At some banks it will cost you to not do business with them. A fee for closing an account is typically imposed if you close an account within 90 days of opening it, but some banks zap you with the fee if the account is closed within six months. The lowest fee we've seen for this is $5, the highest $25.

This isn't a universal fee; you'll find many institutions that don't charge for this. Before opening an account, ask for a fee schedule, or at least ask specifically if there's a charge for closing an account. If you want to close an account because of poor service or mistakes that the bank has made, and closing would be subject to a fee, request that the fee be waived.

It's also important to follow some guidelines for closing a checking account or you could face some bounced-check fees, and that could give the bank the last laugh.