Opening a Sun Trust Account - Info for those thinking about it

[Brandis]

Not sure if they do any. But I declined overdraft coverage anyway.

 

[wen-tom]

they didn't ask us if we wanted an overdraft facility - probably because we explained what we would use the account for.
There were no checks done. they simply input our details onto their computer after they agreed the account.

HTH.

 

[Brandis]

I choose the free checking account and I got a small check book with it.

When I contacted Disney to do the monthly MF payments, they said I should send them a voided check which I did.

 

[skelfbsfb]

Does anybody know what credit checks are carried out if you go into the SunTrust at DTD? Are you likely to get an embarassing rejection if your credit history in UK is less than 100% perfect?

Wasnt any checks done when I signed up for account.

 

[Brandis]

Just received an e-mail from Suntrust, saying "due to changes in the industry, we are updating our product offerings and discontinuing certain account types, including Free Checking."

What it basically means is that from Nov. 10, they will charge you a monthly maintenance fee of $7 if your balance goes below $500!

As I only use that account for the DVC fees, I keep around $100 on it at any time.

Now, I have to decide if I'll eat the monthly fee of $7, keep the balance above $500 or look for another bank.

Anyone knows of another bank who still has free checking accounts?

 

[techandy]

Hi everyone!

I just called Sun Trust having opened the account last September with Raymond Gonzales (who appears to have left Sun Trust Lake Buena Vista branch) on Branch number 001 407 828-6103.

Basically, as already described if your balance falls below $500 then you will be charged $7 month from 10th November 2011. In addition to this, from that date if you use your suntrust mastercard to make purchases then you will be charged $5 for unlimited transactions in that month, ie. if your trip spans two months then you will be charged twice. (Not sure if that is calendar or statement months)

I stressed that this is very disappointing, and would strongly suggest others do the same. However the representative did inform me that suntrust is one of the last banks to implement this change, and most other US banks do the same now.

I'm not sure how easy it is for foreigners to open US accounts as you normally need a US social security number, so I guess it's leave $500 sitting there or suck up the $7 / month….



Andy

 

[susieh]

If you are able to open an HSBC Premier account in the uk then you will also be able to open an account in the US. You then get free transfers between the 2 accounts and free withdrawals from ATMs except in New York.

We did it all from the UK.

 

[skelfbsfb]

Just received an e-mail from Suntrust, saying "due to changes in the industry, we are updating our product offerings and discontinuing certain account types, including Free Checking."

What it basically means is that from Nov. 10, they will charge you a monthly maintenance fee of $7 if your balance goes below $500!

As I only use that account for the DVC fees, I keep around $100 on it at any time.

Now, I have to decide if I'll eat the monthly fee of $7, keep the balance above $500 or look for another bank.

Anyone knows of another bank who still has free checking accounts?

Ive got a SunTrust account and havent received any email so far.

 

[Elise79]

Ive got a SunTrust account and havent received any email so far.

No email here either.

Not worry about the maintence charge as that seems easy to avoid either keeping $500 in there or paying in $100 per month electronically. It is the fee for using the check card I find annoying as it is $5 per statement cycle - cross a statement date and it is going to cost you $10

 

[Brandis]

Went back to re-read the mail to see if it really says anything about paying in $100 each month to avoid the fee, but it only says:

"$7.00 monthly maintenance fee unless you maintain a $500 minimum daily collected balance OR sign up for Direct Deposit."

But then I noticed, that it said as well: "(Please note that based on your banking history you already qualify for a waiver of this monthly maintenance fee.)"

If I understand this sentence correctly, it means that even with the new account structure, I won't have to pay the maintenance fee.

As I don't reach the $500 minimum balance and also don't have Direct Deposit, there must be other criterias as well. Maybe they waive the fee for account holders who don't have an address in the US?

 

[PrincessSuzanne]

The Suntrust caught my eye, then I realized this is a thread for people living in the UK, using the Suntrsut in Florida.

Suntrust is changing this for EVERYONE, it doesn't matter where you live. I have been with Suntrust for abour 4 years and was told that my account would NEVER change because they hold our mortgage, well lo and behold, I got the letter in the mail and sure enough, the policy is changing, no matter where you live.

You might want to look else where, this is a new policy pretty much for all US banks based on a Federal law/policy changes. I am shopping around for a new bank/credit union.

 

[Oglet]

The Suntrust caught my eye, then I realized this is a thread for people living in the UK, using the Suntrsut in Florida.

Suntrust is changing this for EVERYONE, it doesn't matter where you live. I have been with Suntrust for abour 4 years and was told that my account would NEVER change because they hold our mortgage, well lo and behold, I got the letter in the mail and sure enough, the policy is changing, no matter where you live.

You might want to look else where, this is a new policy pretty much for all US banks based on a Federal law/policy changes. I am shopping around for a new bank/credit union.

I live in the US and we received our letter a few weeks ago from them. My wife called and got pretty much the same information that you all have been saying. This change has nothing to do with them needing to do it, It's being done simply because they CAN do it.

The $5 per month for unlimited ATM transactions is what has annoyed me more than anything. If you use a non Suntrust ATM your going to pay $2 - $3 for the transaction anyway, It's just another way the banking industry has decided to collect fees when the federal government prevented them from another way.

We are actually looking at other banking options such as credit unions.

 

[PrincessSuzanne]

I live in the US and we received our letter a few weeks ago from them. My wife called and got pretty much the same information that you all have been saying. This change has nothing to do with them needing to do it, It's being done simply because they CAN do it.

