It cost $5 to join, and members were required to keep a minimum balance of only $10.
In one ad, a woman about to open an account at another bank is told the minimum balance will be $500.
Almost half of all Americans pay the minimum balance or less each month, running up large interest debts.
At the time, she hadn't figured out how to price them, and ended up charging him the minimum balance due, which happened to be $140.
The only requirements, usually, are age and a promise to maintain a minimum balance.
For most banks, the minimum balance is set well below their break-even point.
Moreover, investors must keep a minimum balance of $5,000, up from $2,000.
The bank also said it was doubling the minimum balance required for free checking to $6,000.
Most banks offer free checking if requirements for a minimum balance are met.
They don't need to keep a minimum balance in either.
