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Waterfield Bank / &taking& money from a 3 year old

1 United States

We opened a college savings account with UFB for my youngest son (now 3 years old) when he was born. Any money given by family, friends, etc goes in there for him. Few hundred dollars at this point - so not some huge account.

Today I opened the statement we get and I noticed the bank hit him with an insufficient minimum balance charge. So I call up and ask what that is. It seems they were recently bought by Waterfield Bank and the new mgmt placed a minimum $10K balance on these types of accounts. The call center rep said they had notified all customers, but neither my wife or I recalls any letter explaining that reality, & the agent wouldn't confirm whether it was a letter or some small print on a past statement. Anyway, I explained to the woman that it is a 3 year old's account and ask that the money they took be placed back into the account before we close it (our only option other than putting 10K in there. She flat out denied that request, denied requests to speak to a supervisor and let me know there will be an administration fee to close this.

My summary - Waterfield Bank gladly takes money from children.

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