Inactivity fees at banks
#7951478
09/15/23 06:14 PM
09/15/23 06:14 PM
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Joined: Dec 2010
Posts: 11,217 Armpit, ak
Dirt
OP
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OP
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Joined: Dec 2010
Posts: 11,217
Armpit, ak
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Has anybody else been burned on this scam? I got statement today and a checking account got charged $7 for dormant checking. I called and asked what is this all about. Apparently, now with new owners of the CU, if no money moves in or out of this account in a whopping 6 months they start charging you a $7 fee per month. I asked if I withdraw all the money would that be an activity? Couldn't do that over phone. How about if I move all the money to savings and leave a dollar in the checking for you guys to take your $7 out every month? Their story is it cost them money to manage inactivity. That must cost more than managing activity. We are going to find out, as I figure to get $7 worth of activity by calling and moving money every month from customer service. I bet customer service actually cost something.
Last edited by Dirt; 09/15/23 08:29 PM. Reason: poor grammar
Who is John Galt?
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Re: Inactivity fees at banks
[Re: Dirt]
#7951494
09/15/23 06:26 PM
09/15/23 06:26 PM
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Joined: Dec 2006
Posts: 21,716 Sandhills Nebraska
Gary Benson
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Sandhills Nebraska
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Never heard of it but it doesn't surprise me. Most every new bldg in the city is a bank. I opened an account so I wouldn't be charged $5 to cash a check from their customer.
Last edited by Gary Benson; 09/15/23 06:27 PM.
Life ain't supposed to be easy.
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Re: Inactivity fees at banks
[Re: Brian Mongeau]
#7951540
09/15/23 07:40 PM
09/15/23 07:40 PM
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Joined: Dec 2006
Posts: 852 Kansas
Swifty
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Kansas
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At another bank my daughter had a savings account since she was a kid. It also had my wife's name on it. My wife went to close it since we haven't used that bank for many years. There was no record of the account. The bank basically stole the money and closed it with no notification to us. There should have been about $300 plus 25 years of interest. Check the website of the unclaimed property division of your state treasurer's office. That is where all properties are supposed to be turned into when the owner cannot be found. It is worth a try. Should be done for every state you have lived in.
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Re: Inactivity fees at banks
[Re: Dirt]
#7951544
09/15/23 07:58 PM
09/15/23 07:58 PM
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Joined: Mar 2020
Posts: 7,381 W NY
Turtledale
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W NY
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I deal with three banks and one of them has had an activity fee for a very long time. Seeing as I keep a checking account in that bank I don't worry about it. My credit union I believe also has one but i keep that acct pretty active. When I first found out about this years ago I was shocked but am used to it now
NYSTA, NTA, FTA, life member Erie county trappers assn.,life member Catt.county trappers
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Re: Inactivity fees at banks
[Re: Dirt]
#7951548
09/15/23 08:06 PM
09/15/23 08:06 PM
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Joined: Dec 2006
Posts: 20,111 SEPA
Lugnut
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My bank did it to me years ago. It was $2.00 after a year's inactivity back then. I called and complained, told them they should have warned me before charging me the fee. They refunded the fee. I moved the money to another account and closed the inactive one.
Eh...wot?
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Re: Inactivity fees at banks
[Re: Dirt]
#7951576
09/15/23 08:44 PM
09/15/23 08:44 PM
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Joined: Aug 2010
Posts: 10,850 Asheville, NC
charles
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Do they mail you a statement every month? FDIC insurance.
Last edited by charles; 09/15/23 08:46 PM.
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Re: Inactivity fees at banks
[Re: Dirt]
#7951582
09/15/23 08:55 PM
09/15/23 08:55 PM
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Joined: Oct 2011
Posts: 2,798 Western Shore Delaware
SJA
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Western Shore Delaware
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Start taking $$$ >$$$$ out and keep it for a month or two or more. . . the bank will loose THEIR interest % on YOUR $$$. It may just change their minds when / if you tell them . . . it works, . . . I know :-)
"Humans are the hardest people to get along with." Dr. Phillip Snow
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Re: Inactivity fees at banks
[Re: Dirt]
#7951588
09/15/23 08:57 PM
09/15/23 08:57 PM
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Joined: Aug 2011
Posts: 45,578 james bay frontierOnt.
Boco
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james bay frontierOnt.
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They should charge an inactivity fee a the old age home.
Forget that fear of gravity-get a little savagery in your life.
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Re: Inactivity fees at banks
[Re: charles]
#7951611
09/15/23 09:18 PM
09/15/23 09:18 PM
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Joined: Dec 2010
Posts: 11,217 Armpit, ak
Dirt
OP
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OP
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Do they mail you a statement every month? FDIC insurance. Yes they do with two other accounts on it. No it was FDIC, now it is NCUA. I'm sure the 6 to7% they charge to loan my money out covers the cost. Ones even more inactive. It's called a C.D. They pay extra for the inactivity.
Last edited by Dirt; 09/15/23 09:29 PM.
Who is John Galt?
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Re: Inactivity fees at banks
[Re: Dirt]
#7951641
09/15/23 09:40 PM
09/15/23 09:40 PM
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Joined: Dec 2007
Posts: 5,515 Orergon
alaska viking
"Made it two years not being censored"
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"Made it two years not being censored"
Joined: Dec 2007
Posts: 5,515
Orergon
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Here's one for you: wife and I opened a new joint checking at Wells Fargo. Very little use, and after a couple of months I decided to check the balance using an ATM at the grocery store. Mind you, I didn't withdraw a dime. Next statement shows a $2.50 fee for that inquiry! I closed the account the next day.
Just doing what I want now.
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Re: Inactivity fees at banks
[Re: Dirt]
#7951664
09/15/23 10:02 PM
09/15/23 10:02 PM
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Joined: Oct 2011
Posts: 2,798 Western Shore Delaware
SJA
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Western Shore Delaware
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CASH is still king! If you have it on hand for a purchase, all you have to do is ASK if an item will be less expensive then! . . . you MAY save $$ . . . on the purchase whether big or small, and WILL save $$ on bank checks and CC! . . . think about it :-)
"Humans are the hardest people to get along with." Dr. Phillip Snow
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Re: Inactivity fees at banks
[Re: backroadsarcher]
#7951671
09/15/23 10:08 PM
09/15/23 10:08 PM
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Joined: Oct 2011
Posts: 2,798 Western Shore Delaware
SJA
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Western Shore Delaware
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Yep just got a letter from Wells Fargo on a checking account we have with them. I think it would just easier closing the account or accounts we have with them. I wonder what they would say.? They'll probably ask why. Tell 'em! :-)
"Humans are the hardest people to get along with." Dr. Phillip Snow
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