Bank fees: Don't let the bank rob you
Free checking is getting harder to come by, but there are ways to keep more of your money.
NO LONGER FREE: Major banks will start charging a fee for debit card use this fall. (Photo: Joe Raedle/Getty Images) 
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Comments
I work for a bank. It is a business. If you think you can spend money you don't have and not have to deal with the consequences, then go crawl back under the rock you came out from under. Don't like bank fees, don't use banks! Period. Figure out your own mortgages and everything else you are not capable of doing with your own money.
i agree that's why credit unions are much better. some banks and i mean some banks are trying to squeeze blood from stone.
Bye-bye Regions, after 12 years and three names. You already lost two of our four accounts. This week the other two will be gone. A branch right next door to the one I use has free checking and no gotcha fees for ATM use. Maybe like Netflix, they'll wake up when a million accounts are closed and their deposits nosedive.
The Regions fees started with the October statement cycle, not Oct. 1. Use your card just once after your September statement closes and you'll be hit with the $4 fee—unless, of course, you have the kind of account(s) that are exempt.
We NEVER pay fees and enjoy many other financial benefits by simply joining a credit union. Why others don't, puzzles me greatly.
I agree. Credit Unions. Use them.
I transferred from BoA due to their nickle and diming ways ... and I've never been happier. I don't get overdraft fees unless ALL my accounts (together) don't have enough. They AUTOMATICALLY transfer the appropriate funds from savings AT NO CHARGE if I don't have the $ in checking. A credit union isn't in the business to make money for Wall Street investors. Dump your major bank today!
Banks don't "need" to make up the loss of exorbitant debit card fees. They're making record profits. But they choose to put enriching their top executives and investors ahead of the good of the nation. Remember that every time you see another dollar in junk fees appear on your bank statement.
I had free checking with Wamu until it changed over to Chase. They told me I had to deposit 5,000 or I would pay fees. I deposited the 5,00 and the banker assured me that I would not be charged. Guess what,? I was still charged a $12.00 per month service fee, even though the banker assured me I would not be charged a fee. It turned out my savings account(that I deposited 5,000 into) was never properly linked with my checking account.
Later, the banker signed me up for a credit card without my.... More
Ronald, That is a classic Chase scam. They did it to me twice, with two different accounts. I went in and raised heck and made them credit me IN CASH while I waited, as I refused to fall for another promise. What helped is that I kept stressing that I should be charging them a $35 fee for each time they wrongly charged me. They were happy to pay me in cash just to get me out the door!
the survey question assumes everyone's bank will charge them some fee which is not a good question.
i still get free checking albeit with direct deposit.
these articles in my opinion are instilling fear into people.
Walter 17--don't take your eyes off the fine print when you receive the tissue paper legaleese each month!
The solution couldn't be simpler: Just stop in a local Credit Union and move your money! The vast majority of Credit Unions will be happy to provide Free "bank" products and services. After all, Credit Unions are not-for-profit financial cooperatives. They don't answer to Wall Street or international investors! It's really that easy.
Just go old school and pay cash for things and refuse to use U.S. banks anytime you can.The amount the bank "holds" if you use a debit card is ridiculous as are the other fees they see fit to charge. I monitor what I have much more closely since I rarely use the bank and find I save more money each month.
The banks have been before the US Congress trying to get credit unions restricted in ways that will allow banks impose fees and make it impossible for consumers to "escape" to the fairness of a credit union. Banks claim they are being discriminated against. The Repubs back the banks (surprise, surprise)!
