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SunTrust to increase required minimum balance

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(WTVR) –Beginning August 24, SunTrust will raise the daily balance a customer is required to keep in an everyday checking account.

The balance amount will be raised from $500 to $1,500, to avoid a seven dollar monthly service fee.

Holders of these accounts will also pay more in overdraft fees.

A SunTrust spokesperson told the Huffington Post the increase reflects the costs of doing business and staying competitive with other banks.