I’ve had the same bank accounts, checking and savings, for years. I opened them my senior year of high school. I’ve paid $12.00 per month on that checking account for almost 20 years now. This in spite of maintaining an average monthly balance of $1000+ for the last five years.
So I called them last week to see if they would waive the monthly service charge. The customer service rep, who was really a nice guy, said no. I’ve got an account with perks they don’t offer any more – free checks, free online banking, unlimited check writing, free debit card, free overdraft protection, 5 free stop payments per year, and some other things he didn’t even get into. Never mind the fact that, in the last six years, I’ve requested one debit card (during that conversation), and made one stop payment. I don’t avail myself of the other “perks.” I don’t write checks for money I don’t have or don’t want to give away, I write, maybe, 6 checks a month, I pay my bills using the online services of my creditors (immediate withdrawal), rather than relying on my bank to process a piece of paper and make a deadline which doesn’t affect their credit. And I’ve been a loyal customer for 20 years. But Customer Service Guy can’t do anything for me. WEV. What’s my other choice right now, Wachovia? Yeah, right. So I suck it up and deal.
But then I call tonight to find out the APY on my savings account – it’s been so long since I set the darned thing up that I don’t even have the beginnings of a clue.
Imagine my shock when Other Customer Service Guy says “0.1%.”
Yep, that’s right, 0.1%.
Me: Seriously? <pause> Do I have any better options?
Other Customer Service Guy: Let me check. (<Insert Jeopardy Theme Here>) Unfortunately, for a savings account that will keep your money liquid, the only other account we can offer pays 1%, but that requires a minimum balance of $5000.00 to avoid a $9 / month service charge.
Me: You’re kidding, right? I’ve got an offer from ING Direct for 3.0% APY, liquidity within 3-5 business days, with just a $250 minimum balance. I’ve been with you all for 20 years; can’t you come close to that?
OCSG: <no hesitation> Sorry, but no. Is there anything else I can help you with?
Me: Nope, you’ve given me my options; thanks.
OCSG: Have a good evening!
So I immediately log on to ING Direct and transfer $250 from my checking. I had planned to let my old savings account have my monthly savings deposits, but since they’re really not all that interested in my money, I’ll give it to someone who is. Or who is, at least, willing to offer me better than 0.1-stupid-percent-APY.
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Hi there! I saw your blog when I checked my Google Analytics report. Hurray for new pf female bloggers! Thanks for including me in your blogroll.
I’m happy to read that you’re taking active steps to eliminate your killer CC debts. Since you’re doing this on the QT, have you considered stopping your 401k contributions temporarily until you can catch a breath on your cc? I was forced to do that last year. 
I didn’t like the fact that I wasn’t saving for my retirement but I loved the fact that I had extra cash to pay down my dreadful cc.
And I think it’s AWESOME that you opened up an ING account. I think you’ll be happy with the interest you accrue every month. (I too, had my savings account with a bank I had since college. And yup, they too paid 0.1% interest. Why do they even bother?)
Hey there, and thanks for dropping in!
I took the contribution down from 10% to 8%, but can’t really go much below that without tax implications for next year. 8% is even cutting it a bit close.
I think I’m going to be happy with the ING account. I didn’t open it before because of some twisted sense of loyalty, I suppose. Though Maude knows my bank crushed that like Acme on Wile E. Coyote.