a definite rant!!!

**rosey7415** · 10-23-2008, 11:27 AM

$63.92. not that much...... i can live without it. it is just the darn principle of the thing!!!

ok, here goes. i had a bankbook that i had forgotten about. TOTALLY MY FAULT. i happened to find it while i was cleaning out my desk. i decided to go and close the account. this was firstfed. it has been taken over by webster bank now. my dh goes in and the teller puts my acct book to be updated. we figure not much interest on that mealsy amount. dh is standing there and it is whirring and whirring. come to find out...it was giving us 3 cents 4 cents and 5 cents each month on interest.....then it deducts a damn service charge of $3.00 each month!!! they took my $63.00 with freakin' service charges!! apparently they don't want to be bothered with saving accounts that are under $250.00!!!!! it is too much of a hassle for that small amount. like.....what hassle???...do they kill a tree with sending me a statement each month????? which of course they don't or i would have remembered i had an acct. there to begin with.

apparently, i am guessing, not remembering....... when the bank switched over they must have put that little information in that tiny pamphlet that they send you. i never read that...so that would be my fault.

i had switched over from webster bank to a local credit union a while ago. i'm so glad i did!!

it is just the fact that they took my savings..........the meager amount that it was. gggrrrrr!!!! be careful out there.....if you have kids that have small amounts in a savings acct.

toile · 10-23-2008, 11:46 AM

I was just thinking of closing our 2 kids tiny accounts.
Thanks for ranting because many dont notice this or even open the kids little monthly statements.

Is it easy to close those accounts by the way?

**hmcart** · 10-23-2008, 11:50 AM

When our bank merged with another it seemed like they changed all the rules and like you we got this tiny pamphlet in the mail that no one has time to read.

**rainbowgc** · 10-23-2008, 11:52 AM

Wow that really sucks! BTW I thought banks were suppose to turn any $ not checked on in over 1 year to the state so the owner could recover it? 3 x12 would only be $36. Seems to me they still owe you money!

**rosey7415** · 10-23-2008, 12:10 PM

Originally Posted by rainbowgc

3 x12 would only be $36. Seems to me they still owe you money!

lol...........no this was very old!!! i had totally forgotten all about it. september of 2002. but i figured it would still be in there and worth a shot. it was still mine regardless, or so i thought......lol ......foolish me!

**rosey7415** · 10-23-2008, 12:11 PM

toile......it is usually very easy to close the accounts. unless, of course your bank was bought out by another.

**McD** · 10-23-2008, 12:17 PM

Most minor savings accounts (under the age of 18) have no minimum balance requirement.

Any minimum balance requirements (and any corresponding fees) would have been put in the disclosures given to you at the time of account opening. Any changes made would have been mailed to you.

Most banks have a minimum balance requirement on savings account. Sorry this happened to you.

**McD** · 10-23-2008, 12:18 PM

Rosey--was this a minimum balance requirement fee or a dormant account fee?

The government regulates dormant accounts and requires that they be charged a fee. It's supposed to help customer's from just parking money in a bank, forgetting about it, dying, being sent to the state, having to go through all that headache etc etc.

**BlessedMomof2** · 10-23-2008, 12:57 PM

I'm sorry that happened.

**Spikey1341** · 10-23-2008, 01:04 PM

Well if they steal money like that from all their customers banks shouldn't be hurting now. That is just outrageous!

**Greebo** · 10-23-2008, 01:44 PM

Originally Posted by MrsMcDowell

Rosey--was this a minimum balance requirement fee or a dormant account fee?

The government regulates dormant accounts and requires that they be charged a fee. It's supposed to help customer's from just parking money in a bank, forgetting about it, dying, being sent to the state, having to go through all that headache etc etc.

Riiiight...and who, I'm curious, lobbied for that "dormant account fee" to become law?

Bet it was the banks!

**McD** · 10-23-2008, 01:51 PM

Originally Posted by Greebo

Riiiight...and who, I'm curious, lobbied for that "dormant account fee" to become law?

Bet it was the banks!

To be honest, I'm not sure. I'm curious now though. Researching--will update soon.

**Greebo** · 10-23-2008, 01:54 PM

Originally Posted by MrsMcDowell

To be honest, I'm not sure. I'm curious now though. Researching--will update soon.

ADMIT IT! You're a bank lobbyist and were in DC pushing for this with all your might! Its all YOUR FAULT!!! CONFESS!!!

(Ok, its been one of THOSE days at work....I admit it...)

**McD** · 10-23-2008, 03:48 PM

Okay--so I'm reading up on dormant account fees on bankrate.com. I'll post the link. Apparently, dormancy and fees vary by state and bank. When I started in banking, I was told it was regulation--perhaps it is, but laws vary by state.

http://www.bankrate.com/brm/news/bank/20010207a.asp

"What happened was the accounts were dormant so long they were escheated to the state. Every state has its own time frame. A savings account might be considered dormant if there were no transactions for 365 days. That dormant account, depending on the state, would be escheated, or handed over, to the state anywhere from three to five years later. Some banks charge a fee when an account goes dormant, but they have to try to notify the customer first. They send a notice to the last known address and remind the customer there hasn't been any activity on the account. Some customers respond, others ignore the letter and some never get the letter because they've moved or died."

**rosey7415** · 10-23-2008, 04:24 PM

i had never heard about dormant account fees. but you can bet your sweet bippy if they told about it i would have gone down right then and there to close the account.

thanks for the input..........i really had no idea..........