We didn’t plan to make this episode… but after getting burned by minimum balance fees, we had to talk about it.

This started with us trying to close our Wells Fargo accounts—and realizing we’d been getting slowly chipped away by fees for years. From there, Tim went deep: why banks charge these fees, when “free checking” actually died, how banks quietly raise minimum balance thresholds, and why the whole thing feels like a rigged game.

In this episode, we break down:

• The real story: how small monthly fees quietly erode your money over time
• Why banks use minimum balance requirements and how they profit either way
• How “free checking” changed after major banking regulation shifts
• Why these fees hit business accounts even harder than personal accounts
• The sneaky trap: abandoned “zombie accounts,” negative balances, and getting flagged in banking systems
• The real reason most people don’t switch (even when they’re getting charged)
• Practical alternatives: banks and business accounts designed to be zero-fee (and what to watch for)

We also talk through the mindset shift that matters most: if your money is sitting at a bank earning basically nothing and you’re paying fees to keep it there, that’s not “safe.” That’s a slow leak.

If you’ve ever seen a random $5 or $15 charge and thought, “eh, whatever”… this episode is your sign to look closer.

_________________________________________________________________________________

Questions? Email Tim at [email protected]

Want FREE weekly market updates, Tim's top 10 dividend picks, and our portfolio updates delivered right to your inbox?

Subscribe to our email list.

Stay connected. Follow us on social!

DISCLAIMER Ticker metrics change as markets and companies change, so always do your own research. The content in this podcast is based on personal experience and is for educational purposes, not financial advice. See full disclaimer here.

Episode music was created using Loudly.