topic Re: Bank Charges in Community Chat

Bank Charges

millieshops — Thu, 01 Aug 2024 15:27:03 GMT

Sometime ago when I read some threads but was not posting at all, I read about the new Synchrony charges. I don't use them at all, but for those angry with QVC, I'm no longer sure changing to a new bank will help a whole lot.

In the last 2 days, I've received notice from 2 other banks that their fees are also increasing soon. Both are banks whose credit cards I use 12 months of the year. I work to discipline myself to charge no more than I can pay when the bill arrives, but as my earnings retreat and expenditures increase I am even more committed to controlling what spending I can.

Re: Bank Charges

Snowpuppy — Thu, 01 Aug 2024 15:50:48 GMT

Unless you're in love with your bank or cc, shop around.

There are 0% cards still out there and why anyone is still with a bank that charges fees is beyond me.

JPM Chase recently said they have no intention of cutting fees. It's income for them.

Re: Bank Charges

TheWanderingOne — Thu, 01 Aug 2024 16:03:23 GMT

@Snowpuppy wrote:
Unless you're in love with your bank or cc, shop around.

There are 0% cards still out there and why anyone is still with a bank that charges fees is beyond me.

JPM Chase recently said they have no intention of cutting fees. It's income for them.

I have 2 AMEX cards - a regular Platinum and a Delta Reserve. They both carry annual fees. Why do I keep them? Because the benefits that I receive FAR offset the costs. Everyone has different needs and shouldn't all be painted with the same broad brush.

Re: Bank Charges

Pecky — Thu, 01 Aug 2024 16:10:21 GMT

I have my cc through my credit union. I never have to pay any type of fee.

Re: Bank Charges

Nightowlz — Thu, 01 Aug 2024 16:47:53 GMT

All I read is that Synchrony is going to charge for a paper statement. All you have to do is set up paperless. After that you can print it from their site. No reason to pay for a statement. All mine are set up on paperless statements. I don't want them. Takes too much time shredding all the paperwork?

I bank at the Credit Union. I pay NO fees. I don't pay any fees on credit cards either. If they want to start charging fees they can keep it. I'm not paying anyone fees to have a checking account or a credit card. I don't pay fees or interest.

Banks won't let you park money in a checking account without charging fees. Ridiculous.

Re: Bank Charges

They CallMe MRWILKES — Thu, 01 Aug 2024 17:09:35 GMT

I have money in a checking account and pay absolutely no fees whatsoever (Capital One).

Although I would pay for paper checks if needed; one book will last me my lifetime.

Re: Bank Charges

Nightowlz — Thu, 01 Aug 2024 17:15:10 GMT

@Snowpuppy wrote:
Unless you're in love with your bank or cc, s
hop around.

There are 0% cards still out there and why anyone is still with a bank that charges fees is beyond me.

JPM Chase recently said they have no intention of cutting fees. It's income for them.

@Snowpuppy

I have a Chase card through Amazon. I only use it on Amazon purchases. I pay my balance in full each month. I don't pay any fees.

They already make money off your money plus they want to charge fees so they can make more money.

I would find some place else to keep it if I had to pay fees.

Re: Bank Charges

Nightowlz — Thu, 01 Aug 2024 17:20:59 GMT

@They CallMe MRWILKES wrote:
I have money in a checking account and pay absolutely no fees whatsoever (Capital One).

Although I would pay for paper checks if needed; one book will last me my lifetime.

@They CallMe MRWILKES

You won't have to worry about paying for checks soon.

Aldi, Target, Old Navy, Whole Foods, Lululemon no longer accept checks. More to come.

When I searched it online it says checks will be obsolete in 2026?

I'm sure this won't be easy for Seniors like my MIL at 94.

Re: Bank Charges

They CallMe MRWILKES — Thu, 01 Aug 2024 17:31:14 GMT

No worries here!

I write maybe 1 (or 2) per year. I don't need them.

Re: Bank Charges

millieshops — Thu, 01 Aug 2024 17:55:58 GMT

@They CallMe MRWILKES I agree with your assessment regarding your MIL. Those of us who have been shopping for many decades (I'm one less than she is), have to learn to function as hybrids.

