I was told that a service fee can not close a savings account. Here's my example: Someone has a savings account with $.25 in it. If we charge $2.00 if the balance drops below $100.00, can we actually close this account out? We currently don't charge if there is not at least $2.00 in the account, so we don't make the account have a deficit balance. We do the same thing with dormant accounts. Can we charge these accounts still when the balances get below the fee amount?
I don't know all the answers.... but I know where to get them!