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Bank Accounts - Closing an Account

The bank closed my checking account and did not notify me. Is this legal?

Yes. Generally, national banks may close deposit accounts for any reason (e.g., inactivity or low usage) and without notice. Federal banking laws and regulation do not address the closing of deposit accounts.

This issue is governed by the Deposit Account Agreement you received when you opened your account. Review that Agreement, and contact your bank directly for more information.

I want to close my overdrawn checking account to avoid more overdraft fees, but the bank refuses to do so.

Generally, banks will not close accounts in overdrawn status. You may want to review your account disclosure and contact the bank for more information.

Copyright 2007 by Mark McCracken , All Rights Reserved