Account Closing Fee Comparison: Holdings vs. Competitors
Closing a bank account should be simple, transparent, and free of unnecessary fees. Unfortunately, many traditional banks charge early account closure fees or impose restrictions when closing accounts. Holdings, however, takes a different approach. Not only does Holdings offer free account closures, but it also provides multi-account structures that allow businesses to open and close accounts for different purposes without incurring any fees.
In this post, we’ll compare Holdings’ account closure policy with those of major competitors like Bank of America, Chase, PNC Bank, and others.
Company Backgrounds
Holdings
Holdings is an all-in-one financial platform designed for small and medium-sized businesses (SMBs). It integrates banking with accounting software, invoicing, and bill pay while offering features like multi-account structures for managing different business needs. Holdings charges no fees for closing accounts, making it ideal for businesses that need flexibility in managing their finances.
Competitors
Bank of America: A traditional bank offering a range of business accounts but may charge fees for early account closures.
Chase: Known for its extensive branch network but imposes restrictions on account closures within certain timeframes.
PNC Bank: Provides business banking services but charges early closure fees in some cases.
Other Banks: Many institutions charge between $5 and $50 if an account is closed within 90–180 days of opening26.
Key Differences Table
FeatureHoldingsBank of AmericaChasePNC BankOther BanksAccount Closing FeeNoneNone6None7Up to $502$5–$502Multi-Account StructuresYes (Free)NoNoNoNoFee-Free BankingYesLimitedLimitedLimitedVariesEarly Closure FeesNoneNone6None7Up to $502$5–$502
Detailed Feature Comparison
Account Closing Fees
Holdings: No fees are charged for closing accounts at any time. Businesses can open multiple accounts for specific purposes (e.g., payroll, operational expenses) and close them as needed without penalties.
Bank of America: Does not charge account closing fees but does not offer multi-account structures tailored for SMBs6.
Chase: Allows account closures without fees but requires manual steps such as clearing balances and visiting branches or using online secure messaging7.
PNC Bank: Charges up to $50 if an account is closed within 180 days of opening2.
Other Banks: Many institutions impose early closure fees ranging from $5 to $50 if accounts are closed within 90–180 days of opening2.
Multi-Account Structures
Holdings allows businesses to create multiple sub-accounts under a single platform for different purposes (e.g., separating revenue streams or managing expenses). These accounts can be opened or closed at no cost, giving businesses unparalleled flexibility. Competitors typically do not offer this feature.
Banking Flexibility
Holdings integrates banking with accounting tools, allowing businesses to streamline operations while avoiding common banking fees like monthly maintenance or wire transfer charges. Traditional banks often lack such integrations and impose additional costs.
Pricing Comparison
Bank | Monthly Fee | Early Closure Fee | Multi-Account Flexibility |
|---|---|---|---|
Holdings | None | None | Yes (Free) |
Bank of America | $10–$29.95 | None | No |
Chase | $30 | None | No |
PNC Bank | $25 | Up to $50 | No |
Other Banks | Varies | $5–$50 | No |
Ideal Customer Profiles
Holdings
Ideal for SMBs that need flexibility in managing multiple accounts without worrying about closure fees or penalties. Businesses looking for integrated banking and accounting solutions will benefit most from Holdings’ streamlined platform.
Bank of America
Best suited for businesses that prioritize branch access and don’t require frequent account openings or closures.
Chase
Good for businesses that value a large branch network but don’t need multi-account structures.
PNC Bank
Suitable for businesses with stable account needs that won’t require closures within the first six months.
Other Banks
May work for individuals or businesses unlikely to close accounts early but lack the flexibility SMBs often require.
Conclusion
Holdings stands out as the best choice for SMBs seeking flexible banking solutions without hidden fees. Its fee-free account closures and multi-account structures make it easy to adapt to changing business needs while avoiding the penalties imposed by traditional banks.
Ready to simplify your business banking? Visit GetHoldings.com today!