I’ve banked through USBank for about seven years now. Savings, checking, and recently a credit line for overdraft protection.
I’m happy with the checking and the overdraft protection. But the savings account - ugh. It pays shit interest (0.10%) and if I go below the arbitrary minimum (which seems to increase every year) they tag me quarterly with a $4.00 “maintenance fee”
It’s so stupid. I’ve kept between $500-$1k in savings with this bank for about a year. Interest earned? Less than a dollar. And then when I need to dip into it to pay unexpected bills I get charged $4.00 for going below their arbitrary minimum.
I don’t want to change banks, at least for checking. I’ve got a ton of stuff set up on autopay through this checking account.
Can I just drop the savings account? Do banks let you do that? I’m getting robbed blind here. Help me out.
Chase or BankOne or National Bank of Detroit (don’t remember who or when) closed my savings account automatically for me at some point, since it never had a balance. Maybe your bank will do that for you if you just ignore it long enough.
You could also consider an interest-bearing checking account at Ford Credit, too.
Yes. I have only checking with USBank. I also closed my savings account because of the stupid minimum balance thing. Go into the bank. Talk to a rep and say I would like to close my savings account. That’s how.
I have this and while it only pays like 1.8% right now it’s actually one of the highest around.
HOWEVER, it’s not FDIC insured. It’s some sort of money market account. My dad’s had this sort of account for almost a decade I think and has never lost a cent but some people feel rightly antsy about the lack of FDIC insurance.
It’s not actually a money market account; they were told to stop marketing it as such some years back since the only investment is in Ford itself. And, right, it’s not FDIC insured; only deposit what you can afford to lose (although to date, Ford’s not been insolvent, like, say GM or Chrysler).