SunTrust Bank To Hike Fees On Solid Choice Banking, Student Checking Accounts

SunTrust Bank will be raising the fees of two checking account offerings in the months following October 1, when the new debit card swipe fee caps are slated to take effect.

Starting November 10, 2011, there will be a $17 monthly fee for the Solid Choice Banking account unless the customer meets the following balance requirements:

• $5,000 or more minimum daily collected balance, or
• $10,000 total deposit balance, or
• SunTrust First Mortgage with SurePay

Currently, there is a $14 monthly fee unless the customer has a minimum daily collected balance at least $5,000 or linked deposit balances of at least $15,000.

Also, starting March 1, 2012, there will be a $4 monthly fee for the Student Checking account unless the customer meets the following balance requirements:

• Payroll direct deposit of at least $100, or
• $300 or more minimum daily collected balance in a linked parent’s/guardian’s SunTrust personal checking account, or
• $300 or more minimum daily collected balance in the Student Checking account

What may pose an even greater inconvenience to college students is the $5 fee in every month that a debit card is used for signature, PIN point of sale, or recurring debit transactions.

Currently, the Student Checking account has no monthly fee, no balance requirements, and no charge for using a debit card.

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