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I wouldn't not pick a credit union just based on my experience with that one, though. They are just not customer-service oriented and they are not convenient. Like...where is the ATM?
The ATM is all over the place. My credit union (Alliant) has over 80,000 free ATMs nationwide. Compared to 18,000 Bank of America ATMs.
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rovided the $500 is correct, why wouldn't anyone keep at least that much as an absolute minimum at all times? Ever heard of an emergency fund? You state you are employed, so I can't imagine any reason to be living from hand to mouth to the extent that you would have trouble keeping a $500 balance. The more I think about it, the more I believe you must have meant $5000.
Why would anyone have more than $500 in their checking account ever? If I have that much it means that I made a mistake somewhere. Money you have sitting in your checking account is money that could be working harder for you somewhere else.
The ATM is all over the place. My credit union (Alliant) has over 80,000 free ATMs nationwide. Compared to 18,000 Bank of America ATMs.
Why would anyone have more than $500 in their checking account ever? If I have that much it means that I made a mistake somewhere. Money you have sitting in your checking account is money that could be working harder for you somewhere else.
I have never heard of this bank nor have I ever seen an atm by them. Do they just refund fees from other banks? That's what the Compass guys do.
Why do I have money in my checking account? Because I have very large bills. LOL!!!!!
The ATM is all over the place. My credit union (Alliant) has over 80,000 free ATMs nationwide. Compared to 18,000 Bank of America ATMs.
Why would anyone have more than $500 in their checking account ever? If I have that much it means that I made a mistake somewhere. Money you have sitting in your checking account is money that could be working harder for you somewhere else.
cash should be working for you? what are you going to do get another 1% on cash ? spend your time putting a good solid portfolio together and forget about the micro difference in return on cash. its not worth the effort.
the cash wont be a weight at all if your other asset classes are performing long term.
I didn't change any of my accounts at all. I've dealt with Bank Of America and Sovereign Bank here in RI for years and I have NEVER had any of the problems that I see so many people complaining about. I don't spend more than I have so I'm never charged overdraft fees and I pay my mortgage on time every month so I never have any trouble with that either. Why on Earth would I feel the need to change?
Why would anyone have more than $500 in their checking account ever? If I have that much it means that I made a mistake somewhere. Money you have sitting in your checking account is money that could be working harder for you somewhere else.
My checking account pays interest. Plus the fact that avoidance of a $10 per month account fee (which was the subject of the post I was responding to) would be worth maintaining that piddling amount in the checking account even if it wasn't paying interest. Figure the interest rate on $500 of $120 per year in account fees avoided and it comes out to 24%. Not too shabby. Of course that computation is moot if you have a free checking account which does not require any minimum balance.
Or another way to look at it with interest rates as low as they are right now is that the amount you would earn on just $500 is so negligible that it's not worth worrying about.
Been with BofA for 30 years. Love em, have no reason to change. Never any fees. The secret is, keep money in the bank..! Was a CC member for 25 years, maybe went in a half dozen time in all that time. Way to inconvenient. Finally closed my CC account...
It sounds like you didn't have a very good credit union and you never bothered to do your research first to find a better one, so you decided to give up. Nice...
My checking account pays interest. Plus the fact that avoidance of a $10 per month account fee (which was the subject of the post I was responding to) would be worth maintaining that piddling amount in the checking account even if it wasn't paying interest. Figure the interest rate on $500 of $120 per year in account fees avoided and it comes out to 24%. Not too shabby. Of course that computation is moot if you have a free checking account which does not require any minimum balance.
Or another way to look at it with interest rates as low as they are right now is that the amount you would earn on just $500 is so negligible that it's not worth worrying about.
Why would you stay at a bank that charges that fee?
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I have never heard of this bank nor have I ever seen an atm by them. Do they just refund fees from other banks? That's what the Compass guys do.
Why do I have money in my checking account? Because I have very large bills. LOL!!!!!
They are part of a network that includes ATMs at CVS, Walgreens, lots of places. I have never used an ATM that says "Alliant" on it but I have also never been charged a fee.
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cash should be working for you? what are you going to do get another 1% on cash ? spend your time putting a good solid portfolio together and forget about the micro difference in return on cash. its not worth the effort.
the cash wont be a weight at all if your other asset classes are performing long term.
Every able bodied dollar should be working. I am not risk averse enough to keep money in a 1% vehicle. Even if I was, $5 is $5.
Fed up with Bank of America totally. They gave me such a run around when I tried to apply for a home mod. and then the debit fees which they ultimately decided not to inflict on us. Didn't matter to me. I cancelled my accounts there today. Just have a mortgage there I have to put someplace else. Good riddance to B of A !!!
I closed my Wells Fargo checking account on Monday. They wanted to start charging a fee and I didn't want to pay. It wasn't my main checking acount anyway. I only kept it open because they gave me $50 for opening an account. They also gave me a 0% interest for one year credit card which I used to buy furniture for my apartment. I paid off the card last week and never paid a cent of interest.
They probably don't want me as a customer anyway, as they were probably losing money on me. My $144.00 remaining balance in my checking account went back into my main credit union checking account.
Last edited by mysticaltyger; 11-09-2011 at 12:28 AM..
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