Thanks to awesome Memphis Mommy contributor Dawn Curtis for this write-up!
Are you a Sun Trust Bank Free Checking customer? If so, you recently received a notice from Sun Trust explaining the new checking fees you may incur beginning November 2011. The fees are a $7.00 monthly Maintenance Fee and a monthly $5.00 Sun Trust Check Card Fee creating a possible $12.00 per month in new fees. The good news is there is a way to avoid the full $12.00 in monthly fees:
You can avoid the $7.00 monthly maintenance fee if:
1. Your minimum daily collected balance stays at $500.00 or higher
2. You have one or more qualifying Direct Deposits per statement cycle. (A qualifying Direct Deposit is a Direct Deposit of your salary, pension, social security or other regular monthly income of $100 or more per deposit electronically deposited to your account during statement cycle by your employer or an outside agency. Transfers from one account to another, or deposits made at a banking location or ATM, do not qualify as a Direct Deposit.)
You can avoid the $5.00 monthly Sun Trust Check Card Fee in the following two ways:
1. If you do not have a Sun Trust Check Card assigned to your checking account.
2. On a monthly basis – You are only charged the $5 fee for the months you actually use your check card. Opt for check writing instead of card usage and you will not be charged.
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