jls@sabre.UUCP (John L. Schantz) (08/28/85)
WARNING--WARNING--WARNING--WARNING--WARNING--WARNING--WARNING I have (or will have had) a savings account with Lincoln Federal Savings. I used this account to put a little money aside that I did not want to touch but only in case of emergencies. Well, I had one and when I took some money out, the bank charged me $5.00 for every month the money was in the account since this February. This comes to $30.00 for my account and $30.00 also for my wife's account ($60.00 total). Boy, was (am) I mad. When I asked them to explain this, they told me that they sent out letters in January that stated that if you did not close out your account and make it a statement savings account, they were going to charge $5.00 per month if you did not have over a $1000.00 in the account. My GOD, this this is only a low interest paying 5 1/4% savings account. I question whether or not they can do this. Also, I or my wife did not receive this so called letter that "should" clearly state that they were going to take my money. Well, they refuse to give back my money. I can not believe that they are losing money on 5 1/4% savings accounts to require a balance of $1000.00 or charge $5.00 per month. Especially since they earn most our their money (using my money) on high interest loans and mortgages. So my message to you is that if you do your banking with Lincoln Federal, you may want to reconsider who has your (theirs now) money. John Schantz Bellcore 201-758-2148