Minimum Balance Requirements-savings

[billybob]

I was suprised with a $4 charge on my (wachovia) Savings account, and I called to inquire. Turns out, I have a minimum balance requirement of $300 on my savings account. I find it hard to believe, because I've had this account for about 9 years, and I specifically remember signing up for one with no such balance requirement. At some point, they must have switched it because they now dont offer a savings account without a minimum balance requirement, but they won't tell me that.

Anyway, I'm pissed, because i only use that savings account to keep like $500 of 'emergency money' in (just because my emigrant account is difficult to access- its nice to have easy access to that money). But now i feel like i only really have 200 in there, as I can't fall below. I also have 600/paycheck direct deposited in there because thats half my rent, then i transfer the 1200 back into checking to pay my rent. It's just easier for me to keep the money seperate.

Anyone have any thoughts on this? I think its stupid...

[Thrifty Ray]

Re: Minimum Balance Requirements-savings

Banks are required to disclose changes such as this one in advance. Most likely you received the disclosure...but most, myself included, do not read them as they are in legal jargon and pretty dull.

Did you ask that the bank refund the $4 since this was your first time and, now that you realize the charge, can take actions to see that you dont incur one in the future?? Some banks will refund the first one...and then your stuck with any future min. bal fees.

There are still plenty of banks out there that do not charge a MBF on savings...sounds like it may be time to start looking into it! Good luck!

[JoyJoy]

Re: Minimum Balance Requirements-savings

I changed to a credit union for that very reason.

[PrincessPerky]

Re: Minimum Balance Requirements-savings

If you bitch they may change, we get soooo much junk from the bank I often just shred it..meaning I missed the charge for getting checks back. They removed the charge, and stopped giving me my checks back.

[enabler]

Re: Minimum Balance Requirements-savings

I closed my longest-standing brick and mortar savings account over a new minimum balance fee, but not before getting the fee refunded (which they did with no problem). Check around for a local credit union that offers no (or super low, like $5) minimum balance on savings.

[NoWayNovember]

Re: Minimum Balance Requirements-savings

I agree with everyone else... I work for a bank, and our savings account is pitiful. $300 minimum balance earning 0.20%!!!

Definitely look elsewhere. Make the bank work for your business! Good luck.

[coffeebreak]

Re: Minimum Balance Requirements-savings

Why is Emigrant Direct difficult to access? I use ED and Bank of America and transfers in both directions take less than a business day. Withdrawls from ED take 7-9 hours to appear in my BofA account if I start the transfer before 5pm eastern.

Wikovia has low rates (.35 to .75%) so I wouldn't leave the $300 in the savings account. Put the $300 in ED and just leave the cash in your checking account.

Bank of America doesn't charge a fee if you automatically transfer $25 or more to your BofA savings account every month. Without the transfer, the charge is $3 if the balance falls below $300. BofA's savings rate is really low so I don't plan on using it. ED is fast enough for me.

Figure out your ED transfer rate and then set up an automatic transfer to your checking account before the rent is due.

[bharman]

Re: Minimum Balance Requirements-savings

I also had a savings account with Wachovia that had a $300 minumum balance. I got them to remove it by switching to a student accont (DH is still in college). If they hadn't done that, I'd probably just put it in my checking and deduct it from my register, so I wouldn't use it.

[Haku]

Re: Minimum Balance Requirements-savings

My credit union started charging a $1 service fee on all checking accounts not too long ago. While I was aware of it, I was slightly offended on a rhetorical level. However, it's still a good place to manage my everyday money, and the pitiful interest my account made did dull out that dollar so... I left it alone.

But yeah, I'll never go to a regular brick & mortar bank again.