7 thoughts on “Things That Make No Sense: A Fee For Not Using Your Account”

  1. I have seen these fees before. It is a way to make money off of someone who they aren’t getting transaction fee money from. If someone forgets about a $100 account they will have it in 20 months and by then it is too late. I would probably close the savings account rather than deal with the hassle if it procures no value to you.

    • Very true, the balance will eventually get so low that people will just figure it’s not worth it altogether. Still, seems sneaky.

  2. I’ve run into something similar with US Bank. They’ve started charing activity fees for $6.95 per month. You can get that waived if you have a direct deposit or keep a average daily balance (which is figured with some long drawn out formula) of some amount. We’ve banked with them for about 15 years and have never been charged a fee. I noticed they charged the fee to me last month and I had to call it in to be waived. Thankfully they did. We have multiple accounts with them and since we run our own business we don’t have direct deposits and our balance can swing quite a bit so we may not meet their requirements. That said, we may be looking for an online bank in the near future to avoid fees.

    • You really have to keep on top of them. Had it been the checking account, I certainly would have noticed that as we use it all the time and I check it almost every day. The savings account is rarely checked which I guess is what they’re counting on.

  3. I work for a credit union. We do charge a dormant account fee, but the whole account has to be dormant – no activity in any savings, checking, loan, etc. for 12 months. However we went the extra mile (hopefully) and notify members 90 days before they’d be considered dormant that there’s been no activity in their whole account and that they might incur a fee. But in that letter we let them know what to do to keep their account active. If they stay dormant, we continue to send out reminders each month. I don’t know how banks are regulated, or even if they are, but credit unions have to follow guidelines and let their members know about fees like this. I love my credit union – and not just because I work at one. 🙂

  4. I’ve never heard of this before…maybe it’s different in Canada though or something I have yet to run into? I recently switched from one of our so called ‘Big 5’ banks to a no-fee bank after realizing how much in bank fees I was paying every month (30-50/month) and so far very happy with them.

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