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Home >> Accounts >> Business Accounts
Deposited Too Much; Got a Fee!
I opened a free business checking account. I went online to check it and there is a fee there. I called my bank and they said that if I deposit more than $10,000 in a month, they are going to charge me a fee. I have never heard of a charge for putting money into a bank before. Yes, a charge for overdrawing or over the limit withdrawals, but for depositing too much money?
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 It is true that a lot of Free Business Checking accounts should come with a built-in asterisk that means "By free, we mean free within the following limitations: ..." Unlike consumer bank accounts, for which the use of the word "free" is regulated under federal regulations, business accounts can be advertised as "free" with conditions.
Among the more common conditions imposed on free business checking are the number of paid checks, number of deposited checks, etc. Another is a limit on the amount of cash deposited to the account.
It takes time to verify the cash in some businesses' deposits. Even with sophisticated currency counting equipment it takes time to load bills into the counter, count and strap them, then recount them if there's a problem. The bank also incurs costs for shipping any excess currency to the Federal Reserve, so it is not surprising to hear that a bank has decided to impose a fee for cash deposits above a threshold.
If the cash fee was disclosed in the material that the bank gave you when you opened the account, or included in the deposit agreement, you are left with the option to try to convince the bank to waive the fee, review other business account options at the bank to see if there is an account that better fits your needs, leave things as they are now that you know about the fee, or take your account elsewhere. If the cash fee was not mentioned in any of that material or in the deposit agreement, you have a valid complaint. However, that really doesn't change your options.
Published on BankingQuestions.com 2/06/09
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