Thursday, January 5, 2012

Bank fees

Yesterday, I checked one of my bank accounts. This particular account does not have a pass book and is only on-line. It is a virtual account. When I checked it, I found that there was a $5 fee for transferring money out. Interesting that there is no fee for putting money in since the work is the same. $5 for a transfer of little over $100! Oh my. Now, apparently since the account was opened, the rules changed and the account must now have $25,000 in order to avoid fees. I do not remember receiving notification about this but it could have happened. I would never have believed that a high interest account (interest is 1.2%-that is now considered high interest) could pay so little and charge so much.
Who could believe that banking institutions that earn so much money already want more?

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