6. By charging on closure of an account

Have you ever noticed that whenever you walk into a bank to close a savings bank account, the keenness of the relationship manager to keep your account alive? You may have also noticed a delay in the process of account closure. But you will be shocked to know that there is a fee for closing a bank account? Yes in case if you don’t keep a bank account open for a certain period of time, most banks levy a fee. The account closure charge is between 100 and 1,200 if you close the bank account between 14 days and one year from opening it.

7. By charging on account inactivity

After a certain amount of time with no activity on an account, financial institutions typically notify clients and request an update. Accounts that go unattended for too long can be considered unclaimed by the banks. If you'd like to avoid inactivity fees, the simplest way is to make sure there's some activity on your account, even if it's small.

There are consumers who might try to avoid an account closing fee by just leaving the account open and not closing it. But unfortunately, this won’t work if the bank charges inactivity fees. If you don’t use your debit card or have a deposit made for a certain period of time, your account can be labeled as inactive.