I was surprised to get this message today as I remembered awhile back I tried a banking service called Tangerine which advertised itself as a no fee banking option as other banks normally have fees everywhere. I actually never did too much with it and as I result I got an e-mail stating because I haven’t logged in the site in over five years it is potentially going to start charging me a $20 annual dormant fee. It does say too that all you need to do is login.
But it makes me wonder how many people sign up for a service like this where they hope to just set and forget it such as earning interest. Imagine just completely forgetting about this as the bank slowly drains your funds until you have no more and ultimately, they just close the account. It makes me wonder if they actually generate a lot of money this way too.
I think that’s one example on why it can be better to just try and have a single bank source if possible so that you don’t have to worry about these kinds of issues.