So remember that checking account that I recently closed? Well apparently I closed out the account just in time because the bank sent me a letter saying they were changing the terms of the account.
I got the account while in college and it was classified as a free checking account so I kept it open even though it did not earn any interest. With the new changes to the account there would now be a $7 monthly service fee which could be waived if the following terms were met:
-Daily minimum balance of $1500
-Total Direct Deposits of at least $500
img from fsbshannon-polobank.net
I almost lost my mind when I saw the first condition. I mean REALLY, they want to see a minimum DAILY balance of $1500 on a non-interest bearing account!!!
I feel really relieved that I decided to close this account now before I had to see those ridiculous requirements for not having a fee attached to an account. I still love my ING account which is fee free and does not require you to have a minimum balance or a certain level of direct deposits or any of those other things.
I really hate the fact that more and more banks are adding on these fees to accounts when they really should be keeping long standing accounts free.
I’m just wondering what’s going to happen with the ING accounts now that there becoming Capital One. Will they let us keep all of the sub-accounts we have?
I’m not changing anything just yet since it’s not my main savings, but I’ll be watching for changes.
I will have a thousand heart attacks if Capital One goes and changes the ING stuff. I have settled into a nice little rhythm with my automatic transfers, weekly credit card payments and transfers to sub accounts for savings and emergencies etc.
I love ING and I really hope they do not mess it up. The account I closed was with another bank.
My sister works for Capitol One and I don’t think they will be making any major changes. You should still be able to keep you sub accounts.
I love my capitol one card, great benefits and low rates. Good mention. If you are going to have a CC, then they are highly recommended.
From the banks perspective, though, it’s got to be a major pain in the rear to have thousands and thousands of accounts with a hundred bucks or so in them. There’s obviously some level of overhead involved here so from their perspective, the fact that some of these customers would leave is actually probably favorable to them. It sucks that there’s no loyalty being built here by these types of actions, but those days seem to be in the past anyways.
believe me…banks are major liars. i felt that on my own “skin”. i have my own experiences that show you how banks can play with your life. so today, i don’t have a credit card, loan, mortgage or any source of money leeching “thingy”.
and btw, I’m fully supporting you in your deeds.
I really hope they don’t mess with stuff… I just got an email about how they now have a check books for electric orange and I think that’s a positive change… but I pray to all that is holy that they won’t get rid of the ability to get sub accounts… My budget depends on them…
almost same thing happened to me, I had an a/c with a min. balance and was happy with that. but after 3 years they just sent a mail that the average quarterly balance has been increased, since I’ve no idea about the quarterly balance. I feel like safe to get closed my a/c. and to my surprise they didn’t closed my a/c for another week after applying then I had to mail to the head office to get my a/c closed….
@ Lulu the best thing to do is stick with your ING account. forcing you to have a minimum balance seems too strange.
And such a large one too!!!!
I don’t have accounts with min balances. I am very surprised that they changed terms on you like that. A min balance of $1500 is a lot to ask of an account holder!
Aren’t you sick of how the banks just keep raping and pillaging? If the whole bailout and subsequent treasury trillion given to banks for lending all ending up in their wallets wasn’t enough, they have the chutzpah to now start charging for even debit cards. Starting this fall, Wells Fargo will charge you to just to have a card, per month.
My Chase account now has a minimum balance which is difficult to maintain, but the fee is low (i think like $10 a month). The way I look at it, not everything should be free and Chase has treated me well over the years, so I think it’s worth it. To each his own though.
-Jordan
Nice move on your part to get out like that. It always amazes me that often times the targets for charges are for those who can least afford it. Its no wonder those who are on the financial bring continue to be pushed down further.
-Jean