Is it normal to get charged a monthly fee for a savings account?

I used to bank with National City and got to open a savings account for free and have no monthly fees for it. Then National City got taken over by PNC. I literally JUST found out today that they've been charging me $4 each month for my savings account! Do all banks charge monthly fees for savings accounts now? I'm not sure if I should try to cancel my account altogether and find a new bank.

Update:

I wouldn't mind the fees SO MUCH if they would have simply told me about it ahead of time...just a simple letter in the mail would have been nice. I'm definitely going to look for a credit union. In the mean time, I'm keeping the money I make stashed away at home, for free!

13 Answers

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  • Anonymous
    9 years ago
    Best Answer

    The majority of banks charge a monthly fee for maintenance. At lot of it has to do with the amount you have in the account such as a low amount of cash. The fees sometimes vary from bank to bank. If you're planning on moving to another bank, call, stop by, or click on their websites to see what fees apply.

  • 9 years ago

    Try a Credit Union instead. Many banks will charge a monthly fee for even a savings account if you don't have above a certain $ amount in your account at all times.

  • Anonymous
    9 years ago

    It is getting to be the normal more and more. They have stipulations about these fees, such as: no fees if you retain a certain balance in your checking and savings accounts.

    I was just informed that my bank will start charging 12.00 a month if you do not meet certain criteria! I do have one account at a credit union, but the interest is lower there than at the banks.

    This is all so ridiculous and can be very frustrating.

  • Anonymous
    9 years ago

    Wow....that's just what happened to me with my Credit Union!! I've had an IRA account with them for many years and nothing has ever been taken out of it, but 2 days ago I got my quarterly statement and they took out $25.00 out of my IRA!!! I've never been so angry. I called the credit union about it and they said that they sent me a notice back in 2009 about these changes. (2009?? I can't even remember what I did yesterday). So I told them to send it to me again and I got it yesterday. Everything is getting charged some sort of "processing fee". That's never happened before. They will charge this fee once a year (in December) starting now. I now have to make sure I don't forget to reimburse myself because of this fee. It's getting really ridiculous.

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  • Anonymous
    9 years ago

    I just withdrew my savings account and put it in another bank, when I went online and checked interest rates and different accounts.

    The previous back was penalizing me by drawing out $4.50 each month because I had not kept a minimum balance, and I asked if senior citizens were exempt, and she said yes at 62. When I told her I was 62 and showed her my ID, she said they would terminate the fee, when I asked her to reimburse me for the last 3 months she said, "no, they couldn't do that, then I said since you didn't inform me of this change you don't want my business and I want a check for the full amount, I'm taking my business to another bank." She said fine, and sounded like she was relieved, so f**k them I moved my money, and you should do the same thing, don't let them screw you.

  • 9 years ago

    I'm surprised at all the answers you have that people say yes it is normal. My bank (First National) only charges a fee if the balance falls below $100.

  • 9 years ago

    Yep, they do charge if you have less than the required amount...I had money in a savings account and it got schlepped up with fees. I was so mad! I have to have a minumum balance of five hundred...I just keep savings in my credit union now.

  • 9 years ago

    yes, they do now. So if you don't have a certain amount in there and keep that certain amount in there they will charge you the monthly fee.

  • Anonymous
    9 years ago

    If you can, join a credit union. They don't charge all these fees.

  • Anonymous
    9 years ago

    Most banks started that a long time ago. The only people who don't get charged are minors. I don't understand why more people don't join credit unions. They don't charge those silly fees, ever, because the shareholders are also the owners, who'd never put up with it.

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