The Freedom and Mobility in Consumer Banking Act would ensure these important protections:

• Provides consumers the right to close an account at any time, at no charge, regardless of whether the balance is positive, zero, or negative.

• Provides consumer the right to close an account in person, by phone, or by other remote means, and to receive funds by certified check or by electronic transfer to the consumer’s new account.

• Prohibits fees or charges from being assessed to an account subsequent to receiving a request to close an account.

• Requires institutions to take reasonable steps to facilitate account closures, including notifying consumers of preauthorized and recurring debits that hit their account for 30 days after a qualified account is closed.

• Provides that consumers shall be given at least 30 days to remit payment for an account that is closed with a negative balance prior to the institution’s initiating any collection activity, or reporting to a third party.

• Prohibits institutions from reporting to consumer reporting services like ChexSystems delinquencies resulting solely from overdraft or other fees assessed by the institution, to protect consumers from being shut out of the banking system due to negative consumer reports.