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(USA Today)   You can add "bank fees" to the list of things that have risen for 15 years in a row. Your pay, probably not so much   (usatoday.com) divider line 28
    More: Sad, fees, Greg McBride, Bankrate, Moebs Services  
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462 clicks; posted to Business » on 02 Oct 2013 at 9:22 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



28 Comments   (+0 »)
   
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2013-10-02 09:27:13 AM  
Ally bank gives ATM fees back every month and they waive fees for bounced checks.
 
2013-10-02 09:32:17 AM  
Ahh yes, well you know, the banks need more revenue so that they can give out those billions of dollars in bonuses for their poor overworked employees who put in a solid 8 hours of backbreaking labor. I hear the 5 o'clock commute home is so hellish they have drink specials to help them cope, I believe it's called a glad-hour or spiffy-hour or something similar... Happy hour? I think that's it.

I have to work until 7-8 o'clock daily, so I wouldn't know.
 
2013-10-02 09:42:04 AM  
Inflation, how does it work?

(ICP.jpg)
 
2013-10-02 09:43:42 AM  
Wells Fargo has some of my favorite bank fees evar; like the time I used their ATM to print out an account balance and was charged $1 for doing so. Thats right...$1 for the ATM to print a little piece of paper that said nothing more than "you have $x in your account". I went inside to complain, explaining to them that I am an account holder there and the fee was unnecessary. I was told that if I wanted an account balance (without paying the fee), i had to come inside and ask a teller.
 
ZAZ [TotalFark]
2013-10-02 09:53:25 AM  
If I were Attorney General, the second thing I would do is file a consumer protection suit against banks seeking to void their fee schedules as illegal penalties. It doesn't cost the bank $30 to handle a bounced check, and there is no excuse for claiming that as liquidated damages either. We have a law here regulating bounced check fees for customers under 18. Last I checked the state had determined that the cost to the bank was more like $5, and it should be going down with electronic processing.

The first thing I would do is have everybody involved in creating and operating speed traps flogged and dragged through Boston Harbor naked on a cold day.
 
2013-10-02 10:18:03 AM  

ZAZ: If I were Attorney General, the second thing I would do is file a consumer protection suit against banks seeking to void their fee schedules as illegal penalties. It doesn't cost the bank $30 to handle a bounced check, and there is no excuse for claiming that as liquidated damages either. We have a law here regulating bounced check fees for customers under 18. Last I checked the state had determined that the cost to the bank was more like $5, and it should be going down with electronic processing.

The first thing I would do is have everybody involved in creating and operating speed traps flogged and dragged through Boston Harbor naked on a cold day.


Bounced check fees are supposed to be punitive - i.e. don't write checks you can't cash.  That being said, the way some of these banks fiddle with funds and order of processing checks needs to be standardized or spelled out cleanly.

/me?  Credit union.  I have an automatic $500 overdraft protection that I've used a few times when I was younger, and they order checks from lowest to highest so there's fewer NSF fees if a bunch of checks come in at the same time and can't be paid.
//CU is in NY, I live in MA.  Get cash by withdrawing from the grocery store, CVS, etc.  Haven't had to use an ATM in years.
 
2013-10-02 10:38:24 AM  
Well, then i guess it is a good thing I haven't paid a bank fee in years...
 
2013-10-02 10:43:39 AM  

Dick Gozinya: Wells Fargo has some of my favorite bank fees evar; like the time I used their ATM to print out an account balance and was charged $1 for doing so. Thats right...$1 for the ATM to print a little piece of paper that said nothing more than "you have $x in your account". I went inside to complain, explaining to them that I am an account holder there and the fee was unnecessary. I was told that if I wanted an account balance (without paying the fee), i had to come inside and ask a teller.


The first words out of the tellers mouth: "You know, you could use the ATM machine outside to find out your balance."

/I know, I know, ATMachine machine


enry: That being said, the way some of these banks fiddle with funds and order of processing checks needs to be standardized or spelled out cleanly.


I believe it is law that deposits must be processed before withdraws...not sure if withdraws must be done in any order though.
 
ZAZ [TotalFark]
2013-10-02 10:47:30 AM  
Bounced check fees are supposed to be punitive - i.e. don't write checks you can't cash.

Then they are illegal. The government can fine you just to be nasty. Private companies can only fine you to recover their own loss. Costs can be set in advance, so-called liquidated damages, if damages can not be easily calculated and the amount is reasonable in relation to the harm done.

