My bank, I am told, continually seeks “ways to enhance our products and services to meet your financial needs and provide you an improved banking experience.” This sort of statement is usually shorthand for “We’re about to jack up fees,” and that’s what it proves to be here:
On December 7, 2016, your account(s) will be converted to a new Personal Savings account. Your ability to earn a competitive interest rate won’t be impacted by the change, and no immediate action is required on your part.
The major change: a $5 monthly service fee.
Now do the math. The current interest rate I’m being paid is, um, 0.03 percent. Last month I earned a whole four cents on this account. Five bucks will eat that up rather quickly.
In practice, I will not be affected by this fee: a $10 transfer from checking per month, or an average balance of $250, will get the fee waived. In the six years this account has been open, the balance has never been as low as $250. So this is apparently aimed at the folks who keep ten bucks in savings just to say they have a savings account. I’m told there are some such.