I had a substantial money market account with Bristol Bank. Bank of Florida acquired Bristol Bank over a year ago, and because the branch is conveniently located to my home and the bank seemed to have a good reputation, I decided to not keep my account with them. I went in to confirm that the account was active, and basically left it untouched until August 2009 when I withdrew most of the money, leaving just over $200 in the account. I was asked by the bank teller why I was withdrawing such a large amount and I replied that I had an investment opportunity and that I would be making deposits monthly back into the account.
Because I have never experienced trouble with a bank and have confidence in the American banking system, I do not examine every monthly statement. I put them in a stack and every couple of months I look them over and file them. In December I looked over the statements, and I learned that I was being charged a monthly $20 fee as of September. Bank of Florida had already charged me $80 from my account which held just over $200. I figured it was just a mistake, went to the branch, and explained the situation to a personal banker. She told me that money market accounts must keep a balance of over $5000, and since I was below the threshold, I was charged a monthly service fee. I was not told this by the teller when I made the withdrawal, nor did I get notice other than the monthly statement. I asked if they could look into my account and as a courtesy, refund the $80, and I would put in the $5000. After some back and forth and visiting the branch another time, I was told that they will not refund the fees because it is their policy and that the small print on my account documents from Bristol Bank included this language.
I withdrew what was left of my account and opened an account with Suntrust Bank. I deal with several banks, and when an account falls below a threshold, the account is simply placed in a lower interest tier. The purpose of the money market is to get a better interest rate, but in today’s world, the interest rate differential between a money market account and a regular savings account is less than 1%. Yet, if an account falls below the threshold, a $20 service fee is charged. The negative outweighs the positive aspects of having a money market, especially if the bank does not communicate with its clients. I feel robbed of the $80, and that Bank of Florida, “Your Hospitality Bank, ” would dismiss my claim and lose my business tells me that they have no regards for keeping their clients, a bad business practice, especially in this economic environment.