The most high profile case on the subject involves a rental car company that billed its customers for speeding. The courts ruled the fine was an illegal penalty. (Keywords: acme rental speeding.)
 
2013-10-02 10:51:12 AM  
Not if you use a credit union. Mine pays me back for foreign ATM charges, and if I *DO* have to go inside, they still have lollys.
 
2013-10-02 10:57:49 AM  

ZAZ: Bounced check fees are supposed to be punitive - i.e. don't write checks you can't cash.

Then they are illegal. The government can fine you just to be nasty. Private companies can only fine you to recover their own loss. Costs can be set in advance, so-called liquidated damages, if damages can not be easily calculated and the amount is reasonable in relation to the harm done.

The most high profile case on the subject involves a rental car company that billed its customers for speeding. The courts ruled the fine was an illegal penalty. (Keywords: acme rental speeding.)


There's punitive fees all over the place (especially banking), default rates for credit cards, late fees, fees from the person you're paying with a bounced check.  All of those are perfectly legal (moral is a different story).
 
2013-10-02 11:14:55 AM  

Dick Gozinya: Wells Fargo has some of my favorite bank fees evar; like the time I used their ATM to print out an account balance and was charged $1 for doing so. Thats right...$1 for the ATM to print a little piece of paper that said nothing more than "you have $x in your account". I went inside to complain, explaining to them that I am an account holder there and the fee was unnecessary. I was told that if I wanted an account balance (without paying the fee), i had to come inside and ask a teller.


You know, the teller or whoever you complained to didn't program the ATM.
 
2013-10-02 11:41:55 AM  

ltdanman44: Ally bank gives ATM fees back every month and they waive fees for bounced checks.


People still write checks?
 
2013-10-02 12:47:44 PM  

Mugato: Dick Gozinya: Wells Fargo has some of my favorite bank fees evar; like the time I used their ATM to print out an account balance and was charged $1 for doing so. Thats right...$1 for the ATM to print a little piece of paper that said nothing more than "you have $x in your account". I went inside to complain, explaining to them that I am an account holder there and the fee was unnecessary. I was told that if I wanted an account balance (without paying the fee), i had to come inside and ask a teller.

You know, the teller or whoever you complained to didn't program the ATM.


When I left Wells Fargo I complained quite vehemently to everyone who asked, and they all asked and tried to keep me.  The branch manager ended up calling me a week later to ask again, and I very politely told him all the bs ways WF was trying to screw me.
 
2013-10-02 12:54:57 PM  
Okay, let me say this one more time:

CREDIT UNION, people!
 
2013-10-02 01:10:20 PM  
When interest rates and spreads are higher, banks make enough money on the spread such that they don't need to increase fees.

Rather, they will compete with each other via low fees and other perks/benefits to try to attract more deposits (on which they can earn that spread).

With interest rates and spreads at historic lows, profitability from reinvesting deposits from small accounts is much more difficult if not impossible, due to the costs of servicing each customer. So they increase fees to try and squeeze more profitability out of customer accounts.

Since all banks are facing the same interest rate environment, the market permits them to raise fees (ie they all need to raise revenue so are raising fees).

But if credit unions are so great, by all means go for them. The more people that do the more pressure the commercial banks would be under to keep fees low.
 
2013-10-02 01:44:10 PM  
What's in your wallet?
 
2013-10-02 01:52:27 PM  

wombatsrus: Okay, let me say this one more time:

CREDIT UNION, people!


That's my word, yo!
 
2013-10-02 03:23:51 PM  
USAA

/That is all
 
2013-10-02 04:41:19 PM  

cashdaddy: USAA

/That is all



USAA is full of scumbags.

Last year, one of their car insurance customers hit my car in a parking lot.  No one was driving the car at the time; it was a very simple police report to file.  The damage total came to over $2000 because an entire side door had to be replaced, but even after they heard this fact, USAA insisted that they only owed $600.

Their reasoning?  There were a couple of scratches in the paint on the door that needed to be replaced, and so they said that replacing the door would mean fixing a minor problem not caused by their client.  Therefore, they didn't have to pay for it.  It took several months, dozens of phone calls, and a few threats to get them to change their minds.

That's the sort of logic you deal with when you deal with financial institutions.
 
2013-10-02 05:49:07 PM  
What's a banking fee?

