Monday, December 31, 2012 - 4:35 PM

Americanet's Dormant Account Fee

Several recent postings have warned about dormant account fees. I just checked a small account I have at AmericaNet and found that they have charged me $100 over the past ten months due to the fact that I have not used this account since February 2011. Is this legal? It seems absolutely excessive. They have my email address on record so they certainly could have contacted me to warn that this was going to happen. Do I have any recourse? I intend to close the accounts I have at this bank as well as the one I have at its sister institution Evantage Bank.

Saver5 posts since
Oct 26, 2010
Rep Points: 86

1. Monday, December 31, 2012 - 5:21 PM

I'm afraid AmericaNet's $10 monthly inactivity fee has hit many others. The fee is excessive in my opinion. You may want to try to ask for a courtesy reimbursement. The longer the time after the fee, the less chance you'll be able to get a reimbursement. So if you have been charged 10 months of this fee, you may have more difficulty getting a full reimbursement.

I have more info on this dormant fee issue at AmericaNet Bank and at other banks in this blog post.

KenBDG5,153 posts since
Nov 29, 2009
Rep Points: 117,130

2. Monday, December 31, 2012 - 5:48 PM

I closed my account with them back in March 2012 because of the possibility of being billed their excessive dormant fees, account cap, primitive website and slow ACH transfers. Too many negatives regardless the above average yield.

Shorebreak1,313 posts since
Apr 6, 2010
Rep Points: 4,961