What is the inactivity fee?
The inactivity fee is a $5 monthly charge for an inactive Checking & Savings account. An account is considered inactive if there have been no transactions (deposits or withdrawals) for a consecutive 180-day period, on either your checking and/or savings account(s), and the combined balance of your Checking and Savings accounts is below $100.
How can I avoid the inactivity fee?
To avoid the fee, simply perform a transaction (such as a deposit or withdrawal) on your Checking or Savings account within a 180-day period. Maintaining a combined balance of over $100 across your accounts will also avoid this fee.
What counts as “activity” on my account?
“Activity” is defined as any transaction, debit, or credit from your Account, whether initiated by you, by Aspiration, or by any third party. Please note that the inactivity fee is not a qualifying activity (transaction) to reset the 180-day inactivity timer.
How is the fee assessed?
If your account qualifies for the inactivity fee, the fee will be debited in the following order:
- Checking Account: The fee will first be debited from your Checking Account.
- Savings Account: If your Checking Account has insufficient funds, the fee will be debited from your Savings Account.
- Partial Deduction: If neither account has enough to cover the $5 fee, partial amounts will be debited from both accounts until they reach a balance of $0.
Will the inactivity fee cause my account to go into a negative balance?
No, the fee will never overdraw your account. If the total available balance in your Checking and Savings accounts is less than $5, the accounts will be drawn to $0, but no further deductions will be made.
What if I reactivate my account after being charged the inactivity fee?
Once you perform a transaction, your account will no longer be considered inactive, and the inactivity fee will not be applied for future months; your account can be subject to an additional inactivity fee if your account becomes inactive for a further 180 days. However, any fees already charged will not be refunded.
How can I contact customer service if I have questions about the inactivity fee?
If you have any questions or need assistance, our customer support team is ready to help. You can reach us at support@aspiration.com.
Where can I find more details about the inactivity fee and other fees?
You can find full details about the inactivity fee and other fees in the updated Deposit Account Agreement on our website.
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