I don't mean our cars, but my financial life is partially online and partially in personal. I'm not about to voluntarily give up all of what I started with

Re: Bank Charges

Icegoddess — Thu, 01 Aug 2024 18:06:49 GMT

@monicakm wrote:
Wait! I just paid a Discount Tire Synchrony statement. We bought new tires for my car last month. I'm looking at it and there is no $5 fee for a paper bill. This is a 12mo same as cash thing. What I do on something like this is divide the balance by 12 months and pay that amt each month so there is no interest charge. I do the same on my Amazon bill.

@monicakm Synchrony also manages Belk cards and hasn't, as of yet, started charging for paper statements from them either. You'll get a separate notice in the mail if they plan to do so. I got notices for both my Synchrony card and my Lowes card. I no longer use either.

I want paper statements. I have my reaons, and what works for some doesn't work for others. I'm always running out of ink cartridges in my printer when I rarely even use it, so it would probably cost me even more to print them out than to pay their monthly fee. Plus, I've noticed they never send a reminder on the due date, but they're real quick to send you a notice if you forget a payment.

Re: Bank Charges

beckyb1012 — Thu, 01 Aug 2024 18:09:43 GMT

@millieshops wrote:
@They CallMe MRWILKES I agree with your assessment regarding your MIL. Those of us who have been shopping for many decades (I'm one less than she is), have to learn to function as hybrids.
I don't mean our cars, but my financial life is partially online and partially in personal. I'm not about to voluntarily give up all of what I started with

Me either. I do not believe checks will be obsolete anymore than cash will be at least in my life time. Not sure about 50 years from now.

Re: Bank Charges

Icegoddess — Thu, 01 Aug 2024 18:11:12 GMT

@Nightowlz wrote:
@They CallMe MRWILKES wrote:
I have money in a checking account and pay absolutely no fees whatsoever (Capital One).

Although I would pay for paper checks if needed; one book will last me my lifetime.
@They CallMe MRWILKES

You won't have to worry about paying for checks soon.
Aldi, Target, Old Navy, Whole Foods, Lululemon no longer accept checks. More to come.
When I searched it online it says checks will be obsolete in 2026?
I'm sure this won't be easy for Seniors like my MIL at 94.

@Nightowlz the alterations place I go to prefers either cash or checks. They charge you a fee if you use a credit or debit card. So, I'm not sure checks will become obsolete if other small businesses do this to force the customer to cover those fees they have to pay for CC purchases. I know I had to pay an extra fee at a nursery this spring too. I didn't think to ask about a check, but the alterations lady offered the information when I didn't have cash. I never carry a lot of cash.

Re: Bank Charges

Nightowlz — Thu, 01 Aug 2024 18:26:19 GMT

@Icegoddess wrote:
@Nightowlz wrote:
@They CallMe MRWILKES wrote:
I have money in a checking account and pay absolutely no fees whatsoever (Capital One).

Although I would pay for paper checks if needed; one book will last me my lifetime.
@They CallMe MRWILKES

You won't have to worry about paying for checks soon.
Aldi, Target, Old Navy, Whole Foods, Lululemon no longer accept checks. More to come.
When I searched it online it says checks will be obsolete in 2026?
I'm sure this won't be easy for Seniors like my MIL at 94.
@Nightowlz the alterations place I go to prefers either cash or checks. They charge you a fee if you use a credit or debit card. So, I'm not sure checks will become obsolete if other small businesses do this to force the customer to cover those fees they have to pay for CC purchases. I know I had to pay an extra fee at a nursery this spring too. I didn't think to ask about a check, but the alterations lady offered the information when I didn't have cash. I never carry a lot of cash.
I only write checks when they make it difficult for me to pay. I'm not using an e-check. I should be able to pay any bill I need to through my Credit Unions billpay.

@Icegoddess

The info I was reading did say they have to pay $1 to process a check? I have never heard that before.

My AC guy said a lot of people he deals with pay in cash only. They don't want anyone knowing their business.

I know the IRS is looking out for those that spend more than they make? They want taxes paid on all this money.

I also read eventually they want to have 1 card everyone has that you use to pay for things? This will still take years before they get there. What we will use is what your Bank will offer.

I want to keep my cash. I don't want any Bitcoin or any other Cryptocurrency.

