Comments on: A New Low: Banks Charging Fees to Close Your Checking Account http://banktalk.org/2012/02/09/a-new-low-banks-charging-fees-to-close-your-checking-account/ Exploring the Finances of the Unbanked Tue, 22 May 2012 19:08:56 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: sdoggie http://banktalk.org/2012/02/09/a-new-low-banks-charging-fees-to-close-your-checking-account/comment-page-1/#comment-15504 sdoggie Thu, 09 Feb 2012 18:02:01 +0000 http://banktalk.org/?p=4406#comment-15504 The other question that I have upon reading your story is \"what happens if someone closes an account with less than the amount of the fee?\" Will SunTrust go after someone if the closure fee puts the account into the red? Will they put the account over to a debt collector? The other question that I have upon reading your story is \”what happens if someone closes an account with less than the amount of the fee?\” Will SunTrust go after someone if the closure fee puts the account into the red? Will they put the account over to a debt collector?

]]> By: adam r. http://banktalk.org/2012/02/09/a-new-low-banks-charging-fees-to-close-your-checking-account/comment-page-1/#comment-15503 adam r. Thu, 09 Feb 2012 17:59:32 +0000 http://banktalk.org/?p=4406#comment-15503 By the way, that was a good story. When I say that it is either that both the Globe and Pew are wrong or else SunTrust doesn't have it straight with customer service, my baseline expectation is that you have it right. By the way, that was a good story. When I say that it is either that both the Globe and Pew are wrong or else SunTrust doesn’t have it straight with customer service, my baseline expectation is that you have it right.

]]> By: adam r. http://banktalk.org/2012/02/09/a-new-low-banks-charging-fees-to-close-your-checking-account/comment-page-1/#comment-15502 adam r. Thu, 09 Feb 2012 17:58:21 +0000 http://banktalk.org/?p=4406#comment-15502 I\'m open to critiques of my thinking. Its a blog after all. I am glad that you stick with BankTalk even when you don't agree with what I am saying. Please continue to create and add opinion. I\’m open to critiques of my thinking. Its a blog after all. I am glad that you stick with BankTalk even when you don’t agree with what I am saying. Please continue to create and add opinion.

]]> By: adam r. http://banktalk.org/2012/02/09/a-new-low-banks-charging-fees-to-close-your-checking-account/comment-page-1/#comment-15501 adam r. Thu, 09 Feb 2012 17:57:37 +0000 http://banktalk.org/?p=4406#comment-15501 That is correct. What is really alarming is that their customer service people do not know about it. They should. The fact that the person that answers calls about new accounts is apparently lacking for the training to explain the costs of accounts is a real problem. The CFPB might think its a problem. That is correct. What is really alarming is that their customer service people do not know about it. They should. The fact that the person that answers calls about new accounts is apparently lacking for the training to explain the costs of accounts is a real problem. The CFPB might think its a problem.

]]> By: Todd W http://banktalk.org/2012/02/09/a-new-low-banks-charging-fees-to-close-your-checking-account/comment-page-1/#comment-15500 Todd W Thu, 09 Feb 2012 17:29:54 +0000 http://banktalk.org/?p=4406#comment-15500 fyi: The SunTrust fee is on page 4 of the bank's fee schedule. https://www.suntrust.com/docs/pdf/fee_schedules/MA_FS_RETAIL_E.pdf fyi: The SunTrust fee is on page 4 of the bank’s fee schedule. https://www.suntrust.com/docs/pdf/fee_schedules/MA_FS_RETAIL_E.pdf

]]> By: Nuts http://banktalk.org/2012/02/09/a-new-low-banks-charging-fees-to-close-your-checking-account/comment-page-1/#comment-15499 Nuts Thu, 09 Feb 2012 16:52:38 +0000 http://banktalk.org/?p=4406#comment-15499 "However, if you accept the logic that operating an account is suddenly less profitable on a per-transaction basis, it still does not justify a fee for closing an account." Seems logical to me.. If the money earned from transactions is not only marginally profitable, then an account has to remain open for a longer period of time for a bank to turn profit off the account. Therefore closing your account before that period means the bank lost money on the account, therefore the close fee offsets the lost money. I wonder sometimes if you actually believe everything you write on here, or if you just say things hoping they get picked up and repeated elsewhere as the truth.. haha Anyways, I enjoy reading you blog daily. :) But this one was a little off, IMO. “However, if you accept the logic that operating an account is suddenly less profitable on a per-transaction basis, it still does not justify a fee for closing an account.”

Seems logical to me.. If the money earned from transactions is not only marginally profitable, then an account has to remain open for a longer period of time for a bank to turn profit off the account. Therefore closing your account before that period means the bank lost money on the account, therefore the close fee offsets the lost money.

I wonder sometimes if you actually believe everything you write on here, or if you just say things hoping they get picked up and repeated elsewhere as the truth.. haha

Anyways, I enjoy reading you blog daily. :) But this one was a little off, IMO.

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