A couple of years ago I decided to close out a savings account and a checking account that I had used for many years. I decided to put the money into a CD account. After closing out the accounts I found out that I needed a checking account to qualify for the best CD rate. So I opened a free checking account and put $10 in it.
I have not touched the checking account. It sits there patiently, $10 balance waiting, and I do not even have any checks for it. Its only purpose is to allow me to have the CD account.
Several months ago I got a letter warning me that my account was about to become inactive. I called the bank and asked what this meant. I was told that if I let my account become inactive it would be closed, and I would be mailed a check for the balance. I was also told that if my checking account closed I would not have to close my CD account. That sounded wonderful. I decided to let the checking account become inactive.
Then I got another letter. A change of terms letter. It seems the rules have changed. Now my account will be closed out if it becomes inactive. I will be charged $12 a month until I activate it. And I need the account to keep my CD account.
So why am I telling you this boring story? Well, this afternoon I am heading to the bank to make a $0.01 deposit into my checking account. I suppose it will become a yearly endeavor (at least until I close the CD account).
Sometimes a penny has a much greater value than one cent.
