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What are all the banking fees people are saying they paid to big banks? I banked with wells and citi and now with chase and I don't run into any fees
I don't know what people are talking about, either. Some big banks must have fees, since such fees are constantly being complained about. My bank, however, does not have any fees and refunds me any fees incurred at an ATM. On the other hand, my CU account has loads of fees, so I never use it for much of anything.
Banks are constantly changing their fees, the credit union has remained the same for the past 20 years I've been with them.
I like consistency, free ATM and checking, just works smooth as silk, even though they may be behind a bit in the latest new technological innovations.
It's been all over the map for me. I have a credit union that I've belonged to for decades. They have low or fewer fees for services, they are friendly and accessible and I can always get a person on the phone if I have a question (they are in another state.)
I tried a local credit union in my town and was flabbergasted by the fees that were similar to chase and B of A. (just wait, Low Expectations, the fees are coming. You just haven't seen them yet!) The credit card rate was outrageous, the fees for depositing IN PERSON at the Credit Union was a shock. They apparently didn't belong to the national network, so ATM's didn't work anywhere.
I canceled all my accounts within one month after I made a casual inquiry about their car loan process. Without me signing any forms, they ran a credit check for a car loan for me, which just adds to a bad score (too many inquiries work against you.) I was in the midst of clearing up a mistake on my credit report where someone with a similar name had been added to my score, so my score didn't look good at the time because of her. I was shocked to get a letter from my new local CU that I had been turned down for credit for a car loan!!! I went in and read them the riot act. Not only did they mess with my credit score by doing an inquiry without my knowledge or permission, they also added a rejection of credit to the score! It really messed things up right in the middle of getting the other thing taken care of.
So I have mixed feelings about Credit Unions because they don't seem to be consistent across the board. Fortunately, there are usually a lot of different options in each major city.
11-16-2014, 10:52 AM
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Quote:
Originally Posted by Lowexpectations
What are all the banking fees people are saying they paid to big banks? I banked with wells and citi and now with chase and I don't run into any fees
Fees are something paid by poor people and those who sign up for products they don't need. Getting a no fee checking account from a major bank is pretty trivial if you can maintain a certain minimum balance or sign up for direct deposit.
I don't have issues with NSF fees. So it's ATM fees that everyone is complaining about? That IMO should be a frequent enough issue to cause any problems, same should be said for NSF as well
Ive been in a CU since 1986 and have nearly always had a great experience. Easy to get loans, better interest rates, less fees are all reasons to join.
That said, my current CU is horrible. Crazy rules, hard line attitudes on everything, very much like a bank. Ive only been there about 2 years, but in that time I have not had anything positive happen. Every time there is an issue, it becomes a bigger deal than it needs to be and never does common sense rule.
I belong to a credit union and two years ago I convinced my mother to move her accounts from Bank of America to a credit union because B of A was charging her fees for a ridiculous number of things. For my very modest needs, the credit union has far more benefits for me (and fewer fees and penalties) than I ever got from a big bank. I do most of my banking online or at an ATM but any time I have had to utilize services in person, a credit union employee has given me all the time I needed for questions and advice. I have also received free notary services and classes on financial topics. Their rates on car loans are far better than any big bank in my area. My credit union (and most others, I believe) consider me to be a member. I get invited to their annual meeting and I have the right to vote, speak there, and propose ideas, if I so wish.
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