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Old 05-28-2009, 05:04 PM
 
Location: Great State of Texas
86,093 posts, read 69,870,497 times
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Banks find ways to boost fees; checking accounts latest target - USATODAY.com

snippet:
"For the past year, banks have raised credit card rates to levels that sparked consumer outcry, regulatory scrutiny and congressional action. A law President Obama signed last week aims to stop the most egregious practices.

But even as outrage was building over credit cards, banks seized upon another way to squeeze profits out of struggling consumers: higher checking account fees. These fees can add up to hundreds of dollars before consumers know there's a problem."
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Old 05-28-2009, 06:11 PM
 
48,519 posts, read 80,998,062 times
Reputation: 17978
It was a comon practice not that many years ago to require so much depsoit before they would not charge a fee for checking.They have to make thier money some way so they will just makeup the feees some where else.I don't know of any bank that doesn't noptify people on changes but most ignare the notices to their detriment.Key- read what they send you.
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Old 05-28-2009, 06:39 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,473 posts, read 13,409,088 times
Reputation: 6344
Ah, yes. Fees. I remember when my bank required $1000 bucks or more in checking, before it was "free". Now, it's just $50.

Bank of America had that crappy thing they do where lets say you have 200 bucks, and you wrote 5 checks totalling 210 bucks, they would subtract the larger amounts from your deposit before the smaller amounts, and that way, more checks would bounce.

I've only ever bounced checks, once - about 16 years ago. And it was the banks fault, not mine. I took 20 bucks from an ATM and the bank took 200. I bounced a couple of checks off of that one. Reason why, was every time a check bounced, they'd hit me with a "Fee" which made my account even lower, because the fee was taken out immediately, and then it just kept racking up and up and up.

I actually had to go talk to the manager to clear this up. Seems that ATM machine had done this to about ~300 people.

Edit... forgot to mention. I don't even write checks any more. I use online bill pay or credit card. Not automatic bill pay, 'cuz I don't trust that.....one "error" and your $40 dollar phone bill morphs into $40,000 and then what? You're screwed, that's what. So, I use my card, which gives you power to contest charges, and insurance....or online bill pays.

Never had a problem. In fact, since that happened...It really turned me off on "checks" in general. Then I saw, "Catch me if you can." and started looking into check fraud. It's so easy to commit check fraud. All they need is your account number and routing number. That's right on your check.
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Old 05-28-2009, 09:00 PM
 
10,696 posts, read 20,114,276 times
Reputation: 9849
I agree once anyone has a check they can easily "pay by check" online using your old check. They are very unsafe IMO. Cash or charge is the way I roll.
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