It's really easy to point a finger at financial institutions and blame them; but always remember that when you point a finger at a culprit you also point three back at his/her accomplice, yourself. We as Americans are very lax and dependant on someone else doing our job (in this case handling our finances), there is a cost for this. Not to mention that all the paperwork that comes with the new account is rarely read and filed neatly in its appropriate inbox, namely the trash can, and the number.... More
To ever it concerns:
Our nation has one major problem. There are too many pro-Reds within our national government. Further, we should look into the background of the many scoundrels within the State Department. Since 1913 Congress had not offered to have the Federal Reserve audited. Now the truth is in the open. So few have gained so much of the trillions thrown to the wind ( sixteen trillion dollars ). Our government is being plundered from within by political whoredom's parasitic.... More
The article says to do your "due diligence" but that sure wasn't done for this article, since it mentions Credit Unions too briefly at the very end. Credit Unions, like the one I switched to after M&T started charging me for checkbooks, often have no fees for internet check use or automatic payments, no fees for new checks, no fees for check overdrafts if your savings can cover it, no ATM fees at tens of thousands of nationwide ATMs -including those in every 7-11, no debit card swipe fees,.... More
It's really easy to point a finger at financial institutions and blame them; but always remember that when you point a finger a culprit you also point three back at his/her accomplice, yourself. We as Americans are very lax and dependant on someone else doing our job (in this case handling our finances), there is a cost for this. Not to mention that all the paperwork that comes with the new account is rarely read and filed neatly in its appropriate inbox, namely the trash can, and the number.... More
They charge US for using OUR money. They make money off OUR money. It is a scam. A rip-off. My bank charges $6 monthly if I don't have $1500 in my checking account. Now, how does me not having $1500 cost them anything? Or cause them more work? It doesn't. It's just a way to get more money from me for the privilege of having my money. Greed. That's all it is.
That's how banks work. It's all basically a legal ponzi scheme. They take YOUR money and trade it to investors for more money, then give back a little of what they took from you, all the while claiming it was maintenence fees, etc. In reality, they're just taking your money and using it to pay off their big business buddies and take expensive vacations. The media gets a little slice too, because they're the ones that spin all the hype trying to convince you that life without banks would be.... More
Because once you deposit it in the bank, it is no longer YOUR money. Your balance is simply a number on paper - an IOU of sorts from the bank. The money you deposit is loaned by the bank to another person. If you don't deposit enough in "your" account to the bank for them to earn enough by loaning it to another person, they charge you a fee for their services. Do you not understand how banking really works?
You're an idiot. If you don't like having your money secured and insured and prefer to keep it under the mattress, or using a plastic card to make purchases and would rather haul around a large sack with a dollar sign on it for purchases, then by all means, take your money out of the bank to avoid those fees. You do have a choice here.
Greed on there part but not on yours because money doesn't matter to you.
Why should there be banks. Outlaw them all so we will have to save to buy a house or a car. They loan money for money, how greedy is that?
Bank fees should be unacceptable. They make enough money from the money the customer keeps there.
Same thing with "late fees". I don't pay them. As long as the bill is paid within the month it is due, I will NOT pay ANY company late fees. I deduct them off the next month's bill if they show up, and move on.
The consumer can allow himself to be ripped off or he can fight back. I choose to fight back.
Why don't you just pay your bills on time and quit being the typical trash that got this country into the shape it's currently in? You may deduct it off of the next month's payment, but I guarantee you it is still on your balance (along with another one for not paying your payment in full the next month).
Sounds like a good idea. Rather than abiding by the contract you signed, you create your own rules on what constitutes an on time payment. You basically admit you pay bills late then just deduct the late fees from the next bill. Should work out just fine, until the utility companies cut your power, banks start revoking your credit cards, your car is repossessed...........
My parents have been using a local bank for the past 20 years. So local, its named after the town it was founded in.
They get all their car loans and their mortgage from this bank.
Times got tough and they had to take out a second mortgage to keep above water. Now they can't afford their mortgage, which went from 1000 to nearly 2000 a month.
Rather then help them by combining the mortgages into a more manageable payment. They are just going to take the house. They.... More
sounds like your parents made poor financial decisions and are now paying for it. They signed a contract (mortgage) and have to abide by it. Rather than skimming the documents and saying, "eh, whatever and signed," they could have taken the time to understand what they were agreeing to. They are getting exactly what they agreed to in the mortgage contract. I don't know how people like you feel banks are screwing people. It's tough to screw someone over when the people being screwed over.... More
What?! "Blame the shaky status of free checking on regulatory climate change and profit loss for banks." Actually, the problem is greed and the expectation that unrealistic profits need to be maintained at any cost. The laugh will be on them as Americans leave the big banks for more personable local banks and credit unions who have a realistic idea of what a fair profit for banking services is!
No, the laugh will be on you when those institutions are bought out by larger ones when they can't keep up their profits. ALL businesses are there to make money for somebody, plain and simple. No one is in business to not make money. If it is that hard for you to realize then maybe you should keep your money under your mattress.
