Zions Bank adds checking fees!

Zions Bank has a motto:

We haven’t forgotten who keeps us in business.

Apparently they have.

I got this in the mail yesterday (redacted for privacy):

Let’s go over the highlights….

“Your account is important to us. That’s why we continually review our products to ensure our account benefits remain high, while your costs remain low.”

So you’re going to keep my costs low by taking my free checking account and charging me $7 a month to maintain it? Got it.

“To that end, we’ve streamlined all our accounts to better meet your needs.”

So the account I’ve used for over ten years, that I’ve maintained without complaint for over ten years isn’t good enough anymore? An account I have to pay for is? Got it.

Skipping to the “What Will Change” section….

“There will be a $7 monthly service fee on your account, and you can easily waive this fee by doing just ONE of the following:

  • Maintain a $300 minimum daily balance, or
  • Have $20+ in other account fees (excluding wire fees) during the statement cycle, or
  • Use a Zions Bank credit card once during the monthly checking statement cycle

This account does not pay interest.

If you have a Statement Savings account, we’ll waive the $3 monthly service fee for that!”

Gee…. Thanks.

So I’m moving from an interest bearing account with no fees to a non-interest bearing account with fees and this is for my benefit and… what was that line you used… “ensuring my costs remain low.”

Right….

Sorry Zions Bank. This is corporate idiocy. I get that your business environment has changed. I get you’re no longer profitable. So your answer is to make it unprofitable for me to maintain my relationship with you? Good answer.

The next time you see me, Zions, it will be to close and withdraw all of my accounts. There are plenty of other options out there that do NOT charge fees or believe in corporate lunacy. I’ve enjoyed my 15+ years with you, but good bye.

Now if you want to retract all of this and waive those fees permanently no matter what, I’m willing to listen, but you have obviously forgotten who keeps you in business. Me.

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14 Responses to Zions Bank adds checking fees!

  1. daveloveless says:

    I just got a reply from Zions to an e-mail I sent last night. The basic response was “if this doesn’t work for you, we have other options.” Sadly, I know those other options because I talked to customer service last night. ALL of Zions checking accounts now have fees. All of them.

    Sorry Zions, you’re going to have to do better, especially when there are other options.

  2. Sarah L. says:

    Dorks. Our bank did the same thing, except the fee is waived if you have direct deposit with your paycheck. Otherwise we would be up the creek and would have to go to a credit union or something. I think USAA also has free checking if you qualify for them.

  3. Anthony says:

    UCCU is as awesome as ever! They’ve never charged me any fees for anything for the 8 years I’ve been with them.

  4. Anonymous says:

    I got this Friday as well. I think they planned this right around Thanksgiving/Christmas on purpose. But, first thing monday I’m heading to Zions, closing my account and taking the money a few blocks down the street to Mountain America Credit Union. I should have gone with a CU in the first place. ef Zions, they promised me free checking only 3 months ago!

  5. Dave says:

    I got this Friday as well. I think they planned this right around Thanksgiving/Christmas on purpose. But, first thing monday I’m heading to Zions, closing my account and taking the money a few blocks down the street to Mountain America Credit Union. I should have gone with a CU in the first place. ef Zions, they promised me free checking only 3 months ago!

  6. Mike says:

    Just got that as well. Im jumping ship

  7. Charlie Jui says:

    Ebenezer Scrooge sits on the board of every major bank
    🙂

  8. David says:

    I am a 15 year customer. I am done with Zion’s. I went in today to complain. Carl sure did not remember who keeps him in business. The first bank I checked has free checking. Wow that was hard. Screw you Zion’s bank

  9. Lewis says:

    I closed my account today: “I need to close my checking account.” reply, :How come?” (Thought bubble) WHAT? You know why. Im sure I am not the first person to close the new exciting restructured and streamlined checking. Idiots. “Have yoiu looked at our other options?” “Yes and I can maintain a $300 balance, but I dont use my checking for savings, I already have 2 savings accounts.”

  10. Tres Lewis says:

    My Bank tried this same stunt. The deal was if you charged on your bank credit card one item a month then they waived the checking account fee. Well I put it to them by putting my phone bill on auto pay using the credit card and them I put the credit card on auto pay the amount of the balance if under $50.00 dollars from my checking account. The interest they get on the credit card is zero because the payment is set to pay the balance of the credit card. Now the fun part – after I got this all set up I cut up the credit card…

  11. Ed Bell says:

    I need to preface this by saying: I used to work for a credit union. A large one in Utah (not AFCU or MACU). I left (they didn’t pay worth a crap) and went to work for the University of Utah…

    Anyway, I want to tell everyone that I think CU’s should be EVEN better than they are. They PAY NO INCOME TAXES! Go look up how much Zions Bank pays in income taxes every year. Millions and millions of dollars. Those taxes pay for our schools. They pay for our roads. They help pay for lots of services. I’m all for less taxation and more money in all of our pockets, but, in my opinion, CU’s should save us EVEN MORE money than they do. They think that they can offer a quarter of a percent better rate on a CD or loan and that is enough. It’s not. They are padding their pockets as “non-profit” organizations and not paying equal taxes and not giving that income back to us.

    For me, I’ll stick with a bank like Zions that always treats me good and has never charged me a fee (because I’m not an idiot).

  12. daveloveless says:

    Thanks, Ed. You are definitely right that CUs could/should do more. They don’t because they don’t have to.

    And for the last bit–I’ve never been charged a fee by Zion’s either and never will be. The issue isn’t one of fees but of principles. One of the reasons I chose Zion’s originally was because they didn’t charge me a fee. I didn’t choose fee-based banking; it was forced on me. In my book, that certainly does NOT count as always treating me right.

  13. Anonymous says:

    I left Zions as well over the fee and have been with them for over 20 years!!!!!! The customer service was very terrible to work with.

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