The bank account was supposed to teach 18-year-old Daniel Ganziano about fiscal responsibility... By fall, Ganziano had just $4.85 left in the account — too little to withdraw from an ATM — so he let it sit.
He had all but forgotten about the account until he received a letter from TCF on Oct. 12 saying six days earlier, it had charged him a $9.95 "monthly maintenance fee" because his account had too little money in it.It's all quite legal, of course. He didn't pay attention to the rules. The rest of his story is at the Chicago Tribune.
The $9.95 charge made his account overdrawn by $5.10, which triggered another fee. At TCF, any account overdrawn by more than $5 is charged a $28-a-day overdraft fee. The net result: Ganziano was $33.10 in the hole.
By then, his nascent savings account was in a downward spiral. At $28 a day, the charges were adding up quickly.
When he and his mother went to the nearest branch that weekend to close the account, they were told they would first have to pay the accumulated fees, which totaled $229.10.