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(Some Guy)   Bank fees continue to rise as large banks offset their sagging profits with new 'ha, ha, fark you poor people' account fees   (money-rates.com) divider line 38
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1222 clicks; posted to Business » on 29 Aug 2014 at 7:28 PM (43 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



38 Comments   (+0 »)
   
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2014-08-29 02:59:53 PM  
I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am
 
2014-08-29 04:53:53 PM  

Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am


This. I work for a credit union and we have zero fees, no minimum deposits. Absolutely free checking with over 50K free ATMs.

Yet, I'd say 75-80% of the people I run into on my rounds have no idea what a credit union is.
 
2014-08-29 05:40:44 PM  
citimortgage just charged me a $15 fee for refunding my remaining escrow balance when I paid off my mortgage. And they've got you, because it just re-enforces how happy you are to be done with them.
 
2014-08-29 07:35:00 PM  

Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am


I haven't paid a fee in 10 or more years.  It's called Chase and not being a deadbeat that overdraws your account.
 
2014-08-29 07:40:18 PM  
Oh, sonova.

I just submitted this with a better headline.
 
2014-08-29 07:43:47 PM  

brigid_fitch: Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am

This. I work for a credit union and we have zero fees, no minimum deposits. Absolutely free checking with over 50K free ATMs.

Yet, I'd say 75-80% of the people I run into on my rounds have no idea what a credit union is.


DON'T LISTEN TO THESE PEOPLE!

This is the first sentence of the Wikipedia article about credit unions: "A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members."

You see that?  Union.  Cooperatively owned.  By its members.

It's goddamn Marxism, is what it is.  I don't know why these fiendish things are even allowed in America.

Oh, right.  THANKS OBAMA!

/credit union member
 
2014-08-29 07:47:15 PM  

RogermcAllen: Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am

I haven't paid a fee in 10 or more years.  It's called Chase and not being a deadbeat that overdraws your account.


The last fee I paid (it was an overdraft) was in 2007. Separated from my ex-wife Jan 2008.

Coincidence?

/US Bank
 
2014-08-29 07:51:49 PM  

wademh: citimortgage just charged me a $15 fee for refunding my remaining escrow balance when I paid off my mortgage. And they've got you, because it just re-enforces how happy you are to be done with them.


I read that as clitmortgage.  I'm not sure where to go with that.
 
2014-08-29 07:59:13 PM  

RogermcAllen: Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am

I haven't paid a fee in 10 or more years.  It's called Chase and not being a deadbeat that overdraws your account.


Um, I also have Chase. I've gotten hit with fees by them. One reason why i closed my savings account with them and went with a credit union. Now, I only use Chase for my checking.
 
2014-08-29 08:02:59 PM  

Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am


crow202.org
 
2014-08-29 08:31:10 PM  

Bondith: wademh: citimortgage just charged me a $15 fee for refunding my remaining escrow balance when I paid off my mortgage. And they've got you, because it just re-enforces how happy you are to be done with them.

I read that as clitmortgage.  I'm not sure where to go with that.


I tried to get an account there but I couldn't find it.
 
2014-08-29 08:32:38 PM  

Bondith: wademh: citimortgage just charged me a $15 fee for refunding my remaining escrow balance when I paid off my mortgage. And they've got you, because it just re-enforces how happy you are to be done with them.

I read that as clitmortgage.  I'm not sure where to go with that.


Maybe he financed his lady's vaginoplasty?
 
2014-08-29 09:09:07 PM  

Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am


I was pretty smug about this too until I actually opened a statement from my credit union and found a savings deposit fee.  To be fair, I wasn't paying attention and they probably slipped this in a while ago, but it didn't always used to be there.  Credit unions are not the holy bastions of feelessness they used to be.
 
2014-08-29 09:14:05 PM  

Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am


Used to belong to Bechtel's employee credit union because my company leased space in one of their buildings.

It was nice, but there was only one (1) ATM in all of San Francisco. The fees for using any other bank's machine made it a bad choice.

The secret is to not overdraw your funds.
 
2014-08-29 09:23:43 PM  

Tarl3k: Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am

[crow202.org image 400x155]


Yup. USAA FTW
 
2014-08-29 09:48:29 PM  

Tarl3k: Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am

[crow202.org image 400x155]


Despite not getting charged fees from banks because I don't overdraft, I am still in the process of phasing out the bank and going straight credit union. In about 10 days or so I'll be big bank free and can't wait.
 
