change.
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