ATLANTA (WXIA) -- If your savings account seems to be dwindling, check your statement! You could be paying fees you're not aware of.
Wells Fargo, Bank of America, and Regions Bank charge you $5.00 per month if your balance is under $300. Suntrust charges $4.00.
Wells Fargo Spokesman Jay Lawrence said the fee began around the time Wachovia Bank branches became Wells Fargo. "But what's important is we rarely do that," he said. Lawrence said there are several ways to avoid the fee such as signing up for a monthly transfer from your checking account.
"Obviously if you have only a small amount in your account we want you to grow that. We're really trying to encourage people to save," he said.
If you want a free savings account that doesn't require a minimum balance check out these institutions: INGDirect.com, Sallymae.com, Delta Community Credit Union, (must maintain a $5.00 balance) and Associated Credit Union.