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Old 01-26-2012, 02:37 PM   #21
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The funny thing is that the manager of the Cap One said she had an account at a CU
Yeah, it tends to be rather telling when people won't eat their own cooking...
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Old 01-26-2012, 02:40 PM   #22
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Originally Posted by pb4uski View Post
I love my credit union. No fees at all. I've been with them about 25 years and could never figure out why anyone would want to deal with BofA, JPM and the like.

They usually have better technology...

and as long as you do what they like (auto deposit for me), then you do not have to worry about a fee...

I will probably open a joint account at our CU and see how they are now... heck, maybe they have what is needed...
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Old 01-26-2012, 03:26 PM   #23
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Free checking from Wells Fargo. They put on fees but were smart enough to waive ours without us asking.
Wells is doing the same for us. We're charged a $15/month fee (started last November) but there is an immediate reversal.

Curious how Wells is doing the accouting though. I presume they're claiming the revenue for all of the $15/month fees and then doing a write down for 'customer goodwill' from the reversals. Makes their revenue #s look higher yet they're not really pocketing all that much more than before since many who aren't having their fees reversed are leaving.
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Old 01-26-2012, 03:55 PM   #24
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Curious how Wells is doing the accouting though. I presume they're claiming the revenue for all of the $15/month fees and then doing a write down for 'customer goodwill' from the reversals. Makes their revenue #s look higher yet they're not really pocketing all that much more than before since many who aren't having their fees reversed are leaving.
Would not surprise me at all, which is why they don't just waive the fee outright, but instead charge it and then immediately apply a credit. Then again, maybe their systems aren't designed to have some people pay $X for certain monthly services and others with a similar situation not pay $X.

But the way they are doing it, yeah -- it doesn't improve earnings but it could add a little juice to top-line revenues.
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Old 01-26-2012, 05:37 PM   #25
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Then again, maybe their systems aren't designed to have some people pay $X for certain monthly services and others with a similar situation not pay $X.
if their systems aren't smart enough to do rules-based decisioning then that's quite a scary kettle of fish!
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Old 01-26-2012, 06:11 PM   #26
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Wells is doing the same for us. We're charged a $15/month fee (started last November) but there is an immediate reversal.

Curious how Wells is doing the accouting though. I presume they're claiming the revenue for all of the $15/month fees and then doing a write down for 'customer goodwill' from the reversals. Makes their revenue #s look higher yet they're not really pocketing all that much more than before since many who aren't having their fees reversed are leaving.
For us, they changed the name of the account but the fees never showed up to be reversed. Since I always balance my checkbook, I know this to be true.
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Old 01-26-2012, 07:05 PM   #27
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I love my credit union. No fees at all. I've been with them about 25 years and could never figure out why anyone would want to deal with BofA, JPM and the like.
Our credit union is great too and offers reward checking with 1% (was 2%) rate on 10k of assets, then 0.3% (I think) after that. Never thought that would be a good deal .

We maintain a Chase (was WAMU) account because:
1) Need safety deposit box
2) Occasional need for broad banking services, like cashing in an EE bond
3) It is nearer our house
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Old 01-26-2012, 11:44 PM   #28
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My credit union which I've had for over 30 years wanted to charge me $5/mo if I wanted a paper copy. I showed up and told them I wanted them to credit my account the $5 and to waive the fee and I still wanted to receive a statement every month. They did because they said of the number of years I've been with them. But I suspect it's because of the $$$ I have in their cu. Which is way too much by the way.
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Old 01-27-2012, 05:51 PM   #29
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Our credit union is great too and offers reward checking with 1% (was 2%) rate on 10k of assets, then 0.3% (I think) after that. Never thought that would be a good deal .

We maintain a Chase (was WAMU) account because:
1) Need safety deposit box
2) Occasional need for broad banking services, like cashing in an EE bond
3) It is nearer our house
In my case CU has
1) Safety deposit box less than 5 miles away
2) Cashes all bonds I have
3) Nearest ATM/full service location is less than 1 mile.
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Old 01-27-2012, 06:36 PM   #30
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easysurfer,
Our bank (TCF) recently started a similar checking account fee policy. $10/month, unless we use a debit card a certain number of times per month, or keep a very large account balance.

We use a rewarks Visa, and pay the balance each month, so we have no plans to use their debit card or keep an extremely high balance.

We made plans to close our account and move to a local credit union, but TCF has yet to actually charge us the $10. Maybe they backed off on their plans, because too many people were closing their accounts.

Because of the work involved changing checking accounts, we will sit tight for now.



Take care,


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Old 01-27-2012, 07:15 PM   #31
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easysurfer,
Our bank (TCF) recently started a similar checking account fee policy. $10/month, unless we use a debit card a certain number of times per month, or keep a very large account balance.

We use a rewarks Visa, and pay the balance each month, so we have no plans to use their debit card or keep an extremely high balance.

We made plans to close our account and move to a local credit union, but TCF has yet to actually charge us the $10. Maybe they backed off on their plans, because too many people were closing their accounts.

Because of the work involved changing checking accounts, we will sit tight for now.



