Edit: Here is a savings tip for the bank. Don't send snail mail twice, when the dual account holders live at the same address. Because the wife and I got the same letter with only the addressee being different
a monthly fee to compensate the bank for the effort they have to put into checking my account for criminal behaviour
Must be an EU thing (no politic implied). I don't think such a thing in the US would get to first base, much less fly for long. My current bank monitors for suspicious activity, gives alerts when they occur (so far none), and gives monthly confirmations of "no suspicious activity" all for free.
Many banks in the US waive various charges based on balance and/or age. For example, since older people write fewer checks, if you are over 60 or have a certain balance and are younger all checks are free.
I am gobsmacked. Flowers from a vending machine?!?
All of this so they can refuse to do anything when a defective vending machine charges you $65k for a bouquet of flowers. Yes, that happened.
I just got an email from a bank. It says I have to pay a monthly fee for customer research. Why do I have to pay a bank to research whether I'm happy with them? This must be a crappy translation from someone phishing for information. Let's check the links in the email... they all look legit. Let's read the message more carefully... FFS it really says that I have to pay a monthly fee to compensate the bank for the effort they have to put into checking my account for criminal behaviour.
Speaking of American banks...
I left behind an account with some two digit sum on it.
A few years later they mail me that the account is about to be considered abandoned and the funds forfeited to the state government.
Too much effort to get the money out of there (cards are long dead, the password is the card number, the nearest branch office is in another country).
A few months later my account receives a free upgrade to a different plan. A small monthly fee may be charged unless XYZ conditions are met.
A year later, the account is drained dry and I never hear from them anymore.
I just got an email from a bank. It says I have to pay a monthly fee for customer research. Why do I have to pay a bank to research whether I'm happy with them? This must be a crappy translation from someone phishing for information. Let's check the links in the email... they all look legit. Let's read the message more carefully... FFS it really says that I have to pay a monthly fee to compensate the bank for the effort they have to put into checking my account for criminal behaviour.Likely to do with your Gubbermint laws on money laundering.
We need pay these costs too in both time and money, albeit the monetary costs are hidden in various bank and money institution charges.
The time component is a one on one phone survey we must undertake with our FOREX provider every 2 years which we get an email warning that is to take place soon.
They need to ensure you are not using them for laundering the proceeds of illicit dealings and thereby making them an accessory.
Right PITA it is and a sign of the times we live in.
Likely to do with your Gubbermint laws on money laundering.
We need pay these costs too in both time and money, albeit the monetary costs are hidden in various bank and money institution charges.
The time component is a one on one phone survey we must undertake with our FOREX provider every 2 years which we get an email warning that is to take place soon.
They need to ensure you are not using them for laundering the proceeds of illicit dealings and thereby making them an accessory.
Right PITA it is and a sign of the times we live in.
Oh, I'm sure people actually laundering money are completely terrified by those very tough measures!
Meanwhile there are tons of modest people getting buggered by their bank because they received a transfer from their grandpa and now they need to justify the entirety of their sources of income for the past two years with tangible evidence, otherwise they'll get their account blocked.
If you think that's sci-fi, not even so!
Particularly sensible if your company account is with the same bank as your personal account - they will raid one to pay the other without asking if it comes to the crunch.
Move to a different bank? NL central bank interest rate is 1.47% so you're saving the bank most of that by giving them your money. It's only right they provide all the other services FOC in return.
Governments do the same... You pay tax so your government can spend that on investigating criminal activities.
It's easier than ever to open multiple bank accounts these days, and I strongly suggest doing so. Certainly do not put all your eggs in the same basket.