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#2258211 - 08/13/21 03:20 PM Service Fee for Not Meeting Minimum Balance
Anonymous
Unregistered

I am pounding my head against the wall with this one.

Customer opens a new savings account. Our requirement is a $50.00 opening balance. Once account is established, there is a $50.00 minimum balance requirement, or there is a $2.00 service fee.

Here's my problem: Customer opens a new savings account, but the account isn't immediately funded. Two weeks later, account is funded. Because for two weeks the account was at a zero balance, a $2.00 fee is accessed. Customer calls and we waive the fee. End of story? No.

Because the account was at $50.00, and we charged a $2.00 fee, there was a point when the account was at $48.00. Which is under the $50.00 requirement. So, they will again be charged a $2.00 fee.

In my mind, unless the customer makes another deposit, this fee/reversal scenario could play out forever? Other than a permanent fee waive, how can I fix this issue?

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#2258212 - 08/13/21 03:26 PM Re: Service Fee for Not Meeting Minimum Balance Anonymous
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,014
Illinois
Talk to your core vendor. Mine had a code that would allow me to set service fees to waive and I could put an expiration date on it so that after a period ended the balance would still be $50 and we'd be all set for the next cycle.

Alternatively if your core does not support this option, Waive $4.00 worth of fees to bring the balance to $52.00 so that when the charge hits the remaining balance is $50.00.

Finally, evaluate your operational procedures and consider not booking the account to your core until you receive the initial funding deposit.
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#2258217 - 08/13/21 03:45 PM Re: Service Fee for Not Meeting Minimum Balance Anonymous
Anonymous
Unregistered

BrianC you are brilliant; I never thought about waiving the $4.00. I almost thought about making a $2.00 deposit from my own funds to not have to deal with this, LOL.

But yes, your other suggestions are great. I appreciate the help.

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