A friend of a friend
had what was, when he opened it, "totally free checking" account. Laid off for almost two years he had some pocket change left in there.
Bank sent him a letter saying (his story) in 6 months they were converting to "less totally free checking". I didn't grab the terms but assume either a minimum deposit or direct deposit is required to waive the fees. In his words they did it before the 6 months were up. (I doubt it-- they found a legal weasel way I'm sure.)
They charged a couple modest monthly fees until a negative balance. Now for the fun, they started adding a $35 overdraft fee... over and over again. He's $700 in the hole and in a brash example of maturity, is telling them to stick it.
Not on his radar is the "blacklist" (chex systems?) that'll keep him from getting a checkbook anywhere else ever again. He just paid his mom in cash to use her credit card to pay his car insurance (one of the "direct" companies). He'll be paying little fees up the wazoo to cash paychecks etc. (He just started working again!)
His condition aside, here's what frosts my cookies: That bank is calling his $700 debt an "asset", no doubt, and when they eventually write it off they'll claim extreme poverty and surprise! This would be an excuse to raise fees again, due to an "inhospitable business environment" or whatever.
IMO when the paychecks start adding up he should offer them $100 to close the account and call it even. His credit is trashed anyway so there isn't much to lose.
Bank sent him a letter saying (his story) in 6 months they were converting to "less totally free checking". I didn't grab the terms but assume either a minimum deposit or direct deposit is required to waive the fees. In his words they did it before the 6 months were up. (I doubt it-- they found a legal weasel way I'm sure.)
They charged a couple modest monthly fees until a negative balance. Now for the fun, they started adding a $35 overdraft fee... over and over again. He's $700 in the hole and in a brash example of maturity, is telling them to stick it.
Not on his radar is the "blacklist" (chex systems?) that'll keep him from getting a checkbook anywhere else ever again. He just paid his mom in cash to use her credit card to pay his car insurance (one of the "direct" companies). He'll be paying little fees up the wazoo to cash paychecks etc. (He just started working again!)
His condition aside, here's what frosts my cookies: That bank is calling his $700 debt an "asset", no doubt, and when they eventually write it off they'll claim extreme poverty and surprise! This would be an excuse to raise fees again, due to an "inhospitable business environment" or whatever.
IMO when the paychecks start adding up he should offer them $100 to close the account and call it even. His credit is trashed anyway so there isn't much to lose.
