Thinking of switching to a different checking account
By Lena Kovadlo
@lovebuglena (52144)
Staten Island, New York
October 4, 2021 2:30pm CST
One of my checking accounts requires you to have a $15,000 minimum balance or you have to pay a $25 monthly fee.
That's a pretty high minimum balance requirement, though some banks have a minimum that's $50,000, $75,000, or even more, which is crazy.
The monthly fee isn't cheap either.
I am thinking of switching to a different checking account in the same bank.
I do not want to have to spend $25 every month once I get below the minimum balance amount.
I wonder if the account number changes or stays the same when you do that.
Maybe I should even switch to a different bank but I don't really want to do that because this bank has more branches, which is a big convenience for me as I do not drive. There is even one by my house, though this location will close end of November.
8 people like this
6 responses
@Lignitecityabishek96 (7116)
• Cuddalore, India
4 Oct 21
I would gladly pay the 25 USD and stay there as I can't afford the more money to have in the checking account. This limit should be reduced. What's the interest rate you bank provides you per annum?
@lovebuglena (52144)
• Staten Island, New York
4 Oct 21
Since this is a checking account I think it doesn't pay any interest. It may have paid something before but not now. My savings pays .01%, which is way too low.
1 person likes this
@Lignitecityabishek96 (7116)
• Cuddalore, India
4 Oct 21
@lovebuglena What about the Fixed Deposit?
Here we get 6% per annum. Currently reduced to 4% because of pandemic outbreak. Still few banks were paying 6%. Incase if I put it on low risks mutual funds, then 10% easily per annum.
@lovebuglena (52144)
• Staten Island, New York
4 Oct 21
@Lignitecityabishek96 What does fixed deposit mean?
1 person likes this
@allen0187 (59648)
• Philippines
6 Oct 21
@lovebuglena banks fines are exorbitant and unreasonable in my opinion.
1 person likes this
@lovebuglena (52144)
• Staten Island, New York
5 Oct 21
That is what I am thinking of doing.
It's crazy when banks have high balance minimums. For example, not being able to touch $75,000 or you pay a monthly fee. That is just crazy. Unless you are rich you can't afford to not touch that money.
1 person likes this
@kaylachan (84699)
• Daytona Beach, Florida
5 Oct 21
If you have the ability to change the account type, to one that doesn't require a fee... no the account number won't change. If you have to close and open an account, then yes.
Good luck with it all the same.
@lovebuglena (52144)
• Staten Island, New York
5 Oct 21
The other checking account still has a fee (though lower) but it is waived when you are at or higher than the minimum balance. The minimum balance requirement is much lower though.
@RasmaSandra (97912)
• Daytona Beach, Florida
5 Oct 21
Make sure you get all the information you need before you make any switch as they say read between the lines and the fine print
@lovebuglena (52144)
• Staten Island, New York
5 Oct 21
I will have to go to a branch and find out all the details.
1 person likes this
@lovebuglena (52144)
• Staten Island, New York
5 Oct 21
The interest I get in this bank is a joke but I care more about being able to get to a branch easily if I need to. That's why I want to stick with this bank.
1 person likes this
@RubyHawk (99367)
• Atlanta, Georgia
5 Oct 21
@lovebuglena Same reason for me, my bank is near and I’ve been with them for years with no problems.
1 person likes this
@LindaOHio (222254)
• United States
5 Oct 21
I wouldn't think that your account number changes for any reason. Since the bank is convenient for you, you may be stuck with them.
