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
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.