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Monday, November 22, 2010 - 10:47 PM
(1 stars)
They May Close Your Account At Will
Clear Sky Accounts (1 stars)They closed my account because I did too many ACH transfers and "alway left one dollar behind."
I am not a rate chaser. Their rate is not the highest and I have had a savings account with them for more than two years. Over periods of time, I have kept most of my liquid money with them. When they lowered the rate to below 1.6%, I moved to a reward checking at another bank. Since that bank does not allow initiating ACH transfers, I have been using the clearsky account for the transfers. The frequency is about once per week. This is below the 6 outgoing transfer per month limit. I was just two weeks away from maxing out the reward checking account limit. My plan was to start filling the clearsky account after that even if they dont have the best rate.
One week ago, they told me that I could no longer do transfers and leave one dollar behind. As far as I know, this is not written anywhere. The only reference I can find is the 6/month limit and the $1 minimium balance requirement. When questioned about this, the CSR admited that this was not a written rule. I decided to go by their rule anyways and build up the balance by depositing $100 every Friday (pay day). This would only last for two weeks as my reward checking is approaching max.
Incidentally, I had a CD maturing on Tuesday. So I moved it to the other bank on Thursday and the $100 deposit arrived on Friday. They told me the next Monday that they would close my account because I had a $1 balance on Thursday! My average balance during that entire week is more than $10k.
I bet if I had both accounts with them and always kept the account with the lower rate at $1, they wouldn't mind it at all. It would have given them a chance to charge overdraft fees.
So in two weeks, I would be parking my liquid money elsewhere with a better rate. There are plenty of choices elsewhere.
I am not a rate chaser. Their rate is not the highest and I have had a savings account with them for more than two years. Over periods of time, I have kept most of my liquid money with them. When they lowered the rate to below 1.6%, I moved to a reward checking at another bank. Since that bank does not allow initiating ACH transfers, I have been using the clearsky account for the transfers. The frequency is about once per week. This is below the 6 outgoing transfer per month limit. I was just two weeks away from maxing out the reward checking account limit. My plan was to start filling the clearsky account after that even if they dont have the best rate.
One week ago, they told me that I could no longer do transfers and leave one dollar behind. As far as I know, this is not written anywhere. The only reference I can find is the 6/month limit and the $1 minimium balance requirement. When questioned about this, the CSR admited that this was not a written rule. I decided to go by their rule anyways and build up the balance by depositing $100 every Friday (pay day). This would only last for two weeks as my reward checking is approaching max.
Incidentally, I had a CD maturing on Tuesday. So I moved it to the other bank on Thursday and the $100 deposit arrived on Friday. They told me the next Monday that they would close my account because I had a $1 balance on Thursday! My average balance during that entire week is more than $10k.
I bet if I had both accounts with them and always kept the account with the lower rate at $1, they wouldn't mind it at all. It would have given them a chance to charge overdraft fees.
So in two weeks, I would be parking my liquid money elsewhere with a better rate. There are plenty of choices elsewhere.
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