Could I take all of my money out of the bank without being charged any money?

Question

I live in Ohio and my bank is "First" and I was wondering if I took all of my money out today, would I owe them any money? They told me to let at least 100$ in there unless I would be charged a certain amount of money..but I forget how much the charge was. I really need my money out though, so any help would be appreciated. Thank you

Answer 1

It depends on what type of account this is. Without knowing that, there is no way to know if you will be charged a penalty for withdrawal. If it is a checking, then no, you probably won't be charged a penalty for closing. If it is savings, no again. However, if it is a money market account, a cd, or other investment type of account, you will be charged for an early withdrawal (if it is early).

Answer 2

If you take all your money out and close your account you will not owe them any money. That is as long as you have no outstanding checks. If a check comes in after you close out your account you will owe them for that.

If you keep the account open but fall below a certain balance, in their case $100, they will charge you a maintence fee. It depends on the bank but this is generally between $3-$20 a month. You need to ask them what they charge.

Answer 3

They charge you $$$ if you leave the account open with less than $100 in funds .

Withdrawing ALL your money means you close the account ,
That is Not the same as maintaining the account with a low balance .

If it is a checking , you must make sure all checks have cleared or else you will incur some steep bounced check fees .

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Answer 4

Unless you just barely opened your account in the last couple months you should be able to close it without a fee. You likely will be charges a fee if you take it all out and want to keep it open. They may not even allow you to do that.

Answer 5

Good luck if u bank w/ Bank of America. They charge assess all kinds of hidden fees.