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Logix - minimum balance requirements


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I received a letter in the mail today that has left me pretty irked. They are going to start charging me a "low balance fee" of $5.00 a month unless I keep a minimum of $1,000 on deposit with them starting December 1st. A year or two ago I received the same letter, but the requirement was $500.00. I really don't want to keep $1,000 with them just to have a $10K credit card with them, so I'm probably going to opt to close the card. :(

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Why don't you just close your checking and/or savings account and keep the credit card?

Isn't a savings account required to establish eligibility at a CU?

 

 

Check to see if the "minimum balance" requirement applies to the "share savings" you have with them. I would think it does not, because it's generally a fixed amount for every member, but who knows what type of memberlicious rules apply at this institution.

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Why don't you just close your checking and/or savings account and keep the credit card?

 

Isn't a savings account required to establish eligibility at a CU?

Check to see if the "minimum balance" requirement applies to the "share savings" you have with them. I would think it does not, because it's generally a fixed amount for every member, but who knows what type of memberlicious rules apply at this institution.

^^ This. I'd guess you have some optional high yield savings or a checking account of some type.

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I had this problem when the CU checking account started having fees/min-balances/hoop-jumping, so I wanted to close all the CU accounts. But I realized the CU has my oldest credit card by far, so I wanted to keep that.

The solution was simple. Close the checking account. Keep the savings account and credit card. The savings account has only $5 min-balance and no fees.

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I had this problem when the CU checking account started having fees/min-balances/hoop-jumping, so I wanted to close all the CU accounts. But I realized the CU has my oldest credit card by far, so I wanted to keep that.

 

The solution was simple. Close the checking account. Keep the savings account and credit card. The savings account has only $5 min-balance and no fees.

 

Logix requires a minimum of a grand in deposits or loans, not $5.

OP

Do you really need another 10k card with sub par rewards?

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I had this problem when the CU checking account started having fees/min-balances/hoop-jumping, so I wanted to close all the CU accounts. But I realized the CU has my oldest credit card by far, so I wanted to keep that.

 

The solution was simple. Close the checking account. Keep the savings account and credit card. The savings account has only $5 min-balance and no fees.

 

Logix requires a minimum of a grand in deposits or loans, not $5.

OP

Do you really need another 10k card with sub par rewards?

+1

 

Logix is not like a lot of CUs that give you free share savings.

 

Memberlicious describes everything about Logix.

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I had this problem when the CU checking account started having fees/min-balances/hoop-jumping, so I wanted to close all the CU accounts. But I realized the CU has my oldest credit card by far, so I wanted to keep that.

The solution was simple. Close the checking account. Keep the savings account and credit card. The savings account has only $5 min-balance and no fees.

 

Logix requires a minimum of a grand in deposits or loans, not $5.

OP

Do you really need another 10k card with sub par rewards?

+1

Logix is not like a lot of CUs that give you free share savings.

Memberlicious describes everything about Logix.

Crazy. You can get free checking and savings at BofA

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