So 5 years ago I opened an account at a credit union to get a good interest rate on some vehicle loans. Paid them off late last year. Had like $60 left in the account and just let it sit. Get a statement Saturday that they are taking $5 month as an "inactive account fee"! So just because I let a little amount sit there they are going to steal it all over a few months? Fucking crooks! Going by today to close the account and get what I have left out. Am going to tell them that I will never do business with them again and will bad mouth them as long as I live. Then ask them if a bad reputation was worth the $15 they took from me.

This message has been edited. Last edited by: p08,

Is there a minimum balance requirement that you aren't meeting?

Sure. Until you need a good interest rate for a vehicle again. How much money did you save financing through them? But now that you're done with them, they have to service your measly $60 ad infinitum for pennies?

If the only business you're going to offer the credit union is financing your cheapness, they're better off without you.

By the way, how much would your bank charge you to keep one account open with $60 in it per month?

Went in to close my account and was told it was some Illinois law. If an account sits for more than a year they then are required to give the money to the state to hold. So they refunded the money they took. Turns out the guy who helped me was the older brother to a friend that my daughter had when they went to the same high school.
Paten, yes they did do me well for the loans. But principle over money in my book.

My credit union has been nothing but Gold to me, for 30 years! I would never, ever go to a big name bank again, and probably not a small regional.
Free, good interest bearing checking acct provided you do a small amount of transactions per month, who doesn’t do that? Got a great HELOC thru them, a car loan a time or two. You kidding me?

I agree with Paten : “If the only business you're going to offer the credit union is financing your cheapness, they're better off without you.”

Sounds like you were angry with the credit union for following an Illinois law they had to comply with. Maybe you should be angry with the state instead.

quote:

Originally posted by dgshooter:
Sounds like you were angry with the credit union for following an Illinois law they had to comply with. Maybe you should be angry with the state instead.

Yep, always angry about Il laws! Never heard of such a thing though have you?

I was not aware of any state law regarding this, but I have seen fees assessed on accounts that had no activity for extended periods of time.

quote:

Originally posted by V-Tail:
I was not aware of any state law regarding this, but I have seen fees assessed on accounts that had no activity for extended periods of time.

Inactive for just over 1 year when I paid off the last car loan. Illinois is all about grabbing all the money it can get and holding onto it. If bank safe deposit boxes go unclaimed the state takes the contents, if it is not claimed within a period of time the state then sells the items and keeps the money.

Those fees apply to almost every state. Read the bank's fee schedule. It's clearly stated in those documents.

Service Credit Union charges $5.00 per month for low balance Money Market accounts of $5.00 per month. $10.00 for Checking under $1500.

Fees are waived if certain requirements are made such as direct deposit.

quote:

Originally posted by p08:
Turns out the guy who helped me was the older brother to a friend that my daughter had when they went to the same high school.

Ferris Bueller??

quote:

Originally posted by erj_pilot:

quote:

Originally posted by p08:
Turns out the guy who helped me was the older brother to a friend that my daughter had when they went to the same high school.

Ferris Bueller??

I heard he's real sick and needs a kidney transplant.

Every lending institution I’ve ever done business with has had some sort of “dormant account” fee.

here is the fix I used for the service fee for inactivity.

Since my VA compensation check is deposited into one checking account there I have them automatically transfer 50.00 to my other checking there (one for personal, one for business), and then have them transfer 25.00 to my savings there.

Fees avoided, and I have an instant savings of 25.00 per month or 300.00 per year.

Yep, "service" your account, because that 24 kb of storage it's taking up in their computer is really taking a toll on them. It's not like his $60 is sitting in it's own space on a shelf in their vault.

quote:

Originally posted by cas:
Yep, "service" your account, because that 24 kb of storage it's taking up in their computer is really taking a toll on them. It's not like his $60 is sitting in it's own space on a shelf in their vault.

They are a business. If they can't make money off you why should they keep the account open? What's in it for them?

quote:

Originally posted by erj_pilot:

quote:

Originally posted by p08:
Turns out the guy who helped me was the older brother to a friend that my daughter had when they went to the same high school.

Ferris Bueller??

No, he was my father's brother's nephew's cousin's former roommate.

I don't understand the rant.

Principle over money in your book? How about learning the rules of the game and playing by them? It's not like you really showed them by closing out your $60 account; I think they even did you a favor by forcing you to not have $60 doing nothing all these years.

quote:

Originally posted by Rey HRH:
I don't understand the rant.

Principle over money in your book? How about learning the rules of the game and playing by them? It's not like you really showed them by closing out your $60 account; I think they even did you a favor by forcing you to not have $60 doing nothing all these years.

You didn't read it all did you? Originally I was not going to use them for vehicle loans for my business. Those are worth a bit more than the $60 balance I had in the account. I only had money in as it was a requirement to get the loans.

I would be annoyed as well. When I enlisted in the Navy they basically made you open a Navy Federal credit union account for direct deposit. I was ok with that. I was 18. I used it for years until I basically switched to USAA as an “adult”. So I left like 87 dollars in the checking and savings (total) for like 20+ years. They never did anything and when my kids got older they were the easiest way to get them credit cards (so I could teach responsible use not their college roommates lol). No change, no fees, still easy to deal with. I love NFCU.