I really wanted to like Star Financial Bank. I've been an online banker for about 15 years, but I have the occasional need for services from a brick and mortar bank. I opened checking & savings accounts at Star based on positive recommendations from family. Compared to my online bank, however, Star is just...not great. I've been disappointed since my first week as a customer when the bank cancelled my debit card twice due to suspected fraud - and I only found out when the cards were declined as I tried to pay at merchants. As a result, I am not comfortable using my Star debit card as my payment method. I would never go far from home without a backup.
Since I don't use the debit card, I really don't use the account. But, I'd like to keep the account open to retain access to the brick and mortar branch...except for the FEES. If my balance is lower than $1500 and I do not use my debit card 5+ times/month, there is a $5.95 fee. There is a $37.50 overdraft fee. $7 fee if my bank statement is returned to the bank by the post office. $7 fee for paper statements. So now I just want to close my accounts, but there's a $25 account closure fee for accounts less than 180 days old.
With all these fees, you'd think the customer would get SOMETHING to feel good about, an amenity or perk to offset the cost of banking with them. But, No - not compared to online banking. For instance, the interest rate on my Star Financial Bank savings account is just 0.020%... compared to 3.92% for my online savings account, and 0.10% for my online checking account! I want a bank that has my best interests in mind, that seems invested in my future and in my financial success. A bank should not charge fees because a balance is low - that's like kicking the customer while they are down. A bank should not charge fees to customers who prefer to see paper bank statements (rather than electronic). I just don't feel good about banking with Star. I'm counting down the 180 days until I can close my accounts without getting charged for doing so. read more
