savings account Definition: Bank or other depository institution account (1) from which withdrawals can be made, (2) interest accrues on the account balance, (3) does not have any maturity date, and (4) usually does not require a minimum balance. When did it change to this: (1) the bank will withdrawal a monthly amount to hold your money for you (2) the bank will still give you interest however only about a penny every quarter (they withdrawal 793.7% more than the interest) (3) does have a maturity date - the final date the bank withdrawals the very last dime you have and then charge you a overdraft fee - due to insufficient funds to pay their monthly withdrawal (4) now requires a minimum balance that only the bank officials can maintain - minimum balance $743,692,808.22 per month. I know the hole they will find will be if you do not maintain the amount exactly in the savings account they will take it all as a Service charge! Shout out to Jen for your recommendation - I switched banks awhile back to a Real Bank who still runs according to the definitions of what life should be.
Posted on: Fri, 26 Jul 2013 18:11:08 +0000
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