posted on November 24, 2000 05:32:57 PM
i received a notice today that my bank is closing my checking account. although it is in all account agreements that a bank may do so at anytime, i of course called the bank to find out why. they had no reason other than to say it was an analyst's decision. having no overdrafts or any other problem i know of i feel it can be only one thing. perhaps they are closing accounts where they are not making enough fees. since most things are "cause and effect", is it too much of a stretch to think that since i recently started paying for some auctions through paypal, that in some way these transactions on which the bank does not collect fees has caused the bank to consider my account a losing proposition for them? although i purchase my checks elsewhere and keep my balance just high enough to avoid fees, the only new thing is paypal. has anyone else encountered this?
posted on November 24, 2000 05:45:22 PM
Is it possible that it is because you do not pay their very overpriced charges for checks and do not leave enough in your account for them to make money off of? I really do not think the paypal link would have anything to do with it. That is just my opinion though. Banks seem to be trying to shut out the small time depositor, one way or the other.
posted on November 24, 2000 05:46:01 PM
It is highly doubtfull paypal is the reason they are closeing your account.
If paypal was a problem for them they would just block ACH and wire withdrawls like other bank are doing.
The fact that you keep enough money in your account all the time to avoid fees is a good thing for the bank not a bad one they are able to use your money to make money.
if you are holding more then two checking accounts in this bank they may concider it in there best interest to close one of them who knows what lurks inside the minds of bankers.
posted on November 24, 2000 06:00:23 PM
Try a Credit Union for your banking... sometimes there are no fees at all through those types of institutions. Been banking with them for years and no problems. I have saved alot of money also with no statement fees. I figure I have averaged at least a 7.oo savings PER month over the last 15 years just in statement fees.