2014-08-29 09:53:11 PM  
I haven't paid a fee in 10 or more years. They're called credit unions.

It's how Bank of Duhmerica lost a customer of over 20 years: fees.  They don't even get any more credit card business from us but clearly spend hundreds of dollars every year in direct mail trying to get that credit card business back.
 
2014-08-29 10:09:01 PM  
"Sagging Profits" meaning less than 20% YoY growth.
 
2014-08-29 10:29:36 PM  

Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am


~25 years of Credit Union and still loving it!
 
2014-08-29 10:38:13 PM  

Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am


brigid_fitch: Peter von Nostrand: I haven't paid a fee in 10 or more years. They're called credit unions. Almost anyone can join one some way or another.

/look how smug I am

This. I work for a credit union and we have zero fees, no minimum deposits. Absolutely free checking with over 50K free ATMs.

Yet, I'd say 75-80% of the people I run into on my rounds have no idea what a credit union is.


Although I do have a savings at a credit union, I have my checking at Bank of America, one of the largest in the country. I pay zero fees and have no minimum balance. Sure, if I was stupid enough to overdraft my account they would charge me, so I just don't do that.

I have no clue what banks they're talking about that charge these ridiculous fees, but I've never spoken to anyone who gets charged for anything but overdraft fees and using another ATM.

As for ATM machines, who the fark is dumb enough to pay a fee for them? Nearly every store you go to will let you get cash back when you pay with a debit card. We're nearly a cashless society these days but if you have to have cash go to a grocery store, buy a pack of gum and get cash back. I can't remember the last time I used an ATM machine.
 
2014-08-29 10:42:22 PM  
I'm with Wells Fargo and have never paid a fee. Who is charged these bank fees?
 
2014-08-29 11:03:57 PM  
You know, there are now open to the public credit unions all over the country. They do everything that banks do, except for making a profit, treating customers like P. T. Barnum and playing Monopoly with the economy.

Maybe we don't really need banks anymore?
 
2014-08-29 11:11:39 PM  

Omnivorous: I haven't paid a fee in 10 or more years. They're called credit unions.

It's how Bank of Duhmerica lost a customer of over 20 years: fees.  They don't even get any more credit card business from us but clearly spend hundreds of dollars every year in direct mail trying to get that credit card business back.


They lost me because back in 2003, they reordered my debits for the day with the largest purchase first, so I got hit with 4 overdraft charges.  They also decided that checks should take over a week to clear, even ones from the federal government.  That really screwed me over when I needed to buy textbooks.

/young and dumb
//but that shiat should have been illegal.
 
2014-08-29 11:44:30 PM  

DubyaHater: I'm with Wells Fargo and have never paid a fee. Who is charged these bank fees?


Liberals.
 
2014-08-29 11:45:14 PM  

Shakin_Haitian: Omnivorous: I haven't paid a fee in 10 or more years. They're called credit unions.

It's how Bank of Duhmerica lost a customer of over 20 years: fees.  They don't even get any more credit card business from us but clearly spend hundreds of dollars every year in direct mail trying to get that credit card business back.

They lost me because back in 2003, they reordered my debits for the day with the largest purchase first, so I got hit with 4 overdraft charges.  They also decided that checks should take over a week to clear, even ones from the federal government.  That really screwed me over when I needed to buy textbooks.

/young and dumb
//but that shiat should have been illegal.


The debit ordering part is now. As for the checks, they are allowed a certain number of days to process them under law (I can't remember how many right now) and a week is within that time frame. Checks have to be physically moved around and as such, are slow. I would recommend direct deposit any time you can get it since it is a wire transfer, recorded by multiple computers and takes far less time than a check.
 
2014-08-29 11:47:12 PM  
The bank fees they're talking about can be avoided at the big banks if you meet certain criteria. Sometimes it's minimum balance, sometimes it's minimum direct deposit amounts. In some cases, if you've been a long-time customer, your accounts may have been grandfathered from when they were still decent (Wells and Chase have grandfathered plans. TD used to when they bought Commerce but stopped about a year ago).