Re: Bank Charges

Icegoddess — Thu, 01 Aug 2024 18:32:50 GMT

@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions. As it is now, they only have to report over a certain amount, like $10,000. I know that's the limit for gifting someone without having to pay taxes on it. Luckily, that didn't pass.

Re: Bank Charges

Nightowlz — Thu, 01 Aug 2024 18:38:05 GMT

@Icegoddess wrote:
@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions. As it is now, they only have to report over a certain amount, like $10,000. I know that's the limit for gifting someone without having to pay taxes on it. Luckily, that didn't pass.

@Icegoddess

I asked how the Credit Union worked when I had a money transfer on inheritance. I was told they don't report that. They only report it when it's over $10,000 in cash.

I asked about withdrawing money. You can get $10,000. If you want more you have to order it. LOL!!!

Her excuse for that is they don't keep a lot of money in case of a robbery.

Re: Bank Charges

TheWanderingOne — Thu, 01 Aug 2024 18:42:17 GMT

@Icegoddess wrote:
@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions. As it is now, they only have to report over a certain amount, like $10,000. I know that's the limit for gifting someone without having to pay taxes on it. Luckily, that didn't pass.

The gift tax exclusion for 2024 is $18,000. It hasn't been $10,000 since 2001.

Annual Exclusion per Donee for Year of Gift[8]Year of Gift Annual Exclusion per Donee

1981 through 2001	$10,000
2002 through 2005	$11,000
2006 through 2008	$12,000
2009 through 2012	$13,000
2013 through 2017	$14,000
2018 through 2021	$15,000
2022	$16,000
2023	$17,000
2024[7]	$18,000

Sources: IRS.gov & Wikipedia (chart)

Additionally, you don't pay taxes if you gift someone over the limit, nor does the recipient. It goes against your lifetime gift tax exemption and is settled up when you die if you exceed that lifetime exemption. For 2024, that's $13.61 million. If you're married, that doubles.

Re: Bank Charges

ALRATIBA — Fri, 02 Aug 2024 18:53:08 GMT

I have 2 credit cards (different banks) .... the points I get on each offset any fees. I'm able to pay them off each month - so no interest charges.

Re: Bank Charges

frenchie — Thu, 01 Aug 2024 19:04:37 GMT

This is the first month I go paperless for my Q bill. I don't have a printer so the pages are too tiny for me to read. Am I able to enlarge this somehow?

Re: Bank Charges

Icegoddess — Thu, 01 Aug 2024 19:11:29 GMT

@TheWanderingOne wrote:
@Icegoddess wrote:
@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions. As it is now, they only have to report over a certain amount, like $10,000. I know that's the limit for gifting someone without having to pay taxes on it. Luckily, that didn't pass.
The gift tax exclusion for 2024 is $18,000. It hasn't been $10,000 since 2001.

Annual Exclusion per Donee for Year of Gift[8]Year of Gift Annual Exclusion per Donee
1981 through 2001 $10,000
2002 through 2005 $11,000
2006 through 2008 $12,000
2009 through 2012 $13,000
2013 through 2017 $14,000
2018 through 2021 $15,000
2022 $16,000
2023 $17,000
2024[7] $18,000
Sources: IRS.gov & Wikipedia (chart)

Additionally, you don't pay taxes if you gift someone over the limit, nor does the recipient. It goes against your lifetime gift tax exemption and is settled up when you die if you exceed that lifetime exemption. For 2024, that's $13.61 million. If you're married, that doubles.

@TheWanderingOne It's obviously been awhile since I've needed to be concerned about that, LOL. I was mostly concerned with how much going into or out of a bank account before it had to be reported to the IRS. I did find this:

"While the general rule is that wire transfers over $10,000 must be reported to the IRS, there are some exceptions to this requirement. These include:

Transactions that are conducted by financial institutions on behalf of the US government
Transactions that are conducted between financial institutions
Transactions that are conducted with certain exempt entities, such as charitable organizations and political campaigns"

I know an inheritance is a lot more than gifting. They've also changed the rules about inheriting a retirement account. Since 2020, non-spouse beneficiaries have to clean out (and pay the associated taxes on) that account within 10 years. I can just take the RMD as long as I live and pay the taxes on just that amount.