I closed my interest-bearing account, but the bank/credit union did not pay me interest up until the day I withdrew the money. Why?

Answer:

If you closed the account before the bank or credit union credited the interest, generally the bank or credit union won’t pay that interest. This is known as “forfeiture of interest.” 

However, the bank or credit union must disclose this policy in the account agreement you received when you opened the account. To find out your bank or credit union's policy, review your account agreement or ask your bank or credit union.

Was this page helpful to you?

Note: Do not include sensitive information like your name, contact information, account number, or social security number in this field.

The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.

Read full answer Hide full answer