Yesterday I got the statement for my business checking account in the mail. After dinner I sat down to reconcile it, and was shocked to notice that underneath the Deposit and Withdrawals categories there was a new section, called Fees. The only item in the category was an $8.00 Monthly Fee.
That's not supposed to happen. Almost six years ago I converted a checking account to one for "Seniors".
I went to the bank's website to try to figure out what went wrong, and couldn't even find my account (for people 50+) listed. However, there was one for 65+. To waive a monthly fee in that account you'd need to maintain a hefty balance, or have a hefty amount automatic deposited each month. Even if the bank would let me qualify for that account I couldn't meet either the balance or deposit requirements. I researched other banks in the area, and found out that I might have to resign myself to paying a fee.
I'm signed up for direct deposits with more than a dozen different companies. It would be a pain to change the information with each of them, so I wasn't going to go down without a fight. This morning I was at the bank shortly after it opened. I talked to a banker, who pulled my information up on the computer and determined that there had, indeed, been a mistake made. She reversed the fee and told me that since I'm grandfathered into the now-obsolete account type it shouldn't happen again.
I'm going to check every month, though, just to be sure. And start investigating other options.
Five years ago today: Are You Suitable?