Penalizing pint-size accounts
A penny saved may be a penny earned, but many large commercial banks are now telling penny savers not to bother. Through a variety of fees and interest penalties, the giants of finance are actively discouraging small savings accounts.
New York's Chase Manhattan pays no interest on most passbooks whenever the balance drops below $100. United Jersey Bank, the Garden State's second largest, will slap a $2-per-quarter charge on any account that averages below $100. Chicago's First National Bank allows only one free withdrawal per month from passbooks holding less than $500 and deducts $1 for each additional transaction.
Bankers complain...
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