Reply #12: The account will incur fees for not meeting the minimum balance. [View All]

[jtrockville]

Eventually the bank will send you to a collection agency.

I did this inadvertently once. I closed an account (or at least I thought I did) which a bank named "Perpetual", which doesn't exist anymore. Apparently the teller made some sort of error, and left $0.01 in the account. The account began incurring fees at the rate of $20/month. I made many efforts to contact the bank - left countless messages that were ignored. After three months I got notice that they would send me to a collection agency.

So I gathered up the documentation I had that the account had been closed, sent a letter saying that my lawyer informed me they were committing fraud by charging fees on an account that was closed, and included a bill for $60 (2 hours of my time @ $30/hr.). I closed the letter by offering my continued assistance helping them correct their error, for which they would be billed at my hourly rate.

I mailed the letter on Friday. Got a call first thing Monday morning from the person who had ignored all the voice messages I'd left. She said they wouldn't need any more assistance from me to fix their error, and she'd look into paying the bill I sent.

I never did get reimbursed for my time, but they did finally stop bothering me.

But without documentation from the bank that the account is closed, you'll have to either pay the monthly fee or have your credit rating ruined for not paying it.