Also, not all credit unions are created equal. We consider USAA to be the gold standard and try to be like them. My husband was with his old credit union for 20 years and they were great--until about a year ago when they got a new CEO and started charging fees for stupid things like going up to the teller instead of using the ATM.
 
2014-08-30 12:58:11 AM  
I just opened a new account at the bank in town so I didn't have to drive 10 miles tomy old bank and as long as I don't overdraft, the only thing that it costs is the checks.  I probably will never use one of these even though I just bought some.
 
2014-08-30 01:21:20 AM  
My mattress charges $0 in fees.
 
2014-08-30 03:26:36 AM  

Shakin_Haitian: Omnivorous: I haven't paid a fee in 10 or more years. They're called credit unions.

It's how Bank of Duhmerica lost a customer of over 20 years: fees.  They don't even get any more credit card business from us but clearly spend hundreds of dollars every year in direct mail trying to get that credit card business back.

They lost me because back in 2003, they reordered my debits for the day with the largest purchase first, so I got hit with 4 overdraft charges.  They also decided that checks should take over a week to clear, even ones from the federal government.  That really screwed me over when I needed to buy textbooks.

/young and dumb
//but that shiat should have been illegal.


I was with them in 2003 as well. I had just started a new job and got my first paycheck before I could set up direct deposit. I took the check down to BoA and deposited it and then waited 4 days for the funds to be available. They reordered my debits from purchases made on day 5 and then posted the deposit as the last transaction of the day. $140 in fees from about $90 in purchases. Not something that sits well with a poor college student.

Here's the best part: Bank of America was the issuing bank on that payroll check. It took them 5 days to clear the funds from their own check!

/I recently received a check from a class-action suit brought against BoA for the reorder practice... $7.94. I feel that justice has been served.
 
2014-08-30 07:58:56 AM  

modest22: Shakin_Haitian: Omnivorous: I haven't paid a fee in 10 or more years. They're called credit unions.

It's how Bank of Duhmerica lost a customer of over 20 years: fees.  They don't even get any more credit card business from us but clearly spend hundreds of dollars every year in direct mail trying to get that credit card business back.

They lost me because back in 2003, they reordered my debits for the day with the largest purchase first, so I got hit with 4 overdraft charges.  They also decided that checks should take over a week to clear, even ones from the federal government.  That really screwed me over when I needed to buy textbooks.

/young and dumb
//but that shiat should have been illegal.

I was with them in 2003 as well. I had just started a new job and got my first paycheck before I could set up direct deposit. I took the check down to BoA and deposited it and then waited 4 days for the funds to be available. They reordered my debits from purchases made on day 5 and then posted the deposit as the last transaction of the day. $140 in fees from about $90 in purchases. Not something that sits well with a poor college student.

Here's the best part: Bank of America was the issuing bank on that payroll check. It took them 5 days to clear the funds from their own check!

/I recently received a check from a class-action suit brought against BoA for the reorder practice... $7.94. I feel that justice has been served.


My (UK) bank, TSB, is fairly good. They send me a text message if I ever go overdrawn and since they process all debits first thing I have until 3.30 that day to deposit or transfer money into the account. As long as I get money in by 3.30 there are no charges.
They also used to clear TSB cheques paid into a TSB account instantly. They did that for thirty years, even after they were bought by Lloyds and after they were demerged, but they just announced they are stopping it. Can't remember the last time I used a cheque so it doesn't bother me that much.

/But like all banks, if you do go overdrawn you're screwed with charges, and then charges on top of charges.
 
2014-08-30 09:48:27 AM  

gozar_the_destroyer: Shakin_Haitian: Omnivorous: I haven't paid a fee in 10 or more years. They're called credit unions.

It's how Bank of Duhmerica lost a customer of over 20 years: fees.  They don't even get any more credit card business from us but clearly spend hundreds of dollars every year in direct mail trying to get that credit card business back.

They lost me because back in 2003, they reordered my debits for the day with the largest purchase first, so I got hit with 4 overdraft charges.  They also decided that checks should take over a week to clear, even ones from the federal government.  That really screwed me over when I needed to buy textbooks.

/young and dumb
//but that shiat should have been illegal.

