How many times can you open and close a bank account

I've done two Woodforest open account shops and then closed them shortly after. I am interested in doing another but wondered if there's a limit to how often a bank will let you open and close an account.

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I can't imagine a bank turning away a new account just because you have closed an account (presumably on good terms) in the past. I know the bonuses they offer for "new" customers have strings attached so you can't get them too frequently but even those aren't generally one and done.

However, you didn't define quickly so if you are opening and closing in a month or two repeatedly at the same bank, you may end up with a fraud flag on your record.

I'd personally not do them more often than every 6 months.and leave the account open at least 90 days. Isn't there a rotation?

Edited 1 time(s). Last edit at 06/10/2025 03:47PM by Deedeezthoughts.

I have opened and then closed 8 Woodforest accounts over a 14 yr. period. After two, I inquired as to if the bank scrubbed past visits; the scheduler responded that they were there for bankers to access. That seemed to defeat the purpose until my banker shared the reason for the shops was compliance.

Last yrs. opening paid $215 near the end of Dec. This is a case where waiters are winners.

Account opening shops here are currently at $50. I've never done one for less than $100. Which means I often get left out because there are people near me that will work for almost nothing. I'm ok with that. If there is one within 80 miles offered for $100 or more, I may sign up to it if it fits into one of my routes.

I believe with Woodforest you have to keep it open for a certain amount of time, i believe it's 9p days and report on any solicitations you get. I may be wrong.

I do know BOA has mentioned that I ve opened and closed several accounts over the years on several shops.

If you want to close the account the MSC will help after 4 days I think? But if you want to close it through Woodforest you'll need to wait 6 months to avoid fees for closing it early.

Sometimes in a CHECKS SYSTEMS report when you have an account for 30-60 days and close it several times in a 24 month term, It can be labeled as "Suspicious Activity" I have only been questioned once by a Banker why did you open an account here then close it in a month and your back again? "I like this location better" I was careful after that. I don't want to be red flagged at a bank lol

you should be fine. the woodforest shops limit you for a year anyways.
hopefully you haven't done this yet. By next month this is going to be $195+. last year like 2 weeks after I completed mine there was a shop paying $250 + $75 bonus

Watch your Chex report....impacts can be similar to your credit report.

I have opened and closed maybe six over the years. After the first one, then, each time I went in, they mention “Oh, we already have you in the system.” When it’s one of those situations where I am sitting there, and I know that they know that I know… But I just keep acting as normal as I can. Sometimes it’s really hard haha! I really don’t like doing them, but when they get those nice bonuses I go

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How many times can you open and close a bank account

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