Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 6/24/83; site boulder.UUCP Path: utzoo!linus!philabs!cmcl2!seismo!hao!cires!boulder!jon From: jon@boulder.UUCP (Jon Corbet) Newsgroups: net.consumers Subject: Capitol Federal Savings redefines "free" Message-ID: <237@boulder.UUCP> Date: Mon, 22-Oct-84 11:29:01 EDT Article-I.D.: boulder.237 Posted: Mon Oct 22 11:29:01 1984 Date-Received: Wed, 24-Oct-84 07:45:45 EDT Reply-To: jon@boulder.UUCP (Jon Corbet) Organization: National Center for Atmospheric Research Lines: 32 [This space for rent] 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. The following is a direct quote: Free 5 1/4 % checking is priced as follows: Monthly Service Charge o Free when your maintain a $1000 minimum balance in your account o $2.50 when your balance falls below $1000 but no lower than $700 o $5.00 when your balance falls below $700, but no lower then $400 o $7.50 when your balance falls below $400 [end of quote] How can they call this account free? This is my day-to-day account, with relatively low balances, and I would be paying $7.50 a month for a "free" account! Furthermore, if one maintains the $1000 minimum, then one has locked up a fair amount of money at a ridiculous interest rate. When I have that much money that I don't intend to spend, I certainly will not keep it in a 5% interest account. If one takes my money market account, which gets 9-3/4%, it becomes apparent that I would be paying 4-1/2% interest on my $1000, or roughly $50/year, to maintain the minimum balance. This is free? I have closed my account. -- Jonathan Corbet National Center for Atmospheric Research {seismo|hplabs}!hao!boulder!jon