Bank Direct New monthly service fee!!

[smiley face]

Effective with the Jan. 2012 monthly statement cycle, all mileage checking with interst accounts will be charged a monthly service fee of $12.00 regardless of the balance maintaoned in the account
Just opened an account is it worth it to transfer to the money market account and receive half the amt of miles?

[Blazer]

I'm going to close my account unless Dans figure out how to get out of the charges.

[azhoopsfan]

Yeah this blows.  They had the market cornered with Guaranty Bank going under and interest rates so low.  I can understand pushing their luck a little with a $5 or $6 charge, but $12 is too much.  Essentially a $144 annual fee is extreme. 

[karen]

I got mail today, Bankdirect AA mileage checking account will start to charge monthly fee $12 starting January 2012. Does anyone get the same mail?

[AJK]

I got mail today, Bankdirect AA mileage checking account will start to charge monthly fee $12 starting January 2012. Does anyone get the same mail?

No, you weren't singled out for the $12 charge.

[Yordai Dooma]

Im going to close mine as well. I plan to keep it open through february as that will be 12 months of bill pay for my 5K bonus.

The idiot that i am, i didn't do the direct deposit for the 10k before 12/1/11 and lost out on the 10 for 2MM which i am chugging away at.

Does anyone know what bank direct considers as a direct deposit? Would amazon payments, venmo, or paypal work?

[smurf]

No, you weren't singled out for the $12 charge.

+1

[smiley face]

WHAT?!
direct deposit is now 5 not 10?!
just opened it my checks will not start coming until 2 pay cycles 1 and half months!

Im going to close mine as well. I plan to keep it open through february as that will be 12 months of bill pay for my 5K bonus.

The idiot that i am, i didn't do the direct deposit for the 10k before 12/1/11 and lost out on the 10 for 2MM which i am chugging away at.

Does anyone know what bank direct considers as a direct deposit? Would amazon payments, venmo, or paypal work?

you can transfer your $ to a money market account and u will not have to pay the fees but will get 50 miles per 1000 dollars.
how much do aa miles go for now?

[Yordai Dooma]

WHAT?!
direct deposit is now 5 not 10?!

Direct deposit is 10K and bill pay for 12 months is 5k: http://www.bankdirect.com/products/checkingmileage.aspx

My question was what bank direct will consider as DD...

[Yellow]

I opened the account online but never sent in the paperwork with my signature/a check.
Now i don't think i'll bother to finish opening the account
Its not worth the $12 for me

[Dan]

This stinks, but what really matters are these factors to determine if it's worth the $144 annual fee:
-How much money you have the account (How many miles you earn per year)
-How do you value those miles?
-How much interest you can earn in a traditional account?
-How much tax you would pay on interest earned in a traditional account?

[smiley face]

This stinks, but what really matters are these factors to determine if it's worth the $144 annual fee:
-How much money you have the account (How many miles you earn per year)
-How do you value those miles?
-How much interest you can earn in a traditional account?
-How much tax you would pay on interest earned in a traditional account?

Sure Does
is it worth it to transfer to a money market account (get half the amt of miles + .05 interest)
have abt 10k

[aussiebochur]

This stinks, but what really matters are these factors to determine if it's worth the $144 annual fee:
-How much money you have the account (How many miles you earn per year)
-How do you value those miles?
-How much interest you can earn in a traditional account?
-How much tax you would pay on interest earned in a traditional account?

While the interest rates on savings accounts seems to be dreadfully low in the US, for.someone that had a home loan, wouldn't it make sense to put in any extra money in there?

[Dan]

While the interest rates on savings accounts seems to be dreadfully low in the US, for.someone that had a home loan, wouldn't it make sense to put in any extra money in there?

Not if they want to maintain liquidity.

[aussiebochur]

Not if they want to maintain liquidity.

Dont you guys have offset accounts (average monthly balance is deducted from the amount you pay interest on your loan)?

[ganizzy]

do u think if tonz of people start pulling their money, they would lower the fee?

for me its def. not worth it. but its annoying bec i set up an important bill to be paid from there and it will be a headache to change

[Devorah]

Dont you guys have offset accounts (average monthly balance is deducted from the amount you pay interest on your loan)?

That's an Australian thing.

[josh nyc]

im out. with only a few K parked there and no other perks (bill pay/dd) id be paying way too much per mile.

good while it lasted or until they ask me back. maybe theyll lower or waive the fee when i call and tell them im done

[ganizzy]

whats the best way to get our money out?
transfer it back to the bank? seems like they're not charging for that

looks like they charge $7 to cut u a check if u cancel the account with a balance
and $22 for a wire transfer

i called and said I am cancelling bec of the new charge. lady didnt say anything just told me how to do it.

[elikay]

ACH pull