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Can I be charged for not using my savings & loan account?

post #1 of 8
12/14/09 at 8:34pm
Thread Starter 
I belong to Wachovia, but have not used my account in over a yr.. I got a letter telling me, there could be a fee charged to me (they made it sound like a re occurring fee) if I don't use my account? Is this legal? I bank at Wells Fargo, & have a joint account with my mother, since she is hurting for money.. I just deposit my check into our account at Wells Fargo..
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post #2 of 8
12/14/09 at 9:59pm
Unfortunately they can probably do whatever they want. Earlier this year my bank insitiuted a $10 monthly fee on my checking account. It's just a fee for nothing at all. Fortunately though, if you have direct deposit (which I do) the fee is waived. My only thinking is that the fee is for the teller's inconvenience of having to cash the paychecks of their customers.
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post #3 of 8
12/14/09 at 10:05pm
I'd tell them to not charge me a dime or cancel the account. Sounds bogus to pay a fee to have an account.
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post #4 of 8
12/14/09 at 10:15pm
Yah, they can do that. Some CC companies are starting to charge a fee if you don't use their card. I figure if you don't use them you don't need them. Cancel.
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post #5 of 8
12/14/09 at 11:45pm
Quote:
Originally Posted by kool bubba ice View Post
I belong to Wachovia, but have not used my account in over a yr.. I got a letter telling me, there could be a fee charged to me (they made it sound like a re occurring fee) if I don't use my account? Is this legal? I bank at Wells Fargo, & have a joint account with my mother, since she is hurting for money.. I just deposit my check into our account at Wells Fargo..
This sounds like a dormant account fee. Call your bank and see what the minimum you need to do to keep the account active. It may be as little as calling for your balance once in awhile. In California if an account is dormant long enough the state will take the money as abandoned. I don't remember how long the time period is but I remember thinking it was ridiculously short, like a year or two.
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post #6 of 8
12/15/09 at 1:19am
Yes, they can.

Check your account agreement or ask the bank to send you their latest rules. They should detail the how and why of service charges.

I highly recommend that you dump your commercial bank and take up with a credit union. There are many of them and you should be able to join one. The vast majorit of credit unions have reasonable fees and a lot of other benefits for members.

Not to get into politics, but I have not been pleased with most national banks lately. There's no better way to show your discontent than to stop using them.
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post #7 of 8
12/15/09 at 2:06am
The fee is entirely legal and your only options really end up being either A). Toss a bit of money into the account to keep it active, or B). cancel the account altogether.
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post #8 of 8
12/15/09 at 2:44am
Close the account and bury the money in the backyard. Or send it to me.
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