Texas Checking Account Users May Get Caught With Closing Fees
Texans across the state may be shocked to learn that big name banks may be hit with additional fees just for closing their Texas checking account.
Ever since Bank Transfer Day, a day that put big banks in the hot seat as customers in Texas and across the country began closing a checking account due to high bank fees, it seems that national banks in Texas haven’t learned their lesson as some customers are being charged up to $55 just to close their checking account.
In addition to the charges, certain circumstances could result in residents’ closed checking accounts to re-open and be vulnerable to more fees.
Is Your Texas Checking Account Being Charged?
Consumers Group surveyed large banks like JP Morgan Chase and Bank of America to examine their account procedures and practices, including institutions that offer a Texas checking account.
The report found that some banks charge up to $10 for certified check requests and up to $30 for a wire transfer of funds. What’s most interesting is that most of the banks surveyed did not offer free same-day electronic fund transfers to Texas customers closing a checking account, despite the growing popularity and accessibility of electronic banking services.
Some banks like Citibank applied a $25 charge to customers who wanted to close their checking account in less than 90 days. Similarly, if an account if relatively new and has only been active for less than 180 days, banks like PNC Bank and US Bank penalized customers with yet another $25 charge.
What’s even more concerning is that some accounts that have already been closed from Chase and Bank of America were re-opened by the bank if direct deposit funds weren’t re-routed to the new account. This poses a great concern for Texas residents who need immediate access to their money and who do not want to have to undergo closing a checking account (and its fees) again.
Despite these realities, Texas citizens can turn to other institutions that offer a free checking account or zero account service fees to save money.
Where to Find a Free Checking Account in Texas
Locating a free checking account is far from having to find a needle in a haystack. In fact, there are many local banks and credit unions in Texas that not only offer free deposit accounts, they also strongly support your quest to save money.
These institutions have the added bonus of offering their members high deposit rates so that you can compound your earnings and affordable loan rates when you need a helping hand. Search through our network of Texas banks and credit unions to find an institution that gives your the service you deserve.