Tuesday, May 24, 2016

Fight For Your Right To Be Fee Free

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?


  1. It is very difficult to be considered a senior when one is not yet 65. I am 59 and my friend is 65, so the bank is waiving any fees for her but not myself yet. Thank you so much for sharing, and warm greetings from Montreal, Canada.

    1. Linda, thanks for stopping by and leaving a comment! I certainly don't consider myself a senior, but if a store or company wants to do so and offer me a discount I'll certainly take it :-)

  2. I was grandfathered, too, twenty three years ago. I periodically go through merger mania and have to find someone to reset the button.

  3. one has to be careful and know the rules for all these fees. We keep a minimum balance in some of our chequing accounts that charge fees. I also switched to online statements when our bank started charging $2 for paper statements, glad I saw that notice in time!

  4. That could be really challenging as I see it. I hope it won't happen again.