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It all depends. My credit union wants a 3% fee to deposit coins into my savings account. My big bank does not. My big bank gives me free checks, free cashier checks, a free safe deposit box, free notary services, and foreign ATM fee reimbursement. My credit union does not.
Hmm, my credit union counts and deposits coins for free, and all except the foreign ATM and safe deposit box are free as well. I've used the big banks in the past, but overall the credit union I currently use is better than any of them.
Wait, did you use your ATM the same day you made the $4k deposit? Because your own words state that you knew you only had $5 "until the next day". Not $12.
I think you are playing too close to the edge, keep more in your savings and don't spend money not yet credited to your account. You can all call WF customer service and they may be kind enough to waive some if not all of the OD fees for you, being a 20+ year customer and all. Unless you've done that before. This is really just a "wake up" moment for you, it's not about the bank trying to mess you over.
It all depends. My credit union wants a 3% fee to deposit coins into my savings account. My big bank does not. My big bank gives me free checks, free cashier checks, a free safe deposit box, free notary services, and foreign ATM fee reimbursement. My credit union does not.
Get a better CU.
Not every CU is better then every bank and not every bank sucks. On average I find better terms at CU's but I have to shop around to find them.
One thing that bugs me is the average banking customer seems to think they can only have one bank. Like choosing a car. Every financial institute has some great products to entice you to use them. The rest of their products suck. I use the best each offers and ignore the rest. All you have to do is find a good institution that has fast free ACH transfers and I can move money between banks/CU's nearly as fast as as I could if it all was in the same bank.
I get the crab/steak/Caesar Salad each offers without having to eat the Brussels Sprouts/fruitcake/Spam everyone else has to deal with.
Pay no mind to the corporate water carriers. It's ridiculous.
Of course you are right. Why shouldn't people be able to knowingly overdraft their bank accounts whenever they feel like it with no consequences? We should all write to our congressional representatives and demand this injustice be remedied.
There are still banks that charge fees for this sort of thing? Hmm, I guess banking with my local credit union has some perks....
My credit union recently announced a laundry list of new fees - including minimum balance - that took one entire page and half of the other side. They have fees for stuff I never heard of before. Still I've managed so far to avoid paying any fees.
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