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I can relate to your general irritation at the change. (I hate it when banks to things like this.)
Bottom line, though, is do you plan to do what you need to do to keep the account and not pay fees?
What's the convenience of having that account worth to you?
I haven’t decided but at the very least I will be closing some of my Citibank accounts and might end up with one checking account with no savings accounts if these changes are implemented as planned. I have $1500 in a savings account to meet their current minimum balance requirements but there’s no point in keeping that account under the new rules.
I wonder if there will be any public pressure to modify the proposed changes because it would hurt poor people who don’t have $30,000 to deposit and may not have a direct deposit. The proposed changes haven’t gotten any publicity in the media except on banking websites and places like reddit.
I have an account at another bank paying 5% interest vs. 0.12% maximum at Citibank.
If I put $30,000 in a Citibank account I would receive about $3 (or less) in interest each month. The account I have it in earns about $125 a month on $30,000.
Of course Citibank wants me to put $30,000 in the bank and pay me pennies.
Do people not grasp the concept of making money through interest on savings?
Ok I understand. Didn’t realize the interest rate was so low at Citi. They do have CD’s from 9-15 months that are 4.30% - 4.90% depending how much you deposit.
Citi has eliminated the current $10,000 minimum to avoid service fees, replacing it instead with waiving service fees if (1) for checking accounts, the account receives $250 or more per month in direct deposits; and (2) for savings accounts, you either have a checking account or maintain an average monthly balance greater than $500 in the savings account.
The trouble is that these minimums creep up after the change becomes embedded.
One possible way to get around the direct deposit problem when you only have ONE direct deposit: set up allotments from that check to go to your various accounts. Example: you have one SS check for $2500 but have 3 accounts you need direct deposits going into. Set up allotments for $250.00 each into two accounts and the rest going to another account. Not all checks can have allotments taken out but many can.
My Federal Credit Union currently pays 0.05% interest rate on savings. That's not 5 percent, that is five hundredths of one percent.
I don’t have enough money at my credit union to worry about interest rates on savings.
But, Fidelity’s SPAXX is paying 4.7% on my $200K.
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