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Old 10-12-2011, 12:00 AM
 
24,511 posts, read 34,122,907 times
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Quote:
Originally Posted by ChessieMom View Post
Are you serious? You better believe I expect to "park my money for free". Banks make their money off of my money. I absolutely will not pay a bank a fee to "hold" my money.
Don't worry, you'll always be able to park your money away for free. The fees will only be tacked onto account where the fixed costs & risks are greater than the revenue stream provided by account holder's deposits.

For accounts with small amounts of cash (a few grand or less), since the banks revenue stream is extremely small, it will not be possible to maintain those accounts without fees. They used to compensate for the cost with debit card transaction fees, but not anymore.
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Old 10-12-2011, 12:02 AM
 
24,511 posts, read 34,122,907 times
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Quote:
Originally Posted by League54 View Post
It's always been free to park money in the bank... Chamataka is just being ignorant / arrogant because he has an offshore account (which charges people to store their money) and feels everyone else should have one as well.
Offshore accounts may charge fees.... but the 8% to 16% interest found offshore, the fees are hardly anything to worry about.
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Old 10-12-2011, 08:49 AM
 
Location: Wherever women are
19,022 posts, read 24,678,000 times
Reputation: 11309
Quote:
Originally Posted by NJBest View Post
Offshore accounts may charge fees.... but the 8% to 16% interest found offshore, the fees are hardly anything to worry about.
That's why they say offshore safe havens
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Old 10-12-2011, 03:08 PM
 
323 posts, read 734,288 times
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and how much money is needed to start and maintain an offshore account ?
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Old 10-13-2011, 12:49 PM
 
Location: Fuquay Varina
4,236 posts, read 6,189,036 times
Reputation: 10091
Quote:
Originally Posted by League54 View Post
and how much money is needed to start and maintain an offshore account ?

If you have to ask...you can't afford it! lol
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Old 10-13-2011, 01:05 PM
 
Location: The Triad (NC)
26,847 posts, read 57,851,863 times
Reputation: 29261
Quote:
Originally Posted by SVTLightning View Post
If you have to ask...you can't afford it! lol

How to Open an Offshore Account
How to Open an Offshore Account in the Bahamas :: Panama Offshore Legal Law Firm
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Old 10-13-2011, 09:47 PM
 
23,906 posts, read 31,130,282 times
Reputation: 28539
Quote:
Originally Posted by NJBest View Post
Don't worry, you'll always be able to park your money away for free. The fees will only be tacked onto account where the fixed costs & risks are greater than the revenue stream provided by account holder's deposits.

For accounts with small amounts of cash (a few grand or less), since the banks revenue stream is extremely small, it will not be possible to maintain those accounts without fees. They used to compensate for the cost with debit card transaction fees, but not anymore.
Not true. Debit cards have not been around forever. Prior to 1998 or so, most people used checks to access their money. And banks did just fine. I suspect that some of these banks may be going the way of Netflix's big idea. You can only screw the people so much.
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Old 10-14-2011, 09:47 AM
 
Location: The Triad (NC)
26,847 posts, read 57,851,863 times
Reputation: 29261
Quote:
Originally Posted by ChessieMom View Post
Debit cards have not been around forever.
Prior to 1998 or so, most people used checks to access their money. And banks did just fine.
But now the number/capacity of those check clearing centers is maybe 10% of what it used to be.
Which is just one of the reasons it takes longer to get deposited checks credited to your account.
btw.. what did the banks charge for processing those paper checks?

As the world moves on, the costs of doing business will shift...
but it doesn't go away.

Quote:
I suspect that some of these banks may be going the way of Netflix's big idea. You can only screw the people so much.
I really hate to always be defending the Banks...
but a lot of folks need to get a grip on the underlying points.
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Old 10-17-2011, 02:39 PM
 
323 posts, read 734,288 times
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Quote:
Originally Posted by SVTLightning View Post
If you have to ask...you can't afford it! lol
that is my point !!! and I represent the majority of Americans
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Old 10-17-2011, 02:50 PM
 
Location: Central Florida
973 posts, read 1,440,978 times
Reputation: 1086
Quote:
Originally Posted by MrRational View Post
But now the number/capacity of those check clearing centers is maybe 10% of what it used to be.
Which is just one of the reasons it takes longer to get deposited checks credited to your account.
btw.. what did the banks charge for processing those paper checks?

As the world moves on, the costs of doing business will shift...
but it doesn't go away.

I really hate to always be defending the Banks...
but a lot of folks need to get a grip on the underlying points.
I didn't know that and wondered why it took my utilities check 10 at times to clear! And the first time I didn't even notice, and thought I had more money in my account than I had thought as usually my checks cleared in 2-3 days. WOW, so more jobs then being lost to technology and more time needed due to it as well.... what a paradox!
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