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Man Fights Bank For His 'Lifetime' Free Checking

Ken Tumin
Ken Tumin   |     |   5,945 posts since 2009

Have you opened a checking account at a bank that the bank claims is free for life? Did it stay free even after the bank was acquired by another bank? This article from the ABC affiliate in San Francisco has an amusing story of a man who has been successful in keeping his checking account free for 40 years. However, it took some recent fighting with Bank of America to keep it free.

An excerpt:

This consumer's account stayed free for 40 years and then fees showed up on his statement. He demanded the bank live up to its promise no matter how old the promise. Robert Whitten was a 17-year-old high school junior in Virginia in 1971 when he made a great financial decision.

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Shorebreak   |     |   4,118 posts since 2010
My parents had a free safe deposit box "for life" at a Great Western Bank in California. They passed away and the bank let me have the free deposit box as long as I maintained my checking account with Great Western. Great Western Bank was  bought-out by Home Savings, which honored the free deposit box agreement also. Home Savings was then bought-out by Washington Mutual, which also honored the original agreement.  I moved out of state and closed the deposit box. A couple of years later I closed my checking account with Washington Mutual before they failed and were taken over by Chase.  I wonder if Chase would have honored the original agreement? Probably not.