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.