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From: ron@brl-tgr.ARPA (Ron Natalie )
Newsgroups: net.consumers
Subject: Re: Capitol Federal Savings redefines "free"
Message-ID: <5438@brl-tgr.ARPA>
Date: Tue, 23-Oct-84 22:46:57 EDT
Article-I.D.: brl-tgr.5438
Posted: Tue Oct 23 22:46:57 1984
Date-Received: Thu, 25-Oct-84 03:21:26 EDT
References: <237@boulder.UUCP>
Organization: Ballistic Research Lab
Lines: 25


> For a few years now I have had a "totally free" account at Capitol Federal
> Savings, and I have been fairly happy with it.  However, I got a note in the
> mail a while back notifying me of the new type of "free" account I was going
> to have.

Consider yourself lucky to live in Colorado.  Several innovative banking
ideas are common in Colorado that are either non-existant or very slow
coming to the rest of the country.  You see, CO is one of these places
that doesn't allow regular banks to have branches.  Recently when Savings
and Loans (which can have branches) were allowed to have checking accounts,
it through the banks into a furor.  One outgrowth is the PLUS system.
The other is the big WAR between various banks to give you free everything
and interest at the same time.  It was nice.  Typical checking in Maryland
is only free if you have $400 in your checking (no interest!), $200 in a
rotten 5% non-compounded non-accessable savings account (I have no idea why
commercial banks in Maryland even bother with savings accoungs), or over
$1000 in a 5-1/4% interest paying checking account.

I settle for a hybrid.  I keep the $200 in a commercial bank with convenient
automated teller machines.  I write all my checks on my Credit Union Share
Draft (free with good interest) account.  I still have my PLUS cards.  The
machines are beginning to POP up around here.

-Ron