The other day I noticed that I was getting charged $10 from savings account. I had never been charged before but that is because I had kept a minimum amount of money required by that account. I had decided to move the money to another higher-interest account and accidentally let it slip below the minimum requirement threshold.
My question is why are there even financial instruments like this? Does anyone actually have a savings account that has a minimum required balance and they keep it below that minimum? There is no way that the interest payment on the account is gong to make up for the $10 monthly service charge so you are basically giving money away so the bank can hold and "protect" your money.
It infuriated me so much (more at myself for letting it happen than at the bank) that I closed the savings account and opened another one at a different institution that does not have a minimum balance requirement and pays a much higher interest rate.