Wednesday, September 5, 2012 - 10:51 PM

Beware Of Hidden Fees On The Online Checking ("Billpay") Account

(3 stars)

As always, read the account disclosures before opening an account.

FNBO charges a monthly "Debit Card Inactive Fee" of $1 per month if you don't use the debit card associated with the account at least once every 90 days. If you opt out of the debit card entirely and just get an ATM-only card, they charge you $1 per month, every month, period.

Since I never use debit cards, this was a deal-killer for me.

If you are one of those people who open accounts while the interest rates are good, and then leave them dormant when the rate drops, there is a dormant account fee of $25 (first month) or $10 (subsequent months). It doesn't indicate how long the dormant period is in their online disclosure.

michaelbowen1 posts since
Sep 5, 2012
Rep Points: 11

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Link to Online BillPay Account Disclosure

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1. Thursday, September 6, 2012 - 11:40 AM

In addition to "debit card inactivity" fees, some institutions require a certain level of Bill Pay activity each month or there is a "Bill Pay inactivity fee".

I keep accounts open when rates drop, and make a point of completing at least one debit/credit transaction in each qualifying cycle, and the minimum BP activity as well, if needed. That seems to avoid the dormancy issues and any associated fees.

pearlbrown1,003 posts since
Nov 2, 2010
Rep Points: 3,849