No more minimum balance fee

[Joan.of.the.Arch]

The bank we use charges a fee on the checking account if it drops below a certain level. This week, armed with an mail ad from another bank, DH went into ours to see if they would drop that fee, the implication being that we might switch to the competitor bank. When we initially opened the account, we had asked them to axe the fee, but they would not budge. Well, moved by the advertisement, they "flipped a switch" and --tah-dah-- no more fee for failing to keep the minimum balance.

[disneysteve]

Good for you. It never hurts to ask. Going in armed with a competitor's offer is always a good thing to try.

[simpleyme]

that is excellent,
at our credit union the minimum balance counts all our accounts together including a Ira and savings I really like that as we will never get charged the fee no matter what

[MiikeB]

My CU has a $5 minimum, but they make it so you can't even see that $5 in the balance so it is like its never there, unless you close the account, at which time you get it back.

[Joan.of.the.Arch]

Miike, I'm guessing that $5 is the cost of a share in the credit union. You have membership in the CU by owning a share.

Simplyme, yes, my CU is accommodating, too. The reason I wanted to remove the minimum balance requirement on my bank account was that I could shift more money over to my credit union account. There was no problem keeping that much money in an institution. I just want it where it serves me best. The CU earns 5+% interest compared to the bank at 0.23%. But I do need the bank account for other reasons.

[mommyof4]

Good for you!