My Bank Cancelled My Free Checking

[alternateme]

My bank just informed me that the free checking that I have enjoyed for the last 5 years will now cost $5.99 a month. What are my options? Is there a way to get them to waive this fee?

[safari]

There are plenty of banks offering free checking. You should take your business elsewhere.

[Joan.of.the.Arch]

They might restore your free checking if you ask. We had an account that was only free if the monthly balance was kept above a certain level. With a recent big change in where we earn our income, we knew we were not going to keep that level up. We explained, mentioned how many years we'd been customers (not long, really) and asked to waive the fee. They did it; no problem.

[dczech09]

For starters, give yourself a pat on the back. While a lot of people in your situation would just whine to our most exulted government officials, you are doing preparing to take action.

Call your bank and acknowledge this $5.99 per month and ask if that can be waived. If they do what I think they will do, they will elequently state that they cannot. Tell them that if they do not waive the fee, you will take your business elsewhere. If they still do not budge, then go elsewhere. There are plenty of banks that will give you free checking; I use US Bank for instance. If your bank will not waive the fee, they have lost your business and will likely lose other business too.

This goes to show that if anyone is dealing with this crap, they should just simply move there banking business and not complain to the government for help. If people would simply do this, then market forces would pretty much mandate banks to not charge for checking account privileges. Banking is a highly competitive industry and the competitors must follow suit and not try to do something stupid like charge fees normal services.

Also, you can thank our government for the banks charging you for checking accounts. It is this "financial crisis responsibility fee" and financial reform that banks will need to acquire income in creative ways to cover.

[cicy33]

Also remember that if they do agree to waive the fee, check your statements regularly. My bank had a special sign up for business accounts that they would not have a monthly fee if you signed up during a specific period. a few months later I noticed the fee was there and had to go to the bank and have it removed. because it was a special the computer when it updates or whatever it does it sometimes "catches" the accounts with special instructions and treats them like regular accounts.

[cptacek]

My bank did that, and it was my bill pay account, with all kinds of bill pay and automatic payments coming out of it. It took me a few weeks, but I moved it all over to another account and closed it. I ain't paying them to hold my money, which they can then turn around and lend for a profit!

[KellyJef]

My bank did that, and it was my bill pay account, with all kinds of bill pay and automatic payments coming out of it.

Yeah, that's a problem I would have, too. I have several automatic payments coming out of my checking account and it would be a hassle to change them to a new bank.

I'm really hoping that HSBC doesn't discontinue my free checking.

[KellyJef]

I'm really hoping that HSBC doesn't discontinue my free checking.

Well, I got the letter from HSBC telling me I would lose my free checking unless I maintain $5,000 in my accounts.

[jaine]

ING Direct is really nice ... no fees, no minimum, and also no overdraft fee. They just charge interest on the amount that you overdraw... last time I checked it was 11%. If I have an accidental overdraft I end up paying 2 or 3 cents at the end of the month for it. Much better than a $40 fee!