That $40 'unlimited' checking account fee that almost cost me a house closing

I thought I was being smart opening a fancy online bank account that charged $40 a month for 'premium perks' like early direct deposit and higher ATM limits. Been using it for two years no problem until my mortgage broker called two days before closing saying my bank statement showed a negative balance. Turns out the fine print said the fee kicks in if your average daily balance dips below $5k, and I had just moved a bunch of money to the down payment fund. Spent 5 hours on hold with customer service trying to get them to reverse the NSF so the underwriter would sign off. Finally got it fixed but the stress was brutal. Anyone else have a bank fee nearly derail a major life event like that?

2 comments

2 Comments

the_ben5d ago

Yeah that "premium perks" pitch got me too. I signed up for a similar deal and got hit with a $35 fee when my balance dropped under $3k for one day. Nearly screwed up my car loan approval. Felt like a total idiot for not reading the fine print. Money is a pain.

grant7285d ago

Used to roll my eyes at people complaining about bank fees thinking they just weren't paying attention. But then I opened one of those "premium" accounts for the early paycheck thing and got hit with a $25 fee when my balance dropped under $4k for like three days. It was during a move and I was transferring money around for deposits and security stuff. Almost cost me my apartment lease because the landlord's office saw the overdraft and got sketched out. Had to call around and beg customer service to waive it. Totally changed how I look at those "perks" now.

-2