Update: October 31, 2011 - SunTrust announced that the $5 debit card fee is being dropped. Read more of the scoop this article SunTrust drops debit card fee. Is it enough?
Yesterday, (October 29, 2011 ) a flier arrived by mail reminding me about the new fees being imposed by SunTrust. These go into effect on November 10. Up until now the bank has made me a very happy customer. I've used the SunTrust at Work Free Checking with success. Convenient branches, Saturday hours and online bill pay have made our relationship complete.
All good things must come to an end. My account will become the SunTrust at Work Everyday Checking account. This means that I *could* be assessed a monthly fee of $7.00. Since my daily balance falls below $500 at least 30 days out of the month my only other option to avoid this fee is direct deposit.
The flier also says that I can make unlimited check card purchases for a $5.00 monthly fee. Nothing will be charged on the months that the debit card isn't used. Isn't that nice of them?
The SunTrust fees that go into effect on November 10 will cost $84 per year for the checking account. The debit card fee will run $60 annually. If I'm reading this right (and I'm hoping otherwise) the bank fees will cost $144 annually.
Great day in the morning! That's over five prescription co-pays, almost an entire quarter of cell phone payments or a doctor bill. Even better, it's almost enough gas for the round trip to see my daughter. These are all much more interesting than paying bank fees. I can understand Why this lady closed her checking account.
My credit union has an online banking account with zero fees. There is a $25 refundable one-time membership fee but no fee for the debit card. Plus, I still get free bill pay and 24/7 phone access to my account. I've had a savings account there for more than 15 years and have been well satisfied with it.
With the SunTrust fees that go into effect November 10 it makes sense to move my checking to the credit union. The branch isn't as convenient for me but it costs a lot less. Right now that cost savings is worth it.
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