The $5 per month for unlimited ATM transactions is what has annoyed me more than anything. If you use a non Suntrust ATM your going to pay $2 - $3 for the transaction anyway, It's just another way the banking industry has decided to collect fees when the federal government prevented them from another way.

We are actually looking at other banking options such as credit unions.

I just got my letter this week. The $5/mo is more than just ATM's, it is also for each time you swipe it at retailers, and it appears that most banks are going to be doing this, because I have looked into all the banks in our area and they are all doing away with free checking.

Apparently our nice Gov't has decided to increase or add fees to retailers when a check card is swiped, so the banks are passing these fees on to the customer.

My husband and I have an acct thru USAA and they polled their customers to find out what options were most improtant to them and decided to do away with their rewards program and keep banking entirely free.

I have a savings with a local credit union, and that is where I opened my first checking acct, they were charging $3.95/mo to have a check card, so I moved to a bank with free checking, but it looks like the credit union has dropped that fee, so I may just move myself back there. If not, I will add another checking acct with USAA.

 

[crabbie1]

I am getting really confused now So suntrust charge a monthly fee for the account now? And what do they charge everytime the card is swiped e.g in a department store?
I can understand the monthly fee but not a charge for every time the debit card is swiped.
I have emailed sun trust 4 times now and they have been useless I am sad to say.I asked where the nearest branch was near to down town disney: How much to open the account: and what id was definatley needed.They never answered anything directly and sent me a list of ID for US citizens a list as long as my arm.When I emailed back and explained I was from the UK and they answered saying I would have to speak to the branch manager??? No address or phone number or whom to contact. Are there not any other banks us a UK citizens can open as so far there customer service has been terrible.
Do I really need to open one or can I simply load up my fairfx card to pay monthly dues?
I would like to for future trips I suppose so I can pay dolllors in. Does anyone know the address for the citibank at DTD or any other banks that do offer accounts.

 

[Brandis]

I'm not aware of a Citibank at DTD, as far as I know, there is only a Suntrust bank office there, right across the street from Ghirardelli:

http://maps.google.com/?ll=28.371245,-81.512184&spn=0.001968,0.003484&t=h&z=19&vpsrc=6

I only brought my passport and $100 to open an account. Took about 30 min. No charge to open an account, but as was said in the beginning of this thread, there might be a monthly charge if your account contains less than $500.

DVC only accepts direct debit from US bank accounts for monthly dues payment, so unless your Fairfax card is connected with a US bank account, that won't work.

 

[PrincessSuzanne]

I went back and looked at the Basic Everyday checking has a $7 monthly maintenance fee as well as $5/mo for unlimited Check Card purchases, to get the $7 fee waived, you must maintain $500 minimum collected daily balance or direct deposit, but you still have the $5/mo fee.

But be warned, again, that most banks in the US are changing to do this due to the increase in processsing fees at the point of sale, if you swipe your card.

I am not sure what other banks are in the area, we bank with Suntrust and I know about the one across from DTD.

 

[Brandis]

Another Suntrust branch is in downtown Celebration.

 

[crabbie1]

I'm not aware of a Citibank at DTD, as far as I know, there is only a Suntrust bank office there, right across the street from Ghirardelli:

http://maps.google.com/?ll=28.371245,-81.512184&spn=0.001968,0.003484&t=h&z=19&vpsrc=6

Thankyou I meant suntrust.Dont know where citibank came from

I only brought my passport and $100 to open an account. Took about 30 min. No charge to open an account, but as was said in the beginning of this thread, there might be a monthly charge if your account contains less than $500.
Yes I am aware of this

DVC only accepts direct debit from US bank accounts for monthly dues payment, so unless your Fairfax card is connected with a US bank account, that won't work.

I have heard of other UK dvc members paying with a fairfx card.Thhis is not attatched to a bank account it is a pre paid master card.

I will go back and double check my letter on the fees to use the check card.

But be warned, again, that most banks in the US are changing to do this due to the increase in processsing fees at the point of sale, if you swipe your card.


I am not sure what other banks are in the area, we bank with Suntrust and I know about the one across from DTD.

This is really harsh.Its better just to get cash out the cash points.I presume they do free cash withdrawals This is not a CC so I find this quite bad to charge for regular purchases. I could understand if it was a CC but not a regular debit card.Never mind.Thankyou both. I can see from your map where it is now. Just need to take the right documents now and see if we can deposit $500.

 

[techandy]

Just a point to note is that I also took an original copy of my UK bank statement from the, along with a water and council bill (original copies) along with my driving licence and passport - This was after I called them at the LBV branch before going (August 2010) to confirm exactly what documents they wanted me to take, to just open with a passport wouldn't be acceptable they needed further proof UK residence (address) oh and my DVC membership details.. So… to cover all bases I also took a copy of my DVC (i think mortgage documentation) … the guy who opened my account has now left Sun Trust, but seemed to want copies of everything…

Normally to open an account in the US you need a social security number, but with all this they waived it. I also needed to sign a W-8BEN form "Certificate of Foreign Status of Beneficial Owner for United States Tax Witholding"

 

[Elise79]

The debit (or check) card fee is $5 per month the card is used. I am assuming you still draw cash for free at the ATM at the branch.

I have looked and can not find any banks that have a free checking account now

Also you can only use the fair fx card to pay your dues if you pay them in a lump sum in January. Monthly payments can only be taken from a US bank account.