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First Natl Bank Orrville Ohio Min Balance $100 Or Fee As Of 12/15/11

Tuesday, November 15, 2011 - 12:50 PMFirst National Bank (Orrville, OH) - Details
First National Bank of Orrville Ohio per 11/14/11 Statement:

"ON 12-15-11, REWARD CHECKING BECOMES BONUS CHECKING.
THERE IS A $5 FEE IF YOUR DAILY BALANCE FALLS BELOW $100
DURING THE MONTHLY STATEMENT PERIOD. THE QUALIFICATION CYCLE
BEGINS AND ENDS ON THE SAME DATE AS THE STATEMENT CYCLE."

Now for Ohio only; was nationwide.  Rate as of today 2.25% for $25k Bonus Checking Account | First National Bank | Orrville - Wayne County - Stark County | Ohio - OH

This is one of those banks that changes rates without notifying the customer.
4
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 144
1. Tuesday, November 15, 2011 - 7:48 PM
Those three sentences could be read as three separate sentences.  It could be argued that they're saying that while the name change goes into effect on 12/15, the minimum balance fee goes into effect with this statement cycle.

If you go to the bank's web page, they are already calling it Bonus Checking and the minimum balance fee language is already included in the small print at the bottom of the Bonus Checking page.

Upon reading this notice, I initiated an ACH transfer of funds to bring my account to $110. But because my account will have been below $100 for a few days at the beginning of the statement cycle, I wonder if they'll try to ding me for $5.
2
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 413
2. Tuesday, November 15, 2011 - 10:16 PM
That's a sharp eye you have there, dunker.  We have to watch closely for the tricks.

Disclosure & fee changes legally have to be provided to the customer in advance.  But I don't know *how far* in advance right off hand... this would have been a zero-day notice since it wasn't provided until the last statement.  Which would make it impossible for any acct below $100 to avoid the fee. 

I don't think even a crooked bank would try to push that across, but you never know.
1
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 144
3. Tuesday, November 15, 2011 - 10:18 PM
Those three sentences could be read as three separate sentences.  It could be argued that they're saying that while the name change goes into effect on 12/15, the minimum balance fee goes into effect with this statement cycle.

If you go to the bank's web page, they are already calling it Bonus Checking and the minimum balance fee language is already included in the small print at the bottom of the Bonus Checking page.

Upon reading this notice, I initiated an ACH transfer of funds to bring my account to $110. But because my account will have been below $100 for a few days at the beginning of the statement cycle, I wonder if they'll try to ding me for $5.
 

I don't intend to find out: Initiated an ACH to bring the balance to zero - secure email or phone call to follow in order to cancel the acct.
1
darkdreamer4udarkdreamer4u178 posts since
Jun 11, 2010
Rep Points: 638
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