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Chicago business owner Mark Henderson said he closed his account about 18 months ago and kept receiving statements with a service charge every month saying there wasn't enough money in the account. After calling several times and telling the bank's customer service representative that the account was closed, Henderson said, he gave up. "Now I just tear the statement when it comes," Henderson said. Bank of America spokeswoman Betty Riess wouldn't comment on Henderson's experience. She said the bank advises customers who are closing accounts to allow time for pending payments and deposits to clear the account. "If we receive a deposit or credit to the account after it has been closed, we may re-open the account to accept the item, and the account could be subject to associated fees. We disclose this to customers," Riess said. Consumers Union warns that customers can end up owing hundreds of dollars in penalty fees or even a monthly maintenance fee if a re-opened account falls below what is needed to avoid such a fee. Consumers are at risk of more penalty fees after they switch banks. If merchants and other billers charge for late payments for delays while re-routing automatic payments, the previous bank may charge an overdraft fee on an empty account or for a bounced check. The 10 banks surveyed are Bank of America, BB&T, Chase, Citibank, HSBC, PNC, SunTrust, TD Bank, US Bank and Wells Fargo. As part of the study, the group sent 16 secret shoppers into branches around the country to ask how to close an account and reviewed online fee schedules and account disclosures, tracked news developments, and collected consumer stories.
[Associated
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