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Checking Account Changes

October 14th, 2011 at 09:53 pm

I was looking thru the notices on my bank account online earlier this week. They had sent us one last month notifying us that our free checking account would be changing in November to an $8/mo account or to $6/mo if we had a linked savings account. We do have a linked savings, but heck if I'm going to just submit to paying for our checking account after having it free for like.. ever?

So today at lunch I went into a branch and talked with a banker. They are more than happy to give you free checking if you can set up direct deposit, but that isn't an option for our paychecks. I told the banker that we have always been happy with this bank and like that they have ATMs and branches everywhere, but we would move our checking account to the credit union next door if we couldn't get free checking anymore.

He must be having these conversations multiple times daily. With the notice going out and the "99%" movements he said a lot of people are changing accounts. Anyhow, he was very friendly and quickly found an 'account product' that will work. Get this - College Checking!
There is a $3/mo fee IF your balance averages less than $500 for the month. I keep a cushion in checking and there is a steady flow of money thru, so this shouldn't be an issue. I am willing to give it a try because I do like the service I've gotten the past 13 years.

Nope, you don't have to be a student or be 20 or live at home to have the College Account. Thought that was interesting.
Why even name it that? Rolleyes

Our old account was named Custom Management.

I told the banker they should consider naming accounts like this: Super Special Savings or Valued Client Checking. Big Grin

We'll see how this works out... I've got other options if it doesn't.

I wonder how many people won't try to change their accounts or how many will even notice they're paying a fee now.

3 Responses to “Checking Account Changes”

  1. -Jerry- Says:

    That's funny... a College Account that has nothing to do with college? I agree with you, considering the current situation in the US it should lead them to call it something else. That could prove to be a marketing tack for them, and give them some insurance of more clients as well.

  2. ceejay74 Says:

    I'm glad you found a solution for now. I'm worried too, that someday I'm going to have to pay to access my own money. I mean, if suddenly no banking was free, it's not like you could ask your company to give you cash...

    What really really gets to me is that probably people that have a cushion are going to be able to find free checking. So who's going to really pay? As always, the poor who don't have a cushion. Grr...

  3. snafu Says:

    Good on you for taking action, physically going to the bank and talking to a representative. I'm guessing that 80% of their customers never read the on-line notice and most everyone pays the fee/auto deduction just grumbling a little.

    Has anyone ever question the bank's free 'float' from clients chequing?

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