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Letter: Investors Bank

Dear TLS, I am writing to let the Lakewood Community be aware that Investors Bank recently started charging all its customers a $10 a month fee for their personal checking accounts and $15 for their Business Accounts (even the ones signed up for free checking), unless a minimum is maintained in the account, they use their debit card a certain amount of times per month, or they have a minimum direct deposit to their account.

Attached is the only letter that I received for my business account, which was free, and now they are starting to charge $15 on September 1st. For my personal account, I never received a letter, however I noticed on statement that my account changed from a “Free Checking” to a “Yourstyle Checking” and there was a $10 maintenance fee.

When I went it to the bank and told them I never received the letter, instead of offering to waive the fee, they went on their computer and said “it was mailed to you in June.”

I am attaching screenshots of the changes on my online statement from May 2019 and July 2019. You can see free checking changed to Free Checking to Yourstyle Checking.

Investors bank has been a part of the community for many years, donating to community needs, and we are forever thankful for that. However, Investors was known for their free accounts, and many people had a multiple personal and business accounts at the bank to segregate their Tzedaka, Masar, YT funds etc…

We can do something about it. Call your branch, be respectful and demand it remains free. (Please remember, making a kidush hashem is more important than any money.)

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There are 16 Comments to "Letter: Investors Bank"

  • Josh says:

    I don’t understand your issue. They are a bank, not a coin jar. Banks are there to make money. They are entitled to change their account policies if they provide notice. What right do you have to ask other account holders to DEMAND that the bank keep the accounts free? The bank I use also changes their policy for checking accounts that it’s no longer free unless you meet certain criteria (which I do).

  • Moshe says:

    You cant demand anything . You can ask nicely and when you get a no you can then decide if you want to switch banks .

  • Sf says:

    Fees for depositing cash? There’s a new one.

  • Jack says:

    Same here they refused to refund the 10 dollars so I closed my account..

  • Moshe says:

    Josh,

    There are a load of banks local community banks and national banks that don’t charge monthly fees for accounts and yet they are making plenty money. Don’t kid yourself that the $10 or $15 they charge accounts unless you keep $2500 or so minimum will keep them profitable. So they can NOT charge and still not be a coin jar.

  • BigGee says:

    There are plenty of other banks and even a local community bank that do not charge fees.

  • Sari says:

    Hi
    I remember the letter in June, it’s a lot more than just the $10/$15 on previously free accounts. If you run more than a certain amount of transactions a month in say a business account there are fees now as well. Read the fine print. I’m a bit too tied up right now to make the switch but its definitely on the horizon. When I was in a different bank, when the free checking was no longer free, those already on free plan got to keep it, even after the bank merged. Fees were only for new accounts going forward. It feels Like those of us with multiple business/personal accounts are a bit at a disadvantage here as it is true hardship to switch. Not much point in kvetching here, try to get your moneys worth on lollipops and keurig coffee 🙂 till you switch!!!

  • Itsme says:

    Most banks charge monthly fees now. If you aren’t happy then switch to a different bank. No need to publicize a letter like this and make it sound that they committed the worst crime.

  • Moish24/6 says:

    It’s a free country… If you do not like their business methods then you’re free to change banking institution. Demanding is un ethical

  • Baruch says:

    I use first commerce bank, they don’t charge for personal or business accounts.

  • Tzxvi says:

    I think most banks have similar arrangements. There’s nothing wrong with that. I picked a bank that as long as I use debit 3 times per month, no charge. Not a huge deal
    As long as they informed u, no issue

  • Isac says:

    Does the Bank have to work for free? There’s many expenses for Banks Rent Property taxes electric water cleaning payroll pensions CEOs managers training corporate and so on, lots of labor, also maybe they don’t want people just to have accounts and barely use them or abuse them,also maybe for government reasons or other reasons

  • Chaim says:

    Stop being stupid and thanking the bank whatever they do it’s with a cheshbon to make more money nothing is done for your benefit even donations is probably a tax credit etc and good pr

  • Online alternatives says:

    Ally Bank has a free account with unlimited free checks and up to 6 or so debit card fees refunded.

  • LS says:

    Thank you for making people aware. Not everyone reads every letter from a bank, they may put it aside thinking it is their statement and will look it over when they get around to it.

  • me says:

    Thank you for pointing it out to me!

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