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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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