Dormant Account Fee by Bank Is Teh Sux0rs

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.

2 thoughts on “Dormant Account Fee by Bank Is Teh Sux0rs”

  1. Hey Thu,

    I agree! Why the heck should we pay companies to DO NOTHING? I can understand per-check fees on accounts under $x, because it costs the bank something to process. I can even understand banks telling folks with accounts under $x that paper statements will result in fees (again, due to printing/mailing costs). But I don’t see why any banks or brokerages should charge us to *earn interest on our money* when they aren’t incurring any costs. Surely, the extra bits in their database can’t be that costly.

    I wrote about this same issue here:
    …and, from the great number of comments, it seems many others are similarly peeved. Also, to my happiness, I seem to rank in the top ten for “etrade sucks” :P

    Sadly, not in top 100 for “etrade” though. Bummer.

  2. Hi Rick, thanks for your comment. I believe that you do not need to be a re-seller or have informational content on your landing page if you are just using the competitors name as a keyword (in the display or search network), and not using it within your actual ads. So this sounds absolutely fine. Hope this helps.
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