Memory Bank is adding a below balance fee of $15 if at any time during a statement cycle the daily balance is below $1,000. This new fee will go into effect on 9/16/19 (maximum fee of $15 per statement cycle). This is only for the money market account, not the checking account. Â We actually posted about this on the Memory Bank page last month, but based on these reddit comments it looks like a number of people might have missed that PSA so thought a dedicated post would be in order.
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Memory Bank doesn’t even have it published on their official fee schedule. I just got hit with it and am feeling annoyed. The only place I see it is on one line in their FAQ, ugh.
Received an adverse action (meaning application declined email) email after submitting DL, address proof with no rhyme or reason. Is anyone on the same boat ?
The most frustrating part is they specifically mention they cannot share the reason behind the decision over the phone or email, I shall receive a letter in the mail in 10 business days. What gives ?
I absolutely needed the $1000 cc funding available with this account in order to meet the spend requirements of my arrival + by today. Now what to do. Have already done Santander still short by $1K. Any suggestions Doc Gurus?
My suggestion is don’t wait til the last minute?
Prepay some bills or something.
What bank? haha
I don’t have an account at this bank but I really appreciate this sort of post.
Too many banks have got me on this in the past. Mint.com has saved me from these sorts of things getting too far along. An email titled “Fee charged to ….” tends to get my attention.
Has anyone actually received a notice of this, as in an email or splash screen when logging in? That’s a pretty steep fee to not give an official notice. I keep well over $1k in my MM, but I’d be royally PO’d if I got hit with the fee with no notice.
Not an email or splash screen, but it was at the top of my last statement (8/15)
But, given that they sent an email about the rate decrease, they definitely could have included this too….
I actually did not receive any communication regarding this from them. Thanks DoC.
Neither did I. There is complete silence on the subject.
Check your statement from last month
Check your last statement — I have the notification at the top of my statement dated 8/15. (the bitly link replaced with the PDF it links to)
ACCOUNT STATEMENT
EFFECTIVE 9/16/19 A $15 BELOW BALANCE FEE WILL APPLY IF THE DAILY
BALANCE IS BELOW $1,000 AT ANY POINT DURING A STATEMENT CYCLE.
REFER TO https://www.mymemorybank.com/home/fiFiles/static/documents/MemoryBankOnlineMoneyMarketTISA.pdf FOR MORE INFORMATION OR
CALL 1-877-757-3400 TO REQUEST A COPY OF YOUR ACOUNT DISCLOSURES.
Happy it doesn’t hit the checking. Just emptied the account save for a few bucks
I closed this shit so quick, my fingers just got whiplash.
How’d you close? How was the experience? I looked online and didn’t see anything unless you did it through online chat.
sent them an e-mail and they replied back within 5 minutes.
Still earning 2.227% APR — no reason to close it yet for me.
I was just thinking about opening up a checking with them and closing my Citi Access Checking. However, if this is the case I’ll pass.
This has zero effect on the checking account. If you have a MMA with them you probably have a bunch of money in it already anyway, since they have a really competitive rate.
Awesome! Good to know! That would change my interest back to them.
Does this apply to the checking account? I thought it was just for MMA.
” This is only for the money market account, not the checking account”
I added that bit to make it clearer =)
Yup, just MMA.
I guess people don’t actually read the full posts… not sure if we want to cater to that, but could add MM ref in title if you’re going to have to keep replying to people like this… just a thought.
Thanks for your consideration in posting things like these and willingness to read/reply even when you’ve already spelled it out so specifically!
It wasn’t in the post earlier
Ummm…Something must have been wrong with my eyes or the post was edited later but I did read the whole thing and did not see any mention of MMA only. Also I posted my comment right after Will must have posted this.
Nah it wasn’t that clear originally, I updated the post