Two weeks back, I got a notice that one of my banks is closing down and I need to appear at the banks, sign some papers and withdraw what’s left of my savings. This bank is actually far from where I live and I only opened an account there because my sister-in-law works beside the bank and she’s the one making the transactions for me like depositing money.
I only used this bank in the past because they offer cheap minimum maintaining balance for opening a Checking Account. Since my sister-in-law changed company, my savings account with the bank became dormant. I only left 500.00 in my account which was actually the bank’s minimum for a savings account. When I went to the bank to settle what I need to settle for their closing, I was shocked that only 68.00 was left in my account. Bank charges ate almost all I’ve got.
It was a lesson learned for me. I thought that if you maintained the minimum balance in your account, nothing would happen and your money would remain as is but they said there are charges for having a dormat account which is actually more than 80% of my total money. Imagine that!
Oh well, I guess it’s not safe to bank after all.
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