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Closed Account Fee |
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A closed-account fee is a fee that issuers of credit card accounts will typically charge a customer if the customer closes an account within a certain number of days of opening such account. The amount of the closed-account fee, if any, and the applicable period, can vary from issuer to issuer. If a closed-account fee is applicable, information about the fee will be clearly stated in the card holder agreement. The typical closed account fee is a one-time fee that ranges from $5 to $25. It typically applies only to new member accounts that are closed within 60 – 90 days of opening.
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Credit Card Definitions > A - E > Closed Account Fee
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