New rule for banks????

[Stitchfans]

Yesterday I was at our bank to make a deposit in my DD's savings account and was told that the minimum balance for our checking account has to be $500.00 starting next month. When I asked why so high of a balance I was told that the government just made a rule that if any one goes below that balance the bank can charge a below balance fee. So now our bank will charge $9.95 a month if we go below $500.00.

Has any one else heard about this? What about people who live pay check to pay check? $10.00 out of their check for nothing is a real burden when they are trying to make ends meet. I do not understand why the government would make a law like that with the economy the way it is.

Was the cashier wrong, or is this true? This definitely is a dog eat dog world if it has come to this.

 

[happygirl]

Yesterday I was at our bank to make a deposit in my DD's savings account and was told that the minimum balance for our checking account has to be $500.00 starting next month. When I asked why so high of a balance I was told that the government just made a rule that if any one goes below that balance the bank can charge a below balance fee. So now our bank will charge $9.95 a month if we go below $500.00.

Has any one else heard about this? What about people who live pay check to pay check? $10.00 out of their check for nothing is a real burden when they are trying to make ends meet. I do not understand why the government would make a law like that with the economy the way it is.

Was the cashier wrong, or is this true? This definitely is a dog eat dog world if it has come to this.

DO you have a interest bearing account? I don't think my bank is doing that or I hope not

 

[Stitchfans]

DO you have a interest bearing account? I don't think my bank is doing that or I hope not

No. Regular checking account. No frills.

 

[taylor1293]

Call the bank to confirm. If it's true...find a new bank that doesn't charge. It's just your bank.

 

[golfgal]

There are some new banking laws that take effect this week-one has to do with credit cards and another one about bank fees. I am sure the law doesn't read that you HAVE to have a balance of $500 or higher. I am sure the law reads that banks are allowed to charge fees on accounts under $500. Banks make a lot of money on fees-over draft, account fees, etc. The new laws are designed to curb those fees so banks have to put these measures in place (like having a minimum balance). The solution probably is just not to have an actual 'savings" account if you can't keep more then $500 in the account.

 

[wdwmom2]

I just checked my banks website to make sure nothing was changing. I have their free checking. They have no minimum daily balance requirement, no monthly maintenance fee. It is not an interest bearing account. Just money in......money out!!!!!!!! Story of my life.

 

[monkeybug]

Wow! I haven't heard anything either, but I guess banks aren't exactly notorious for being up front about fees. I'll have to tell my husband so he can look into it.
We have a household account (for grocery's, clothes, entertainment..that sort of thing) Trust me I DRAIN that sucker every two weeks! $500 balance? Not likely!!!
I know my husband keeps a buffer in the other account, but I don't know if it's more than $500.

 

[Stitchfans]

It is TCF bank, forgot to mention that in case someone asks. I think tomorrow I will have to call to double check, but to be honest it would be difficult to keep that balance for us too. Sure hope that teller was misled.

 

[golfgal]

Wow! I haven't heard anything either, but I guess banks aren't exactly notorious for being up front about fees. I'll have to tell my husband so he can look into it.
We have a household account (for grocery's, clothes, entertainment..that sort of thing) Trust me I DRAIN that sucker every two weeks! $500 balance? Not likely!!!
I know my husband keeps a buffer in the other account, but I don't know if it's more than $500.

Actually, banks are VERY upfront about fees. Every time something changes on an account they have to mail out a notice to customers, they have to have notices in the bank available to read and most banks that have a website have their fee structure on the website. If you don't read that information, that is your fault, not the banks.

 

[kaytieeldr]

See your bank's website. No federal regulation of which I'm aware FORCES banks to charge ANY fees. If they won't back down or allow you to change to a no-fee account, change banks.

 

[wdwmom2]

It is TCF bank, forgot to mention that in case someone asks. I think tomorrow I will have to call to double check, but to be honest it would be difficult to keep that balance for us too. Sure hope that teller was misled.

Here, check it out......http://www.tcfbank.com/PersonalBanking/pb_checking_home.jsp

 

[kaytieeldr]

You mentioned savings account. If she has a minimum $2,500 between the two accounts, no fee http://www.tcfbank.com/PersonalBanking/pb_checking_home.jsp


Is she in high school? See if you can switch her checking account to a Student Account. Checking account minimum is only $100.

 

[Becky2005]

Hmm...Interesting. If that's the case -- it looks like I would be going to old fashioned money orders or something to pay bills. I don't think I have EVER had a balance of $500 for a whole month. Our mortgage would wipe that balance out and then some.

I know our bank charges a fee if you go below $X dollars UNLESS you have direct deposit.

Although when I went to close one checking account because it was just a seperate one with very little money & I couldn't afford the fees, the bank manager magically made it a free account for me rather than close it AND she credited back the fees they had taken out for the last 2 months. I'm not sure why but I sure did appreciate it. It's just one I use for things that come due every 6 months or so where if I don't seperate the money out it's going to get spent on other things.

 

[kaytieeldr]

Oh, yeah, one more comment: Time to change banks anyway. It appears the teller lied to you about the REASON for the change.

 

[vettechick99]

DH works for a community bank. He says the government is allowing them to do this, but it's not a rule. They do not HAVE to do it. Just saying they can if they want to. He also said $9.95 is steep (like we didn't know that! LOL)

It's the banks way of keeping your money so they can reinvest it, etc.

He said if you are not happy, move to a smaller bank. Smaller is the way to go!

Check out moveyourmoney.info (maybe later today or tomorrow since it's busy today) to find better banks in your area.

 

[Stitchfans]

You mentioned savings account. If she has a minimum $2,500 between the two accounts, no fee http://www.tcfbank.com/PersonalBanking/pb_checking_home.jsp


Is she in high school? See if you can switch her checking account to a Student Account. Checking account minimum is only $100.

No. Sorry. The checking account is mine and DH's. I was just dropping off a deposit of coins DD saved and wanted put into her savings account. DH and I have a savings and checking there. Oh, and yes she is in high school.

 

[Stitchfans]

DH works for a community bank. He says the government is allowing them to do this, but it's not a rule. They do not HAVE to do it. Just saying they can if they want to. He also said $9.95 is steep (like we didn't know that! LOL)

It's the banks way of keeping your money so they can reinvest it, etc.

He said if you are not happy, move to a smaller bank. Smaller is the way to go!

Check out moveyourmoney.info (maybe later today or tomorrow since it's busy today) to find better banks in your area.

Thank you very much. Good advice will look into that website. Think I will transfer all our accounts someplace else.

 

[kaytieeldr]

And be sure to tell TCF why you're moving your money! Are you eligible to join a credit union?

By the way, do you have or are you willing to get direct deposit? That would exempt you from the fees.

 

[Poohbear123]

I am a member of my Credit Union at work....I would NEVER change to a Bank, they rip you off, especially BOA!

 

[Carly_Roach]

DH works for a community bank. He says the government is allowing them to do this, but it's not a rule. They do not HAVE to do it. Just saying they can if they want to. He also said $9.95 is steep (like we didn't know that! LOL)

It's the banks way of keeping your money so they can reinvest it, etc.

He said if you are not happy, move to a smaller bank. Smaller is the way to go!

Check out moveyourmoney.info (maybe later today or tomorrow since it's busy today) to find better banks in your area.

I couldn't get through on moveyourmoney.info, but I was able to find a local bank by using this url: http://moveyourmoney.info/find-a-bank

Maybe it's just their main page that's down because of all the traffic?

Unfortunately, no Lansing banks are listed on the page I put my zip code into. Most of the banks that are listed are TCF, the one the OP was seeing the high fee at.