Is everyone aware that ridiculous new bank charges have been approved and are expected to be in affect at nearly all banks by years end? If not, start asking your bank about them now.

Basically it boils down to A) how much money you keep in the bank, and B) how much service you want. Bank of America, for instance, will have a low end account where you have a very low monthly fee (maybe none if you meet the monthly required minimum balance - I don't remember for sure) and required minimum balance, but you can only use the ATMs. If you go inside a branch they will charge you something like $6.95 And if you go below your minimum, they will charge you. Or, you can have access to real live tellers but if you don't keep the minimum balance (and there was some kind of sliding scale involved with this kind of account) your monthly fee will be $20!

Seriously, the article I was reading on this was mind-boggling. They were saying certain types of accounts at some banks could cost as much as $1000 per year. And this is OBVIOUSLY not something that banks want to be advertising, so it's doubtful your bank will notify you until shortly before the changes take affect. Ask questions now.

Cerebus said:

Is everyone aware that ridiculous new bank charges have been approved and are expected to be in affect at nearly all banks by years end? If not, start asking your bank about them now.

Basically it boils down to A) how much money you keep in the bank, and B) how much service you want. Bank of America, for instance, will have a low end account where you have a very low monthly fee (maybe none if you meet the monthly required minimum balance - I don't remember for sure) and required minimum balance, but you can only use the ATMs. If you go inside a branch they will charge you something like $6.95 And if you go below your minimum, they will charge you. Or, you can have access to real live tellers but if you don't keep the minimum balance (and there was some kind of sliding scale involved with this kind of account) your monthly fee will be $20!

Seriously, the article I was reading on this was mind-boggling. They were saying certain types of accounts at some banks could cost as much as $1000 per year. And this is OBVIOUSLY not something that banks want to be advertising, so it's doubtful your bank will notify you until shortly before the changes take affect. Ask questions now.

I think this is already starting. My friend's and I opened an account to save for a vacation later this year and were met with some of these extra teller charges for certain account types and all that. Basically with that type of account, all your banking must be done online to avoid the extra fees. And of course, there's the minimum account balances and all that.

Genesia said:

JerseyKRS said:

you seem like you are a great asset to your bank and it's customers.

So by your standard, she should be covering other peoples' irresponsibility?

Oh, look! So and so overdrew his/her account! Lemme just transfer a li'l somethin' in there. I'm sure they'll make it up later - and will never, ever do it again.

Yeah, that is a case to be FIRED. We cannot by any means 'help' any customer just because they are our friend, or we like them. If they mess up it is no ones fault but that customers to make up for it. Does the customer want the teller to force balance, just to be audited and find out that the teller has been purposely miscounting cash illegally? Lord...

Spinlight said:

Shyra said:

Banks are nothing more than slick ripoff artists in my opinion. Bank of America is a prime example. I had not been keeping up diligently enough with one of my accounts and found out they've been fleeching my ass for years! Makes my blood funkin BOIL!

Fleecing you how, exactly? (I'm not a fan of BofA, either. Just curious!)

It was with a savings account where a minimum balance must be maintained daily or a deposit of a certain amount must be made monthly to avoid the monthly "maintenance fee." By the time they keep taking the fee, they're taking money you're trying to freakin save! It's like JerseyKrs said "charging to me to hold my money!"

I thought the government was supposed to start making the banks forgo nickel and dimeing customers for every little thing. Pisses me the fuck off! It seems like the banks are catering only to the rich. In this economy, it seems like the banks would try to give you some firggin incentive to save whatever you can instead of charging you up the yazoo. "Yeah, just bend over a little farther so we can stick it to you even more. Oh, and no KY Jelly allowed. "

Cerebus said:

Is everyone aware that ridiculous new bank charges have been approved and are expected to be in affect at nearly all banks by years end? If not, start asking your bank about them now.

Basically it boils down to A) how much money you keep in the bank, and B) how much service you want. Bank of America, for instance, will have a low end account where you have a very low monthly fee (maybe none if you meet the monthly required minimum balance - I don't remember for sure) and required minimum balance, but you can only use the ATMs. If you go inside a branch they will charge you something like $6.95 And if you go below your minimum, they will charge you. Or, you can have access to real live tellers but if you don't keep the minimum balance (and there was some kind of sliding scale involved with this kind of account) your monthly fee will be $20!

Seriously, the article I was reading on this was mind-boggling. They were saying certain types of accounts at some banks could cost as much as $1000 per year. And this is OBVIOUSLY not something that banks want to be advertising, so it's doubtful your bank will notify you until shortly before the changes take affect. Ask questions now.

That is messed up. Our bank does not require all of that. You just have to have at least three transactions done a month (showing that u actually use it) which can be either..direct deposit, withdrawls, or even just using your debit card to avoid a monthly fee. I think it is $6.00 here. I used to work at US Bank too and they had different trypes of things too..all banks do. you have to go to the right bank that fits your needs.

Some banks liek that have hefty monthl;y fees, but will have really great intrest rates for loans and money market accounts..its all in the name of the game.

paisleypark4 said:

Cerebus said:

Is everyone aware that ridiculous new bank charges have been approved and are expected to be in affect at nearly all banks by years end? If not, start asking your bank about them now.

