U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-29-2011, 09:13 AM
 
Location: Durham, NC
1,846 posts, read 2,374,377 times
Reputation: 1962

Advertisements

My complaints with banks are a little different that many people I hear talk. I don't mind a bank charging ATM fees to a non customer. It costs $ to operate the ATM & a non customer pays nothing in anywhere else. I like free checking but understand why they have to charge. Checks cost $$, so do the systems & personnel to run them.

I do not support forcing banks to loan to customers who cannot pay the $ back, as with Community Reinvestment Act.

I do not understand minimum balances on savings accounts or serviece fees on them in any way. Some banks even charge a dormancy fee if the account is inactive. A savings customer is lending $ to the bank & adding to its reserve, at a pitifully low interest rate to boot. Then he gets shafted with fees. Inactive accounts should be given a bonus, not a fee. Inactive accounts mean no $ withdrawn & more sure reserves. Minimum balances assure that traditional 1st time customers such as teenagers will go elsewhere with their $.

I do not understand that most banks now charge check cashing fees to a non customer for a check drawn on their own account. If I write a check to someone, my bank should not charge them to cash it. This should be illegal. I told a teller this was thievery, just as much as bank robbery is.

I need a money order every now & then. I have been to several banks that will not sell them to non customers. Even the ones they sell to customers are fairly high. I then went to supermarkets that issued them quickly, for about a dollar. Why would a bank turn down the easy money for a MO? That makes no sense at all to pick your own customers with fees, then turn away new customers wanting to pay you money.

I have banked 25 years at our main bank. Recently needed to cash a check from our local money manager for cash to buy a car. Seller wanted cash, nothing illegal about that. My bank rep said it would take 3 days, even though she knew the check was good. I called a smaller bank where we have less business. They did it same day. When we settle down a bit, we will move our business to the 2nd bank.

I think banks are cutting their own throats. I wonder how many will eventually fail?

I am sure some of you work for banks. Can you elaborate on any of this?
Rate this post positively Reply With Quote Quick reply to this message

Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads

All times are GMT -6. The time now is 09:37 AM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top