Only a few years ago, banks were competing for accounts and deposits by offering free (no monthly charge) basic bank checking and savings accounts. That is now changing.
Basic bank account rates now are increasing at some banks. It is important to read bank notices and check monthly statements. That "totally free" checking account with no required minimum balance opened a few to several years ago may have changed.
US banks traditionally have advised customers to keep money in the bank, to save. It may now not be possible to do so.
At one regional bank, 'totally free checking' is no longer free. To avoid monthly checking account charges of $8.95, customers must now maintain a minimum monthly balance of $1,000 or make 10 debit card transactions (purchases or bill payments) within the monthly bank statement cycle.
Some banks now also deduct 'inactivity charges'. At one bank, a $5.00 'inactivity charge' is deducted for maintaining balances less than $1,000, without other transactions within a 3-month period. After a 3-month period of inactivity, a small balance may quickly be depleted by monthly inactivity charges.
It now may be more difficult to find a bank where it is possible to maintain a small checking account balance for local check cashing, deposits, bank checks or money orders, rolled coins or change, or other banking transactions.
Remember to read any notices from your bank about checking, savings or other account changes. A small balance may quickly be depleted by monthly inactivity charges or a new monthly fee.
Call the bank promptly if you notice a change in your expected balance. Your bank Customer Service Representative may be able to help with your first problem with these changes.
What if it is not convenient to get to this bank, its branches, or to no/low cost affiliated ATMs? Then it's a good time to start thinking about using another account or shopping around to find a new, less expensive, basic checking account.
(Read more on these and other topics in "Caveat Emptor: May the Buyer Beware" on http://monthlynotesthirteen.blogspot.com on www.google.com.)
Graphic: from Chase's Calendar, 2002.
Email mkrause54@yahoo.com or mkrause381@gmail.com to comment or request a copy of this or other blogs posted by mary for monthlynotesstaff on http://monthlynotesthirteen.blogspot.com (http://monthlynotes.blogspot.com through
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