Basically it boils down to A) how much money you keep in the bank, and B) how much service you want. Bank of America, for instance, will have a low end account where you have a very low monthly fee (maybe none if you meet the monthly required minimum balance - I don't remember for sure) and required minimum balance, but you can only use the ATMs. If you go inside a branch they will charge you something like $6.95 And if you go below your minimum, they will charge you. Or, you can have access to real live tellers but if you don't keep the minimum balance (and there was some kind of sliding scale involved with this kind of account) your monthly fee will be $20!

Seriously, the article I was reading on this was mind-boggling. They were saying certain types of accounts at some banks could cost as much as $1000 per year. And this is OBVIOUSLY not something that banks want to be advertising, so it's doubtful your bank will notify you until shortly before the changes take affect. Ask questions now.

That is messed up. Our bank does not require all of that. You just have to have at least three transactions done a month (showing that u actually use it) which can be either..direct deposit, withdrawls, or even just using your debit card to avoid a monthly fee. I think it is $6.00 here. I used to work at US Bank too and they had different trypes of things too..all banks do. you have to go to the right bank that fits your needs.

Some banks liek that have hefty monthl;y fees, but will have really great intrest rates for loans and money market accounts..its all in the name of the game.

At one time, I kept a small account at the bank where my mortgage was held. All of a sudden, they started charging me 5 bucks a month to maintain the account, because I didn't actually use it (the money just sat there). They nicked me for $15 (on a $50 balance) before I even realized what was going on. I was piiiiiiiiiiiiissed!

But you know what? It was my own damn fault. I never opened my statements, figuring there was nothing to reconcile since I hadn't touched the account. I withdrew the money that was left and closed the account.

That's lesson I'm not likely to forget.

paisleypark4 said:

Cerebus said:

Is everyone aware that ridiculous new bank charges have been approved and are expected to be in affect at nearly all banks by years end? If not, start asking your bank about them now.

Basically it boils down to A) how much money you keep in the bank, and B) how much service you want. Bank of America, for instance, will have a low end account where you have a very low monthly fee (maybe none if you meet the monthly required minimum balance - I don't remember for sure) and required minimum balance, but you can only use the ATMs. If you go inside a branch they will charge you something like $6.95 And if you go below your minimum, they will charge you. Or, you can have access to real live tellers but if you don't keep the minimum balance (and there was some kind of sliding scale involved with this kind of account) your monthly fee will be $20!

Seriously, the article I was reading on this was mind-boggling. They were saying certain types of accounts at some banks could cost as much as $1000 per year. And this is OBVIOUSLY not something that banks want to be advertising, so it's doubtful your bank will notify you until shortly before the changes take affect. Ask questions now.

That is messed up. Our bank does not require all of that. You just have to have at least three transactions done a month (showing that u actually use it) which can be either..direct deposit, withdrawls, or even just using your debit card to avoid a monthly fee. I think it is $6.00 here. I used to work at US Bank too and they had different trypes of things too..all banks do. you have to go to the right bank that fits your needs.

Some banks liek that have hefty monthl;y fees, but will have really great intrest rates for loans and money market accounts..its all in the name of the game.

I worked at BofA on the corporate side for a good number of years in the 90s - banks are evil.

Unfortunately, these are new charges that will be taking affect. The article I was reading (I'll look for it) said that nearly every bank in the US would be operating that way by the end of 2011. So, as Genesia has mentioned, it will be our responsibility to actually read what they send us and ask questions about it when it makes no dang sense. Banks are allowed to do a lot of really evil stuff these days so we need to be smart consumers, just like we would with any other product or service that we pay for.

BklynBabe said:

Paid bills and that money gone! Good to be getting paid though! Me likey alot! Explain to me though how a bank can say debits covered today, withdrawals covered tomorrow, so I go to Walmart, use the debit card and the money is NOT available.

checks are not clear for at least one business day because it has to clear the other bank first, cash is available same day process, because the tellers have to balance the cash at the end of the day.

I would suggest direct deposit.

paisleypark4 said:

BklynBabe said:

Paid bills and that money gone! Good to be getting paid though! Me likey alot! Explain to me though how a bank can say debits covered today, withdrawals covered tomorrow, so I go to Walmart, use the debit card and the money is NOT available.

checks are not clear for at least one business day because it has to clear the other bank first, cash is available same day process, because the tellers have to balance the cash at the end of the day.

I would suggest direct deposit.

CitiBank covers checks immediately - even if you deposit them in an ATM. I found this quite amazing and very "old school" when I heard about it. That's a pretty big plus for their customers.

Cerebus said:

paisleypark4 said:

checks are not clear for at least one business day because it has to clear the other bank first, cash is available same day process, because the tellers have to balance the cash at the end of the day.

I would suggest direct deposit.

CitiBank covers checks immediately - even if you deposit them in an ATM. I found this quite amazing and very "old school" when I heard about it. That's a pretty big plus for their customers.

I got issues with them, too! They claim I'm behind in my mortgage payment which is a gotdamned lie! They make mistakes and fuck up my account and take light years to correct it!

Shyra said:

Cerebus said:

CitiBank covers checks immediately - even if you deposit them in an ATM. I found this quite amazing and very "old school" when I heard about it. That's a pretty big plus for their customers.

I got issues with them, too! They claim I'm behind in my mortgage payment which is a gotdamned lie! They make mistakes and fuck up my account and take light years to correct it!

Oh dang! Sorry to hear that. My Mom does all that stuff with them and has never had any problems.