I've had a checking account since 1976, with a $500 minimum balance, yields no fees or $5. Around ten years ago, the original bank was purchased by the current bank. I just noticed that in January of this year, they changed the minimum to $1500 or a $12 service fee. Do banks not have to honor the original terms of the account?
Any term of a deposit contract can be changed. When the change is adverse to the customer, the bank is required to provide you thirty days' advance notice of the change. You should have received a notice in December or earlier notifying you of the change in the minimum balance and the increased service fee.
Notices of this type can be sent on or with a bank statement or in a separate mailing. In some cases, they can be sent electronically. It is important to read information, especially bank statements, promptly, and to avoid the tendency to toss out what appears to be junk mail before reviewing it.
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Any term of a 