For a number of reasons, I ended up with four bank accounts: free ipod (that I gave to my brother), high interest rate, convenient location. One of the credit unions lost its luster when it no longer had competitive interest rates and was at an inconvenient city relative to my current locations for work and residence. Since it was my college account, I couldn’t bear to part with it so I left it open with the minimum allowed.
For months on end I saw that it earned a few cents of interest when I checked the statements, which I eventually stopped checking since it wasn’t that interesting to see that I got a few cents.
Then recently, I saw that my account had gotten below the $50 threshold. Gosh dangit! They charged me a dormant account fee since I hadn’t used my account for a while. Because of that fee, it made my balance go below $50. That resulted in $4 fee every month. Since I didn’t check my monthly statements I lost almost half that money until I closed the account.
If I had known about such a fee, I would had closed my account. I was aware of the $50 minimum so I abided by that it.
So the tip of the day is to close those inactive accounts and check bank statements regularly.