Posted on 02/08/2013 12:13:00 PM PST by econjack
I received a letter from Fifth Third bank stating that "to improve customer service", they are cutting back from almost two dozen types of checking accounts to only six. My checking was free, provided I maintained a $1000 balance in the account. That no longer applies. Now they want $1500 minimum balance. However, that was not where they moved my checking account to. Instead, they moved it to a checking account type that had even greater requirements to qualify for a no-fee checking account. To me, giving them an interest free loan of $1000/year was enough and I told them that, unless I was granted terms equal to my old account, I would move the account (after more that 40 years with the same bank). They could care less. However, I was told that if I was a senior and did direct deposit of my SS check, I could get the fee waived. I asked why this wasn't detailed in the letter I got in the mail as a seventh choice.
Crickets...
Moral of the story: read the terms of your new account carefully and argue for free checking. After all, $180 per year adds up...you could even let your better half Supersize her meal for that much.
Everything seems to cost more and you get less, whether it's a link sausage that has the same price, but is now 13oz instead of a pound, or a bar of soap with a weird shape but looks the same size and is filled with "whipped soap". Businesses need to get some stones and tell us when the increase the price rather than trying to hide it.
Kroger’s raised the price of Ramen noodles. I think I’ll post a thread about it.
I work for a large bank on the mortgage side.
Pretty much is the case if you have a mortgage with a bank; you should be able to bank for free.
If no mortgage or liquid assets at the bank; sometimes the credit unions work better.
Make sure they don’t waive it for 3 months then start charging again. “Introductory” offers are so sneaky.
That’s the problem with the Third Bank, if you axe me. Should of gone with the First Third Bank instead of the Second, Third, Forth or Fifth! First Third Bank gives away free toasters, I hear!
I do credit unions.
A perfect example of why sooner or later this country will elect Hitler when he promises to start holding weekly televised floggings of bankers, live from Yankee Stadium.
I bank at 5/3. They sent notice of their intent to do this about a year ago, and gave everyone the option of what account they wanted. It makes no sense to have so many types of checking account. Six is enough. Get a home equity credit line; even if you don’t use it, you don’t pay fees, it helps your credit rating, and there is instant cash available for emergencies.
I’ve found 5/3 less unreasonable than other banks and that’s why I’m there.
That’s true that things like a mortgage with them or a HELC usually helps you escape the checking account fees. I don’t know 5/3’s charges for HELC, but I think I recall that there is an annual charge for it. As to reducing the types of checking accounts, I have no problem with that. However, I think they could have left the minimum deposit at $1000, given that they pay a fraction of a percent on savings but charge prime plus 2% on HELC. At least don’t insult me by trying to tell me they are reducing the number of checking account types to help me. Bullcrap! They’re doing it to help themselves.
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