Updates to the banking industry: review your accounts to avoid being charged fees

September 29, 2011

Changes to the banking industry may mean new fees in your future. I’d suggest that if you haven’t already, that you review your bank’s current account requirements. I have two accounts at a major bank, and have always just used the second account for savings. However, I received a letter in the mail last week telling me that all accounts are going to be charged fees if they don’t maintain certain minimum balances and if they don’t have a direct deposit of a certain amount. My primary checking meets these requirements, but my second account doesn’t, and it was going to cost me $18/month! Needless to say, I closed it.

Make sure your accounts aren’t going to incur fees when these changes take place next month. Oh, and if you want to avoid fees altogether, I’m told that credit unions aren’t going to be required to make these changes, so accounts there will still be fee free. I don’t have any credit union accounts, so if you do and want to share any thoughts please feel free!

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