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June 28, 2010

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Gerry

My 10 year old son's savings account is being assessed a $5 a month "inactivity fee". What gives the credit unions the "right" to charge this on child? This is nothing but legalized extortion in my view. Given THIS economy there is no one looking out for us - the people who are struggling as it is.

Anthony Demangone

Gerry,

I'd reach out to your credit union. Account fee structures are often set up automatically based on the account type and settings. So, if there's an account inactivity fee, no one will stop to look at the fact that your son is the account owner. I'd contact them to see what you have to do to get some "activity" to stop that fee from happening. It could be something as simple as a $1 deposit every now and again. Best of luck.

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