Thread: Inactivity Fees

When i left for the states 2 yrs ago, my savings account at HSBC was raided because I had no transactions over a 6 month period. I was furious. The bank stole about $60!

At Credocorp, they don't deduct anything from the accoutns, but after 6 months, you have to visit & reactivate it....No $ taken from dormant accounts...

and HSBC wonders why people leave there bank

Yes, I wasn't happy with this bank at all.

Raiding accounts is total bullshit! Why do the banks think we open a savings account, but to park money. Most people have multiple accounts and may only have one they use as a primary. The shits at the bank should know their job is to hold money, hence the name "bank". These white collar crooks really piss me off!!!!

A local ACH is $1. Make sure to send $10 roundtrip every 5 months or so to/from a friend or other account!

If it's just a savings account for parking money - ask for an exception in writing and you will get it (at least from the smaller banks).

So what I did was withdrew all my money except .25 and let them take that!

It's not just banks, local and state govts have also got into the act. With these entities becoming more insolvent they will come up with more reasons seize assets. Consider this aweful act by Bank Of America.
Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budgets - ABC News

If you move money from one of your accounts to another of your accounts on line, does this count as activity?

Banks in countries, other than Panama, want you making transactions on which they charge fees or interest. Ever wonder why banks pay so little interest on savings accounts? They don't want your money!!

Yes, that will work. Just move to random amounts around.

In Panama I get the sense they want the money to be in time deposits.

Originally Posted by malibubarbie

If you move money from one of your accounts to another of your accounts on line, does this count as activity?

Banks in countries, other than Panama, want you making transactions on which they charge fees or interest. Ever wonder why banks pay so little interest on savings accounts? They don't want your money!!

The U.S. banking system has rules where if you pull out $10,000 dollars you are reported to the govt. If you pull out multiple smallers amounts say $5000 each to avoid being reported you are guilty of "Structuring" and can forfeit all your money and do serious prison time. Get caught holding large amounts of your own money in cash for whatever reason and risk being prosecuted under suspicion of drug dealing. So much for freedom.