OK well I just opened and account at TCF bank today. This is my first time ever opening an account and well I think they might have suckered me into something. I asked for the holiday savings thinking it would be better than the other savings because they said that it would only cost me $2. Then after I had my account all set up and everything she told me I have to make sure I have $25 in my account a month so i can deposit mony over to my savings. What does she mean by that? Because I read the brochure she gave me on it and it says I should have no monthly charge but I'm really confused and dont know what to do, because I'm still a student in High School and I dont really work and having to make sure my account has $25 to put in to a savings every month is a lot if I'm not going to get to spend it until the following year. Are they just taking $2 out a month or what? Or did they take me for a fool? Did I just make a really big mistake? Please help me out please!!!!
2007-09-28 10:46:48 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Well I just opened and account at TCF bank today. I mainly opened this account to start saving for college. This is my first time ever opening an account and well I think they might have suckered me into something. I asked for the holiday savings thinking it would be better than the other savings because they said that it would only cost me $2. Then after I had my account all set up and everything she told me I have to make sure I have $25 in my account a month so i can deposit mony over to my savings. What does she mean by that? Because I read the brochure she gave me on it and it says I should have no monthly charge but I'm really confused and dont know what to do, because I'm still a student in High School and I dont really work and having to make sure my account has $25 to put in to a savings every month is a lot if I'm not going to get to spend it until the following year. Are they just taking $2 out a month or what?did they take me for a fool? Did I just make a really big mistake
2007-09-28 10:57:46 · update #1
It doesn't sound like you are being charged each month - the account just had to have a minimum of $25 each month. That is usually the minimum amount that will actually draw interest in the account.
That doesn't mean you have to put that much in there every month, you just have to make sure you have at least that much in there.
I don't think you did anything bad or got suckered into anything. Make sure you do read any paperwork they gave you very carefully and ask the bank or another adult if you have any questions.
It's just a really good thing that you are even trying to save at your age. Be proud of what you've done - apparently by yourself.
2007-09-28 10:52:14 · answer #1 · answered by teel2624 4 · 3⤊ 1⤋
Having not heard everything she said first hand, I can't say for sure what she meant, but if I had to guess, I'd say that she didn't mean you have to put $25 each month into the account.
Sometimes banks tell you that you need to keep a minimum in the bank. Which means that if you opened the account with $25 they like for you to keep at least that amount in the bank. So, if you put $50 in the bank, you have $25 you can spend, but leave the other $25 so that the $2 a month can come out of that.
That way, you never find yourself without the money in the bank to cover the $2 for monthly savings.
With that said, I could be wrong. Just call the bank and talk to someone. Let them know what you think is going on and ask if that really is what's happening and go with what they say. If they explain it to you and you do not understand, ask them to explain it further and do not be afraid to ask for a manager.
If you still disagree with what they are saying, let them know you'd like to get your money back and close the account because you do not like that plan.
Good luck!
2007-09-28 17:56:35 · answer #2 · answered by Randall M 1 · 0⤊ 0⤋
I used to work at a bank, all banks varies so the best bet is go back to your bank and ask them to explain it to you again. You should also mention about the difficulty to come up/or keep $25 in your account. Did they mean just the balance need to maintain at $25 per month (which means DO NOT touch that $25 at all). YOu need to take the $2 monthly fee into consideration, because that will decrease your monthly balance every month (which will make your balance less than $25 per month). Also ask them if they offer any savings accounts for minor (are you under 18 still?) that is free from monthly fee. Some banks do, so if this TCF bank does NOT, close your account. Don't feel bad or embarraced to close your account. You are a consumer and you get to choose the best bank for yourslef. If they bank don't offer the best account for your situation, close the account.
2007-09-28 17:59:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Bank account have required minimums in the account to keep them active .
If your balance drops below $25 , it gets closed .
It cost too much to keep accounts on the books that have piddling amounts of $$$ in them .
The $25 is the min balance , Not a fee .
And if your $$$$ is only $25 anyway , you don't need an account .
>
2007-09-28 17:54:19 · answer #4 · answered by kate 7 · 2⤊ 0⤋
Iet me expalin it to you.
the $ 2.00 was to open the account with
the paper work making it active.
the bank will take out $25.00 out of your savings account,and put it in your CHRISTMAS account.
as a student not working it's not a good
deal.
cancle it,and change over to just a savings
account.you can put in as low as $5.00
if you can afford it,if you cain't then you don't hafto.
Banks often comfuse young people
2007-09-28 18:16:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
me too, I would close the account. and hide whatever I can
save in one of my drawers at home.
2007-09-28 17:51:15 · answer #6 · answered by Anonymous · 0⤊ 2⤋
i don't know what the hell she's talking about
go call the bank
2007-09-28 17:50:50 · answer #7 · answered by Anonymous · 0⤊ 1⤋