Last month, my landlord revoked credit card rent payments without enough notice to set up direct debit for April’s rent. I had to scramble to move around some money to write a check for April’s rent. Well, it would have taken too long to get the money from my ING Direct, so I had to transfer a few hundred dollars from my Wachovia savings to Wachovia checking until the ING Direct transfer would take place.
The two-day dip in my savings account made my average daily balance for the month go below the minimum to avoid fees, so I got stuck with a $4 fee.
While my landlord should have given me more warning before changing their accepted methods of payment, I’ll accept this fee as my fault. I don’t like keeping that much of a balance in this account — usually just the minimum — because the amount of interest earned is pathetic (0.15% APY). I should keep a little more in their for cases like this, when ING Direct can’t get the money to my primary checking account fast enough.
Update: I just called Wachovia to clarify whether it was a minimum balance (on any particular day) or a minimum average daily balance (over the statement cycle period) that earned me the fee. The customer service representative described the details which have changed since the last time I asked, a $200 minimum balance (if the account goes below this on any day, they’ll slap you with a fee) and a $300 minimum average daily balance (if at the end of the statement cycle, your average balance is less, they’ll slap you with a fee).
The CSR “as a courtesy” offered to reverse the $4 fee. I didn’t ask for a credit or imply that I was unhappy. I like friendly, happy customer service associates.
Now, I just have to make sure I don’t accidentally download my transactions with Quicken, or I’ll be slapped with another fee.
Updated February 6, 2012 and originally published April 17, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.