Re: transparency re: Boston Bellringers bank accounts

[lauradi rcn com]

    The CD is tied to the same account in the same bank. (TD bank) They 
would not accept the combined total to avoid the fee.  Upon my request, 
they did waive a month or two when we first dipped below the old minimum, 
which I think was $1500 at the time.  They offered to waive the fee (which 
is something like $25 a month!) entirely if I would tie the bbellringers 
account to my personal account (I've had an account at that bank for 
ages).  Danielle pointed out what a struggle it was to get Greg C's social 
security number removed from our previous account at a different bank, I 
think, so we decided not to mess with such a connection.  Not long after I 
had re-upped the CD, I got a letter from the bank saying that the minimum 
is now $2500, hence the loan, to bring up the total.  They did not say so, 
but the timing seemed suspiciously close to the recent moves by the 
Republican congress to allow banks to be jerks about fees (I don't think 
that's the technical term used in the law).  
    This is a business account identifying us as a volunteer social 
musical group.  Or something like that. The descriptors may be in a 
different order. Ed F arranged for our tax ID number. The assistant 
manager at the bank and I spent a long time perusing lists of 
possibilities before we came up with the correct combination of words.  We 
are not registered as a 501(c)3.  The tax form we file is a 990-n, and Ed 
takes care of that. 
    
Laura 



----- Original Message -----
From: "Gregory Russell via Boston-change-ringers" <boston-change-ringers 
cosmos phy tufts edu>
To: "lauradi" <lauradi rcn com>
Cc: boston-change-ringers cosmos phy tufts edu
Sent: Monday, May 5, 2025 6:18:28 PM
Subject: Re: transparency re: Boston Bellringers bank accounts

If the CD is at the same bank, it might be worthwhile asking them to waive
the minimum, since you made the CD decision based on the minimum balance
information at the time.
Out of curiosity, what is the minimum, and what is the fee if the balance
falls below the minimum?

On Fri, Apr 25, 2025 at 10:09 AM Laura Dickerson via Boston-change-ringers 
<
boston-change-ringers cosmos phy tufts edu> wrote:

>    People who are interested in our banking might remember that a year or
> so ago I moved most of our funds into a CD so we could get interest on 
> it.
> What I didn't calculate correctly is the amount that
> we need in the basic account (from which we pay bills) to avoid service
> fees.  The minimum required amount has recently gone up a lot. This
> happened right after I had renewed the CD.  To deal with this, I have
> loaned the guild $1000 of my own money so that we don't get hit by any 
> fees
> or a penalty for closing the CD early.  When the CD comes due in the 
> fall,
> I will pay myself back.  This is *not* tying the guild account to my
> personal account.
>
> Laura Dickerson
>
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