It seems the hot new trend is for banks with previously free accounts to start charging $10 monthly fees. I've been hit with several of these $10 fees after missing some of the scattered FWF discussion about a particular bank. I just got burned for $30 in fees from the Countrywide to BOA conversion, making the balance on one account negative (which does not look good on checksys).
Lets update the quick summary to include a list of all banks switching over to monthly fees, as well as details for how to avoid the fee. Please limit this thread to only savings and checking and MM type accounts, as cc info will make things too cluttered.
Hopefully this idea isn't a repost. I didn't find a similar quicksummary thread when searching.
Users like you can add images, links and other relevant information about this topic.
posted: Nov. 24, 2009 @ 2:44p
tcashion3
New Member
posted: Nov. 27, 2009 @ 4:59a
Chased announced an "upgrade" to my account. It used to have a 250 minimum balance (Value Checking), but now will have either a $1,500 daily minimum or a $5000 combined minimum (savings, checking, LOC, etc) in order to avoid a $12 fee (Better Banking). Pay close attention to your Chase Statements!
On the flipside, I do know people who are getting the free account still with direct deposit or five debit-card purchases, or face a $6 fee. I'm surprised that is not the account in which they decided to "Upgrade" my current account.
citi is going to charge 8.95 unless you have $1500 minbalance
soxfan1
Eeyore
posted: Nov. 27, 2009 @ 9:29a
tcashion3 said: Chased announced an "upgrade" to my account. It used to have a 250 minimum balance (Value Checking), but now will have either a $1,500 daily minimum or a $5000 combined minimum (savings, checking, LOC, etc) in order to avoid a $12 fee (Better Banking). Pay close attention to your Chase Statements!
On the flipside, I do know people who are getting the free account still with direct deposit or five debit-card purchases, or face a $6 fee. I'm surprised that is not the account in which they decided to "Upgrade" my current account.
tc if you stop into a branch, they can get your account switched over to the no min balance one with the DD or debit.
Chase is also making some changes to my business checking account, and I was told I'd need $15,000 to avoid the $10 monthly fee (its thier premium level account which I only got b/c it came with free checks and when I signed up they let me connect the account to my Chase cc's which had a $15k+ AOR balance on them which counted toward my minimum). I have not verified this yet, but rather than keeping $15k in there, I can (1) make 5 debit purchases monthly or (2) make one cc purchase monthly. I'm going to try the cc purchase for $1 for Nov statement and see if that avoids the $10 fee.
Finally, Chase is pretty good (as are most banks) about waiving these fees once if you give them a call and ask.
MikeR397 said: Chase is also making some changes to my business checking account, and I was told I'd need $15,000 to avoid the $10 monthly fee (its thier premium level account which I only got b/c it came with free checks and when I signed up they let me connect the account to my Chase cc's which had a $15k+ AOR balance on them which counted toward my minimum). I have not verified this yet, but rather than keeping $15k in there, I can (1) make 5 debit purchases monthly or (2) make one cc purchase monthly. I'm going to try the cc purchase for $1 for Nov statement and see if that avoids the $10 fee.
Finally, Chase is pretty good (as are most banks) about waiving these fees once if you give them a call and ask.
Yeah I use my Chase biz card regularly so maybe I need to link it to my biz checking (I had Wamu free biz checking thats now Chase)
The only Citi banking accounts I have opened are the USA accounts. Got letters in the mail that my accounts will have the maintainence fee if the balance is under $1500 starting Feb 1, 2010. The letters reference "Ez Checking" as does the online app, but the account is just a USA account, so not really sure the differnce here, but careful if you have opened a few USA accounts.
HSBC got rid of their free checking account, replaced with three separate accounts:
Basic Banking: $3/mo fee 8 free checks or deposits processed per month (additional checks or deposits are $0.35 each) ATM/Check Card, Billpay, Etc.
Choice Checking: $8/mo fee (waived with $1500 combined deposit or $5000 combined deposit and credit or payroll direct deposit) Unlimited checks/deposits ATM/Check Card, Billpay, Etc.
Online Payment Acct: No Fee NO paper checks or teller deposits. Unlimited ATM Deposits (HSBC ATMs only) and Billpay drafts. ATM/Check Card, Billpay, Etc. 0.85% Interest Rate, 3 reimbursed ATM fees/month.
oopsz said: HSBC got rid of their free checking account, replaced with three separate accounts: Did HSBC send you a notice about this? I have their Interest Checking acct, which has waived fees with a direct deposit but it's no longer listed as an acct option. I don't recall getting a notice about any change in terms.
beethovengirl said: oopsz said: HSBC got rid of their free checking account, replaced with three separate accounts: Did HSBC send you a notice about this? I have their Interest Checking acct, which has waived fees with a direct deposit but it's no longer listed as an acct option. I don't recall getting a notice about any change in terms.
I did get a letter in the mail and a notice by bankmail. They said without response they would automatically convert to Basic, but I could opt in for conversion to Choice. Since I only used this account for withdrawals at overseas HSBC ATMs, I closed the account. (HSBC used to have free withdrawals at any HSBC ATM worldwide, but now charges a percentage fee. I now use my Fidelity account abroad.)
SUCKISSTAPLES said: citi is going to charge 8.95 unless you have $1500 minbalance
Is this min balance requirement just for ez checking, or can you have other citi products (i.e. CD) above 1500 to meet this requirement?
N/M. Found my answer on citi website.
citibank said: These are all the accounts whose balances are combined to help you meet the balance requirement to avoid monthly maintenance and per check fees for the Citibank EZ Checking banking package: Checking CDs Day-to-Day Savings Money Market
MikeR397 said: Chase is also making some changes to my business checking account, and I was told I'd need $15,000 to avoid the $10 monthly fee (its thier premium level account which I only got b/c it came with free checks and when I signed up they let me connect the account to my Chase cc's which had a $15k+ AOR balance on them which counted toward my minimum). I have not verified this yet, but rather than keeping $15k in there, I can (1) make 5 debit purchases monthly or (2) make one cc purchase monthly. I'm going to try the cc purchase for $1 for Nov statement and see if that avoids the $10 fee.
Finally, Chase is pretty good (as are most banks) about waiving these fees once if you give them a call and ask.The one cc purchase did not work. Got another $10 fee from Chase. Will call and complain.
MikeR397 said: It seems the hot new trend is for banks with previously free accounts to start charging $10 monthly fees. I've been hit with several of these $10 fees after missing some of the scattered FWF discussion about a particular bank. I just got burned for $30 in fees from the Countrywide to BOA conversion, making the balance on one account negative (which does not look good on checksys). BOA said last month that I was supposed to be grandfathered in permanantly for no fees, and they reversed the charged fees and said it would not happen again. Mint just sent me 3 emails that all three accounts charged another $10 fee each this month. Time to call back and see why this wasn't fixed appropriately before.
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