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Has Anyone Had A Reward Checking Closed Because Of Small Debits?

Saturday, August 7, 2010 - 7:55 PM
This has not happened to anyone I know. Just curious.
2
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
1. Saturday, August 7, 2010 - 8:12 PM
Founders Bank did send a threatening letter but I closed my account before that since it pays higher rate on just 10k and I found it worthless to spend my time making even 10 transactions.
4
adityanmadityanm25 posts since
Jun 5, 2010
Rep Points: 157
2. Sunday, August 8, 2010 - 4:27 PM
This has not happened to anyone I know. Just curious.

"Anyone you know?"  It is all over the web (and this site), just do a search.  The most famous (recent) one I recall was City National Bank (now at 1.05% APY):

http://www.depositaccounts.com/blog/2009/10/another-case-of-bank-discouraging-small.html

Southern Bank (MO) is another example, who inititated the famous phrase: "requires to use RCA as a primary checking account." 

FAB&T, RBM, Randolph, etc. all impose some lower limit on debit transactions.

 It is a fact of life, not something/sombody you know or not:-)

Thanks for the correction of CNB, Rosie.





5
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
3. Sunday, August 8, 2010 - 8:44 PM
Thanks for the answer about the debits.  I had not seen any of those posts.

I think you might mean City National Bank and not National City who was bought out by PNC.
1
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
4. Monday, August 9, 2010 - 1:44 AM
Yes, we've seen various banks make threats or demands that RCAs be used as primary checking accounts.  But to go back to the original question, is there any actual evidence of a bank closing an account because of small transactions?
1
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 409
5. Monday, August 9, 2010 - 9:29 AM
Yes, we've seen various banks make threats or demands that RCAs be used as primary checking accounts.  But to go back to the original question, is there any actual evidence of a bank closing an account because of small transactions?

 

The answer is a definte "yes."  I would not disclose any further information due to privacy.  One can personally put it to test and find out:-)  I can assure you that it is not only threats or demands.

2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
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