Friday, December 14, 2012 - 11:47 PM

Virtualbank Introduces Monthly Maintenance Fee

(2 stars)

Got this email:

[...]

Our goal is to be your primary bank – to support all of your savings and checking needs. That is why we are investing in these important upgrades. However, these upgrades are costly, and to help cover our expenses we will begin charging a small monthly maintenance fee on low balance eMoney Market accounts as of Jan 31st 2013.

How small is the fee? $5.00. What is the minimum balance? $100. Same as the minimum opening balance. This means that if you keep a monthly average collected balance of just $100 in your eMoney Market account, you will not be charged a maintenance fee.

For more information go to https://www.virtualbank.com/ServCharge0512.pdf

Thank you for your business, and please let us know how we can serve you better. We look forward to continuing to bring you the very best in internet banking.

Ernest Hartner
President
VirtualBank

So I said: "Goodbye Ernest."

darkdreamer4u168 posts since
Jun 11, 2010
Rep Points: 599

1. Saturday, December 15, 2012 - 9:35 AM

The $100 minimum on an account that pays (relatively) decent interest on small amounts is not terrible in my book, but it sounds like you have better opportunities.

Oh, and please clarify - was that (an) "E(a)arnest goodbye" or "Goodbye Ernest"? ;)

pearlbrown1,153 posts since
Nov 2, 2010
Rep Points: 4,755

2. Saturday, December 15, 2012 - 10:40 AM

I kept it around as a dormant acct. with a minimal balance, but now it's not viable anymore.

darkdreamer4u168 posts since
Jun 11, 2010
Rep Points: 599

3. Saturday, December 15, 2012 - 7:05 PM

Keeping $100 is doable and the rate is good, not the best but good enough. I will keep my account because I like the bank.

jimmyc3 posts since
Dec 15, 2012
Rep Points: 5