Closing a bank account requires an in-person branch visit and banks continue charging monthly fees during the process

Many banks, particularly large national banks like Chase and Bank of America, require customers to visit a physical branch to close a checking or savings account, refusing to process closures by phone, app, or online. So what? A customer who moved to a different state where their bank has no branches cannot close their account without traveling back or mailing a notarized letter, which many customers do not know is an option. So what? While the account remains open, the bank continues charging monthly maintenance fees of $12-$25 if the balance drops below the minimum, meaning the account the customer is trying to close is actively draining their money. So what? If the balance hits zero and fees continue, the account goes negative, and the bank may send the negative balance to collections, damaging the customer's credit score and ChexSystems record for an account they tried to close. So what? A damaged ChexSystems record can prevent the customer from opening accounts at other banks for up to five years, effectively punishing them for their previous bank's closure policy. So what? This creates a coercive retention mechanism where the difficulty of leaving makes customers stay with a bank they are unhappy with, reducing competitive pressure on banks to improve service or lower fees. The problem persists structurally because there is no federal regulation requiring banks to offer remote account closure. Banks benefit from inertia because every month a dissatisfied customer fails to close their account, the bank earns fees and retains deposit balances. Unlike telecom number portability rules, there is no banking equivalent that mandates easy switching.