ING FTW
 
2013-10-02 07:45:24 PM  
As evil as Bank of America is supposed to be, they are consistently cheaper and more convenient than the credit union with whom I've had a credit card and savings account for 20 years.

I just called my credit union, read them the rates on my Bank of America account, explained that I wanted to do business with them but they have to meet BofA's rates. No dice. Sorry, I'm going to have to finally ditch that credit union.
 
2013-10-02 08:30:09 PM  

what_now: Not if you use a credit union. Mine pays me back for foreign ATM charges, and if I *DO* have to go inside, they still have lollys.


First National Tentacled Credit Union offers lolies
 
2013-10-02 11:26:59 PM  

NetOwl: cashdaddy: USAA

/That is all


USAA is full of scumbags.

Last year, one of their car insurance customers hit my car in a parking lot.  No one was driving the car at the time; it was a very simple police report to file.  The damage total came to over $2000 because an entire side door had to be replaced, but even after they heard this fact, USAA insisted that they only owed $600.

Their reasoning?  There were a couple of scratches in the paint on the door that needed to be replaced, and so they said that replacing the door would mean fixing a minor problem not caused by their client.  Therefore, they didn't have to pay for it.  It took several months, dozens of phone calls, and a few threats to get them to change their minds.

That's the sort of logic you deal with when you deal with financial institutions.


Why did you have to deal with USAA to get your door fixed? That is what your own insurance is supposed to do.
 
2013-10-03 01:08:25 AM  

SpaceBison: NetOwl: cashdaddy: USAA

/That is all


USAA is full of scumbags.

Last year, one of their car insurance customers hit my car in a parking lot.  No one was driving the car at the time; it was a very simple police report to file.  The damage total came to over $2000 because an entire side door had to be replaced, but even after they heard this fact, USAA insisted that they only owed $600.

Their reasoning?  There were a couple of scratches in the paint on the door that needed to be replaced, and so they said that replacing the door would mean fixing a minor problem not caused by their client.  Therefore, they didn't have to pay for it.  It took several months, dozens of phone calls, and a few threats to get them to change their minds.

That's the sort of logic you deal with when you deal with financial institutions.

Why did you have to deal with USAA to get your door fixed? That is what your own insurance is supposed to do.


Why did you have to deal with an insurance company to get your door fixed?  That is what your collision centers insurance billing specialist is for. I had a car that was hit by someone with Hartford.  When Hartford said they didn't have to pay to have the pin striping done on the new fender and that a tire with only 1,000 miles was depreciated too much to replace the shop took them to task and got my car fixed up correctly.
 
2013-10-03 12:36:35 PM  
Both the bounced check and ATM usage fees seem completely avoidable for pretty much anyone these days. For one, who writes checks any more? I write one a month for my mortgage payment and that's because their online payment system is to damn convoluted to bother with.

As for ATM fees, I can't remember the last time I paid cash for something. Everywhere I know of takes debit cards and if you do need cash they all give cash back free of charge.
 
2013-10-03 01:35:22 PM  

Nemo's Brother: What's in your wallet?



Less cash,  that's for sure.

Banking + Technology = Lower Costs = Higher Fees?????
 
2013-10-03 08:29:49 PM  
I'm pretty poor, but because I have a mortgage and a home equity loan with the same bank where I do my checking and "retire on that? let me laugh even harder" stuff, I get assigned a "personal banker" (this is hiliarious, to me).  My first banker retired, so I got a new one, and she recently moved over to the "business banking" side.

So yesterday I got a call out of the blue from my  newest one, who wanted to let me know that I had paid a bill online out of the  wrong checking account, causing it to be overdrawn, and she was pretty sure it was by mistake, since the other account had lots of money in it, so she'd waived the fee and just wanted to ask me to move some money over from the other account.

This is pretty good, for a regional bank.  Not as good as the treatment my wife and kid get everywhere*, but oh well, they're cute and I'm not.

*We eat at the nearest location of a national restaurant chain once or twice a month.  Have since before the kid was born, and a manager or three will always come over and say hi.  They recently started rotating soups, instead of having wife+kid's favorite on the menu all the time.  Head manager told us she was posting a note for the cooks saying that if wife+kid come in on a day that their favorite soup  isn't the soup-of-the-day, the cooks are to make some for them  anyway.  Cute goes a long way.
 
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