Jason’s postings and stuff

I was relatively happy with South Trust, before it was bought by Wachovia back in 2005. I ended up with their Crown Banking Checking for whatever reason, which seemed like a good deal at the time. Unfortunately, it requires a $4,000 minimum balance, which carries an opportunity cost of higher interest elsewhere.

For ages, it wasn’t that big of a deal, but now that we’re in the middle of a recession, I can’t keep $4,000 in the account. That’s when the $20 monthly fee for not maintaining a $4,000 average daily balance hits you. Already aware, I switched to the account that doesn’t require a balance, the Free Checking option. But it isn’t so free.

If you use software to manage your accounts, such as Moneydance, Quicken (ugh), or Microsoft Money (ugh), you’re charged a monthly $5.95 if you access Wachovia via the software. Needless to say, I am quite incensed.

I thought I’d end up getting burned, so preemptively I opened a Fifth Third checking account a month or so ago. According to their material, the account I have offers no-fee online banking directly through whatever personal accounting software you’re using. We’ll see.

One thing is for sure, I’m done with Wachovia for good. Also investigating moving the office checking account over to Fifth Third. Whatever business I can move away from Wachovia, I certainly will.

(I manged to avoid profanity only through force for will; I cannot adequately express my outrage.)

Update. I successfuly logged in online, then linked up my personal finance software, Moneydance, without incident. Once I’ve hooked up my GMAC Bank account, I’ll suck the money out of Wachovia and then later into Fifth Third for the win.