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<shrug> We have three free checking accounts at my bank (one of them is business checking), and other than occasional wire transfer fees haven't paid them a dime in fees. People keep going to the big banks (for whatever reason) and don't bother with the community banks that give far better service. I never understood that.
Convenience and service. I can go into a Chase branch almost anywhere in the country. I can't go into a First Bank of Bumblescum location unless I happen to be within a few miles of Bumblescum.
Plus the big banks are cheap too. I've never paid anything for an account, but then again I don't live on the edge and overdraw my account.
I do have a credit union account, but their hours are worse than Chase and the customer service is lacking. I keep them only because the interest they pay is high.
My bank sent me a survey, and there was a space for comments. Here's what I wrote:
"Same as for all banks -- stop charging heavy fees and penalties for penny-ante ****. Learn to be the friend of struggling people, not just another of their enemies with greed in their black hearts. Your competitors are the payday loan sharks, and your reputation is no better than theirs. How hard can that be? Your staff is paid a salary to be there for the customers' needs, both regular and irregular services. Just do it. Be better than the other guys."
Banks are just like other businesses. Their product just happens to be money. They make money on the interest they charge on loans, they make money on fees and penalties. They are not charities.
Generally they have no feelings for struggling people, although it's not a secret that smaller, local banks often try to accommodate good customers who experience temporary hardship.
Their staff is paid to do a proper banking business. They can't make any sort of own decisions based on feelings, tears and sad stories. Struggling people should talk with branch managers, and again, I want to point that smaller, local banks often offer some help, account freeze, fee reduction, penalty forgiveness, different rates etc. Big banks usually don't care.
However, struggling people should talk to people in charge, who can make those decisions, and try to compromise, set limits and stick to a payment plan set by the bank. They should get counseling about money management, learn to spend less than they make, and stop blaming others for their budgeting problems.
Nope... not "best-friends" (sic).
Not even friends. Banks are a business, not a source of friendship. Sad that you think otherwise...
I get zero charges. No fees, no penalties, nada. Free checks too!
Example: Got paid Friday instead of the usual Thursday, overdrew my account Wed expecting to be paid Thurs so no fees. Got paid Friday instead of the usual Thursday and guess what? They charged me a 25.00 overdraft. That's just one example, banks get a way with charging so many unnecessary fees; it's really outrageous if you think about it
they make their money moving money and that is their product. they did everything expected of them and had their people perform the job function of clearing your check when it couldn't clear.
try calling an electrician , have him change some switches and tell him you like the old ones better ,can you put them back and thanks for coming without paying them.
your penalty for creating extra work and reversals is those fees. same as late fees when you don't pay your rent on time.
anything that bucks the work flow is chargeable.
in the business we are in our job is we buy a box and sell a box . when a customer returns things we don't mind taking them back but like the electrician we did everything expected of us to earn that profit. if we did that and you return the item we can and many times do charge a restocking fee.
this is how business works. you may not like it but it is what it is.
Example: Got paid Friday instead of the usual Thursday, overdrew my account Wed expecting to be paid Thurs so no fees. Got paid Friday instead of the usual Thursday and guess what? They charged me a 25.00 overdraft. That's just one example, banks get a way with charging so many unnecessary fees; it's really outrageous if you think about it
Intentionally commits a crime, complains about a $25 fee being assessed.
Example: Got paid Friday instead of the usual Thursday, overdrew my account Wed expecting to be paid Thurs so no fees. Got paid Friday instead of the usual Thursday and guess what? They charged me a 25.00 overdraft. That's just one example, banks get a way with charging so many unnecessary fees; it's really outrageous if you think about it
That is one example of your irresponsibility.
And yes, that IS really outrageous, not to mention illegal.
Example: Got paid Friday instead of the usual Thursday, overdrew my account Wed expecting to be paid Thurs so no fees. Got paid Friday instead of the usual Thursday and guess what? They charged me a 25.00 overdraft. That's just one example, banks get a way with charging so many unnecessary fees; it's really outrageous if you think about it
So you overdrafted your account and it's somehow wrong the bank changed you for it? Next time try not committing funds when you don't have them and see if you randomly get charged a fee. What a terrible example
If you look around enough you will likely find a bank or credit union with terms, fees, and policies that work for you. I have a checking account at Chase because their are branches and ATM's convenient to my locations and I find their take a picture check cashing, and online site convenient. I keep my savings at a credit union because 0.9% APY is better than their paltry 0.1% Their are also online only banks that reimburse stuff like ATM fees that are also pretty good.
Example: Got paid Friday instead of the usual Thursday, overdrew my account Wed expecting to be paid Thurs so no fees. Got paid Friday instead of the usual Thursday and guess what? They charged me a 25.00 overdraft. That's just one example, banks get a way with charging so many unnecessary fees; it's really outrageous if you think about it
Your bank probably has some sort of overdraft protection option that you can apply for if you're going to live that close to the edge and not keep any cushion in your checking account.
Example: Got paid Friday instead of the usual Thursday, overdrew my account Wed expecting to be paid Thurs so no fees. Got paid Friday instead of the usual Thursday and guess what? They charged me a 25.00 overdraft. That's just one example, banks get a way with charging so many unnecessary fees; it's really outrageous if you think about it
Do not write hot checks.
I hope that wasn't to blunt.
Checks are not "do yourself loans"............unless you set it up that way.
Last edited by Driller1; 02-05-2015 at 07:18 AM..
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