You're right that all businesses are in business to make a profit. Where you are wrong is in not understanding how that profit is made, and how much profit is a fair profit. Banks first responsibility must be to their customers, not their stockholders, if they are to be successful ultimately.
Not a bad idea!
Following your line of thinking, Anonymous, you could say the same thing about pyramid schemes and other investment frauds. I guess everyone deserves to be taken for, huh? I'll remind you of that when I see you begging on a street corner one day. Every dog has his day, and every bank takes your pay. In the end, it's all a game. Nothing but a cycle of borrowing and repaying. It's how every company was made. Just look at Nestle, for example. One of the most wholesome american images (that cute.... More
Anonymous, you must be involved in some way with the greedy major banks people are commenting about here... or are you just trolling. Those are the only logical explanations for such an ignorant, belligerent post on your part.
Honestly I think people need to step back and see the value banks provide as well and weigh the risks a bank takes when opening a checking acct. Most people want the convenience of a debit card without the responsibility of a register. So when they become overdrawn there is always a chance they may never pay it back. Mant people look at overdraft as a loan. In essence it is a ver high interest loan b/c there are high risks attached with letting someone pay their mortgage by overdrawing their.... More
Too late, It already did.
I work for a small bank that had to adjust with some small fees with the introduction of Dodd-Frank. In my time at the bank, I've been horrified at how little many people pay attention to their finances and how freely they put their information at risk. The reason why banks are starting to charge for debit cards is to be able to pay out debit card disputes. Many people think the money is taken back from the merchant, but it comes from the bank. As far as profits go, banks are a business like.... More
I second Fluffy Bunny's suggestion. I just closed my account at Suntrust and went to a local credit union. I get all the same services, their web page is better, no fees, and they already know my face and name when I walk in.
You forgot to mention community banks! These finacial institutions are important to the livelyhood of local communities across the US. They also happen to strive to provide the most cost effective products in the industry. Many of the credit unions in the market place have grown to such size that dealing with them is much like dealing with one of the top 20 biggest banks in the country.
PS Before you make a blanket statement about banks, remeber, the small ones are very different. .... More
The banks don't "need" to recoup revenue they grab using exhorbitant fees--they're greedy and WANT it!
Lose the big banks. Find a credit union.
Pay attention to your bank statements! I noticed my savings account was going down little by little three months in a row and I brought it up with the teller. Turns out that if you don't touch your savings in a period of time (differs from bank to bank or state to state) the bank can charge a monthly fee and start siphoning it off. The teller told me "Hardly anyone notices."
Let us not forget in 2008 what happened in the U.S. after so many years of de-regulation in the banking industry. Why do we have such short term memories when it comes to this stuff?
Nice. We bail out the banks. They continue to charge us for everything under the sun to make their profit as well as give out huge bonuses to the people that put us where we are. They aren't working with people to change mortgages. They are all CROOKS! Our government is a close second!
"We" did not bail out the banks. The Federal Reserve granted loans to banks to help them survive. The media has misconstrued that we as Americans are paying for their unfortunate financing. The banks are paying back the loans to the Federal Reserve anywhere from 11% to 20% interest, so no "we" did not bail them out. Just like you going down to your local bank to apply for a loan and you paying it back. Same thing.
Where do you think that money came from? The government didn't write a personal check out of the kindness of their hearts. If you pay taxes, then you helped bail out the banks. The money has to come from somewhere, and the government sure as hell isn't going to fish in their own pockets for money to help others.
Actually Tarp under Bushie was flat out gift to the financial institutions. Obama had the sense to structure the Assistance handed out by the Dems into loans as he did to GM.
I haven't banked at a "bank for over 30 years and wonder why anyone does. Yes mot baanks ar in it for a profit, but Credit Unions are nt. The owner of the account s also a shareholder in the Credit Union. We elect our own officers, the services provided are as good or better, as well asbeing free. And yes the.... More
Don't let the banks rob you?
The banks and their financial collapse have robbed 10's of millions of their jobs, their life savings, their homes.
And we're worrying about a few fees?
Gimme a break. All of these financial system CEO's should be in prison !!
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Very few people seem to realize that as organized crime moved away from guns and drugs, the diversified into banking. They have been extorting billions legally under the noses of government officials ever since. As the push continues for a world bank and a common currency, they will continue to make money as the average citizen continues to lose.
