Money Matters

The cheap geek and the bank account fee

Once upon a time, Cheap Geek opened up a no-frills account that attracted a $4 monthly fee. He accepted this fee without complaint for it was then commonplace for banks to charge maintenance fees for their banking services.Piggy bank

As the years passed, banks became more competitive and charges such as Cheap Geek’s $4 fee started to get waived on new accounts, so long as one deposited a minimum sum per month. But Cheap Geek was uninformed of this, and he unquestioningly, diligently continued to pay his $4 per month for years after the waiver had been introduced.

He would have continued to do so if he had not wondered aloud why he had an unlooked for charge on his second (and newer) everyday transaction account one morning. When it was explained to him that he had been penalised because he had failed to deposit the minimum amount, he frowned at the bank teller. ‘But I always deposit more than the minimum in my main account. Why am I paying for an account-keeping fee?’

A little while later, Cheap Geek was upgraded to an account with no fees. And his savings lived happily ever after…or something like that.

Image credits: BankSimple


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