I have a $30000 business line of credit (to stabilize business cash flow) that I am not using. In 2001, it was a real pain to secure it. When Adobe merged with Macromedia in 2005, I was doing business with Adobe; I maxed it out to pay my team before I paid me.
It's paid off now. I have not used it since October 2009, and last week I realized that a $10 monthly fee going through my business account was attached to the privilege of keeping it. There is also an annual fee of approximately $75 charged to review my credit history.
There's no obvious way to shut it down from online banking, although increasing it is the first "helpful tip" offered. I just called the bank to close it by phone. (I tried to shut it down last August, but at that time, they were insistent that I present myself to their downtown location on Sparks Street to sign some forms. No surprise. Their annual fee was due.)
When asked for my reason for closing it down, I told them I've stopped using it and I don't need it. I did not reference the fees at all. I was immediately offered other "lower fee" Visa products for small business, to which I could only ask why? I declined. They closed it.
