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Bank Monthly Service Fee Grace Period

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Beast26
Established Contributor

Bank Monthly Service Fee Grace Period

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.





Revolving history: 2 years 4months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 2 months
EQ: ~5yrs 6 months
Inquiries: Ex: 1/12. EQ: 1/12 Tu: 1/12
As of 10-5-2020

Quicksilver $3,000
Discover It Miles $17,500
Chase Freedom Flex $4,400
Amazon Prime Store Card $6,000
Walmart MC $2,500
Wells Fargo Active Cash $8,000
Citi Custom Cash $8,400
Verizon Visa $20,000
Message 1 of 8
7 REPLIES 7
keekers
Established Contributor

Re: Bank Monthly Service Fee Grace Period

I think it's a mixed bag...some start the clock after the first statement is cut.



Message 2 of 8
FlaDude
Valued Contributor

Re: Bank Monthly Service Fee Grace Period

My guess is that if there was a freebee grace fee period they would advertise that pretty prominently. Assuming you didn't see anything like that, I would be prepared to pay on the first statement.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)
Message 3 of 8
Beast26
Established Contributor

Re: Bank Monthly Service Fee Grace Period

This is what I was thinking as well.





Revolving history: 2 years 4months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 2 months
EQ: ~5yrs 6 months
Inquiries: Ex: 1/12. EQ: 1/12 Tu: 1/12
As of 10-5-2020

Quicksilver $3,000
Discover It Miles $17,500
Chase Freedom Flex $4,400
Amazon Prime Store Card $6,000
Walmart MC $2,500
Wells Fargo Active Cash $8,000
Citi Custom Cash $8,400
Verizon Visa $20,000
Message 4 of 8
ptatohed
Valued Contributor

Re: Bank Monthly Service Fee Grace Period

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.  

5% CB rotating: ;
Everyday 3% CB: ;
Everyday 5%: ;
Companion Card: ;
Everyday 2.2% CB: ;
Retired to sock drawer after AOD (kept alive w/ 1 purchase every 6 mo): ;
On my radar: ;
Still Waiting for an Invite: ;
No hope:
Message 5 of 8
FicoMike0
Established Contributor

Re: Bank Monthly Service Fee Grace Period

Many have three months grace. Don't seem to advertise it, hidden in fine print.

Message 6 of 8
Beast26
Established Contributor

Re: Bank Monthly Service Fee Grace Period

Thanks I'll definitely try to look for this.





Revolving history: 2 years 4months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 2 months
EQ: ~5yrs 6 months
Inquiries: Ex: 1/12. EQ: 1/12 Tu: 1/12
As of 10-5-2020

Quicksilver $3,000
Discover It Miles $17,500
Chase Freedom Flex $4,400
Amazon Prime Store Card $6,000
Walmart MC $2,500
Wells Fargo Active Cash $8,000
Citi Custom Cash $8,400
Verizon Visa $20,000
Message 7 of 8
SouthJamaica
Mega Contributor

Re: Bank Monthly Service Fee Grace Period


@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.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 706 TU 714 EX 715

Message 8 of 8
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