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

Ally6770
Ally6770   |     |   1,974 posts since 2010

This has not happened to anyone I know. Just curious.



Answers
51hh
51hh   |     |   1,673 posts since 2010
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.





adityanm
adityanm   |     |   25 posts since 2010
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.
51hh
51hh   |     |   1,673 posts since 2010
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.

Ally6770
Ally6770   |     |   1,974 posts since 2010
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.
dunker
dunker   |     |   137 posts since 2010
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?