The debit ordering part is now. As for the checks, they are allowed a certain number of days to process them under law (I can't remember how many right now) and a week is within that time frame. Checks have to be physically moved around and as such, are slow. I would recommend direct deposit any time you can get it since it is a wire transfer, recorded by multiple computers and takes far less time than a check.


Checks are no longer physically moved. Back in the day they were before Check 21 Act. Now anyone with a camera or scanner can deposit funds and get them next day.

It was great though when you could pay a bill you didn't have funds for til pay day because of float.
 
2014-08-30 09:50:44 AM  

modest22: Shakin_Haitian: Omnivorous: I haven't paid a fee in 10 or more years. They're called credit unions.

It's how Bank of Duhmerica lost a customer of over 20 years: fees.  They don't even get any more credit card business from us but clearly spend hundreds of dollars every year in direct mail trying to get that credit card business back.

They lost me because back in 2003, they reordered my debits for the day with the largest purchase first, so I got hit with 4 overdraft charges.  They also decided that checks should take over a week to clear, even ones from the federal government.  That really screwed me over when I needed to buy textbooks.

/young and dumb
//but that shiat should have been illegal.

I was with them in 2003 as well. I had just started a new job and got my first paycheck before I could set up direct deposit. I took the check down to BoA and deposited it and then waited 4 days for the funds to be available. They reordered my debits from purchases made on day 5 and then posted the deposit as the last transaction of the day. $140 in fees from about $90 in purchases. Not something that sits well with a poor college student.

Here's the best part: Bank of America was the issuing bank on that payroll check. It took them 5 days to clear the funds from their own check!

/I recently received a check from a class-action suit brought against BoA for the reorder practice... $7.94. I feel that justice has been served.


Before check 21 it might have taken that long if the check was drawn in another federal reserves area. It was stupid though and that is one of the reasons check 21 was passed.
 
2014-08-30 10:29:53 AM  

Shakin_Haitian: Omnivorous: I haven't paid a fee in 10 or more years. They're called credit unions.

It's how Bank of Duhmerica lost a customer of over 20 years: fees.  They don't even get any more credit card business from us but clearly spend hundreds of dollars every year in direct mail trying to get that credit card business back.

They lost me because back in 2003, they reordered my debits for the day with the largest purchase first, so I got hit with 4 overdraft charges.  They also decided that checks should take over a week to clear, even ones from the federal government.  That really screwed me over when I needed to buy textbooks.

/young and dumb
//but that shiat should have been illegal.


When Union Bank did that they got sued. I've gotten two checks so far totaling more than they screwed me out of.

/switched to USAA a while after
 
2014-08-30 12:28:17 PM  
I use credit unions.
Nothing to do with fees.
Just hate big banks and how they shafted the economy, got bailed out on the taxpayers dime, and never went to jail.
 
2014-08-30 06:06:17 PM  

RogermcAllen: I haven't paid a fee in 10 or more years. It's called Chase and not being a deadbeat disgusting poor person that overdraws your account.


FTFY.

Not to mention, sometimes banks manipulate the order of deposits (or even remove them and reinstate them) to induce overdrafts so they can charge fees.

My local bank used to do this to the point where I'd take screen shots of my account at least once a day to keep a record of it.  When I complained, they basically told me to STFU.

They're no longer my bank.
 
2014-08-30 10:34:11 PM  
My credit union is part of the nation ATM chain, so free access there. Plus the 24 hour overdraft forgiveness rule (no fee if you transfer funds within 24 hours to cover it) and they're great to deal with on the phone.

My only minor complaint is that they didn't offer as competitive rate on a car loan, but I still financed with a locally owned bank (mostly so I can walk in and pay if I needed to).

I honestly think most people keep their sh***y banks because of inertia.
 
2014-08-31 12:52:15 AM  
I have never known these agonies, for I have had a credit union account in my name since birth.

And I am counting my blessings.
 
2014-08-31 06:53:40 AM  

stevenvictx: I use credit unions.
Nothing to do with fees.
Just hate big banks and how they shafted the economy, got bailed out on the taxpayers dime, and never went to jail.


This.  Even if my credit union did charge nominal fees I would still use them.  Anyone who still uses a bank is just rewarding failure.
 
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