Take care,


JP
JP,

My first reaction was to say the heck with this and close out my account and go with a local credit union. But my bank is convenient (a branch in the grocery store very nearby, plus a free coin counter and their online statements are organized -- unlike other banks I've had in the past). With a little tweaking of my current spending, I should be able to set up enough auto transactions to meet their minimum transcations amount each month.

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Old 01-27-2012, 07:49 PM   #32
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I have been with Band of America since 1990 when I first came to Florida. It was Barnett Bank back then and it became Nations Bank before BOA. No fees on our checking account with direct deposit. No problem. I love their on line bill pay system. It's a heck of a service that costs me nothing. I still don't see how they can provide that as a free service. I know most bill pays are wire transfers but there are a lot of checks they have to print and mail also. No fees either on their debit card. I can transfer funds between Ally and Credit Union and BOA with no fee. I'll stay where I'm at until the fees start up and then I'll probably still hang on for the bill pay.
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Old 06-22-2012, 02:44 PM   #33
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I got a letter in the mail today. Looks like my bank did an about face and starting July is changing from what they called convience checking to free checking. In other words, no more pesky monthly maintenance, mininum balance, minimum transaction fees.

I'm thinking, probably too many customers balked and either decided to walk, threatened to walk or nickel and dimed (me in the last category) back by making smaller transactions just to meet the free limit.

I'm sure nothing is really FREE so I bet they probably increased overdraft fees or something. But I avoid overdrafts..so I'm okay.
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Old 06-22-2012, 03:06 PM   #34
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I got a letter in the mail today. Looks like my bank did an about face and starting July is changing from what they called convience checking to free checking. In other words, no more pesky monthly maintenance, mininum balance, minimum transaction fees.

I'm thinking, probably too many customers balked and either decided to walk, threatened to walk or nickel and dimed (me in the last category) back by making smaller transactions just to meet the free limit.

I'm sure nothing is really FREE so I bet they probably increased overdraft fees or something. But I avoid overdrafts..so I'm okay.
Good. The only new charge my bank hit me with was a $1 paper statement fee. I just never got around to changing to an electronic one so that got me off my lazy a$$(briefly) and I made the change. Good to go with no monthly charge.
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Old 06-22-2012, 07:03 PM   #35
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The only time I paid any monthly fees to my bank was back in 1989 just after I bought my apartment. I had forgotten that Citibank had been raising their minimum balances to avoid fees because my balance was well above it. After I paid the second half of the down payment and all the closing costs, I fell below it and got hit with the fees which included per-check fees and the monthly fee. I quickly switched banks to NatWest (which later became Fleet which later became BofA) not only because of the fees but because it had a branch down the street from my new place as well as one near my office.

I nearly left Fleet after they took over NatWest because Fleet's account rules were lousier than NatWest's. I had to give up my MM savings account and its few dollars of interest in order to consolidate its linked checking account and avoid the new monthly fees, in effect a "fee" in lost interest. But all the other area banks had similarly bad account rules so I stayed with Fleet.

When BofA took over from Fleet a few years ago, I was able to get interest checking with around the same minimum account balance but with interest rates so low I earned less than 10 cents per month, making it more of a nuisance in my record keeping. But after BofA gradually raised its minimum balance, I was able to switch to a different type of account with a lower minimum balance and in return forgo the "interest" I was earning. I had direct deposits from my investments which satisfied their rules, too.

But in 2010, BofA stopped including images of my few canceled checks in the monthly statements. This followed them stopping sending me the canceled checks themselves (from some new banking law) a few years earlier. I had not been using their online banking at the time so I added that which enables me to view and print the canceled check images. But BofA tried to charge me for the canceled check images the first month the rule went into effect, so my local branch manager (who helped set up the online banking and told me the default option would be to NOT include the images in the statements and avoid the fee) reversed the fee as soon as I told her what happened. So I continue my 23-year streak of no fees.
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Old 06-22-2012, 09:11 PM   #36
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Our bank just went from free checking (55 yo+) to $6.00/month and now they charge $3.50 S & H for checks. We go through a box of checks every two years, but still...

The new account allows 4 credit reports per year with credit score for each adult in household. That is the only perk i care about, but not to the tune of $72/year.

There is a credit union that i think we can join. Only some groups can, but it appears that if you have a relative that is a state employee, you can get in. Our DD is a state employee. We need to get off our lazy retired rears and trek on over to ask questions.
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Old 06-22-2012, 09:55 PM   #37
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I left BOA 7 years ago for a credit union and have not looked back. I love it the only question is why I did not do it sooner. Here is a link to find a local one by you http://www.creditunion.coop/
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Old 06-23-2012, 05:27 AM   #38
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The last time I had a bank account was in the 1980's when my (then) bank started charging 50 or 75 cents for customers to use a walk-up teller person in the lobby.
I have been a loyal credit union customer for the last 30 years.
+1 Similar experience and time frame. I'm also greeted by name and with a smile.

Cheers!
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Old 06-23-2012, 05:52 AM   #39
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I've always had free checking and free checks with USAA FSB.
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Old 06-23-2012, 09:27 AM   #40
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I've always had free checking and free checks with USAA FSB.
I've always had free checking and a safe deposit box (to keep my gold and weapons in ), since I'm an old phart with just a bit of cash in an account that they charge others to lend.

Most banks/CU's do have programs, depending on age. You just need to search them out...
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