Do banks automatically start charging the monthly service fee after the first month or is there a grace period before they start actually charging for the checking account? Not asking about ways to waive the fees I just can't find anything concrete about how soon they start imposing the monthly service fees.
I think it's a mixed bag...some start the clock after the first statement is cut.
This is what I was thinking as well.
My citi started charging me $30/mo on Mar 1!!!!! (after no monthly for for the last year or so) Didn't catch it until Mar 2X. I immediately chatted to get the fee reversed which they did. I started clearing out my Savings and Checking. Then, before I knew it, late Mar 2X, the April 1 $30 fee showed as pending and then I had a negative $30 balance in my Checking. I closed Savings but couldn't close Checking because of the neg balance! I had to wait until it posted which was at or around April 1, request the $30 fee be reversed, transfer out my $30 (I had transferred back in $30 just not to be negative) and then close my account. So, in my experience (with citi) it's the 1st of each month bust starts pending/posting before the 1st!!!! I have no other fee checking account experience.
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Thanks I'll definitely try to look for this.
@Beast26 wrote:Do banks automatically start charging the monthly service fee after the first month or is there a grace period before they start actually charging for the checking account? Not asking about ways to waive the fees I just can't find anything concrete about how soon they start imposing the monthly service fees.
It varies from bank to bank. It's usually in the fine print.
