I decided to close my checking account with Suntrust Bank today. I opened the account when I was going to school in Virginia last year. Now that I’m living in Missouri where there are no Suntrust branches the account isn’t really useful.
When I called to close the account Suntrust told me there would be a $20 fee for closing by mail. I asked them if they would waive the fee since I live out of state and cannot close the account in person. They refused to do so. That is their prerogative(although I’m going to double check the terms and conditions on my account because I don’t remember there being a $20 fee for closing the account by mail)but it isn’t in their best interest to not waive the fee. The account is a free checking account and I only have $2.50 in it. They mail me a statement every month. It will not take long for servicing the account to cost them more than $20. I explained this to the CSR but he didn’t care. I might try again next week and see if I get a more reasonable CSR. If not they can keep wasting their money, it isn’t costing me anything. This doesn’t make much sense to me but unless they waive the fee I’ll just keep the account open.