Saturday, January 1, 2011

Why I closed my checking account

Before the previous ended, I went to my bank on last banking day to close my checking account because of their policy that did not really fit right with me - it is the bank's policy to charge account holders P100 every month if they did not get their bank statements. I am quite surprised, really. They are the only bank with such a policy.

My account is only an individual account, so unlike company checks who maintains a lot of money in their account, that P100 debited from my account each month I was not able to get my bank statement is really a big deal for me. But it is not really the money, it is the disagreement with such a policy which I believe is very self-serving and anti-client.

But like they always say, no matter how stupid I may think such policy is, it is still the bank's policy -- regardless of how their clients feel about it. So, the only solution for me was to close my account. I am sure, the bank would not mind. I really do not have that much in my account, I just used it once when I needed postdated checks as collateral for a loan.

I wonder how many more banks have such policy.

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