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Tuesday, April 9, 2019

Escheatment Fee



I received a notice from my bank that they were now charging an escheatment fee. Yeah, I had to look that up. Apparently if an account is abandoned the money gets sent to the state. Then, just to add insult to injury, the bank now charges a $50 fee to handle that. They charge $50 to help the state take your money away?

Okay, that was interesting. Then no more than two days later I get a notice that my savings account is in default for lack of activity. Thanks to looking up escheatment fee I knew where this was heading. First thing Monday I walked into the bank and had it sorted out -without paying any fees, thank you very much.

Here’s the deal with the savings account. I never wanted a savings account with that particular bank. What I wanted was to take advantage of their really great free checking account with no ATM fees -even from banks not in their system. The bank requires a minimum amount of money in a savings account to have a checking account. I put in the minimum necessary and forgot about it.

Thanks to them trying to shut down my account I now have to show some activity. I’m going to move a single dollar all around the system on a monthly basis, just to show activity. How foolish is that? The sad thing is that I’m only dealing with this particular bank because my old bank was even worse.

While in town I went to my follow up appointment at my doctor’s. He said the leg looks great. Keep doing what I’m doing. See you in six months. Pretty good news. Next week I’ve a follow up appointment with the foot doctor and I’ll be done for a while. Things are looking up.

-Sixbears

8 comments:

  1. I know one fellow who uses only cash and hasn't dealt with a bank for years. It has its inconveniences, but he's apparently willing to put up with them.

    ReplyDelete
    Replies
    1. It's getting more and more tempting every year. Pretty hard to do safely while traveling.

      Delete
  2. At least they notified you before they absconded with the money.

    Sunbank did that to my wife many moons ago. Closed an account of hers without her knowledge, and then fought her for months over it. A year later we get a notice that the account has been closed due to lack of funds.

    We could protest, but we'd have to pay their accountants' fees for them to find the mistakes...

    ReplyDelete
    Replies
    1. It was a near thing. They said they sent a warning letter, that I never got.

      I've heard bad things about Sunbank.

      Thanks to you I've just heard one more.

      Delete
  3. I had something kinda similar happen. I signed up for the credit union credit card to get the low car loan rate. Never used it. When my wife and I recently opened a joint account we found that that account was negative $5 ... because I never used it. All kinds of malarkey. Closed that account but still got to keep the low interest rate, so not too shabby overall.

    ReplyDelete
    Replies
    1. We don't have enough money to be able to keep our money.

      Delete
  4. Now days we can barely afford to be poor anymore!

    ReplyDelete