Community Chat

[Kardi]

Here's a good one, we have a business account since we own a small business.  It's a retail store, so we must deposit cash we receive.  Most transactions are on credit or debit cards, but there's always some cash to deposit too.  The bank actually charges a fee for depositing cash.  .????   I've come to the conclusion that banks make so much money from their credit card business that they really don't want to function in the way they were designed to.  

[AngusandBuddhasMom]

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@Kardi wrote:

Here's a good one, we have a business account since we own a small business.  It's a retail store, so we must deposit cash we receive.  Most transactions are on credit or debit cards, but there's always some cash to deposit too.  The bank actually charges a fee for depositing cash.  .????   I've come to the conclusion that banks make so much money from their credit card business that they really don't want to function in the way they were designed to.  

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You have electronic transactions and then a paper one but they still have to all be accounted for. The service the bank uses for the electronic transfer has to pay extra for that cash. I know my bank that I use does not charge for business account cash transactions. But they are a savings bank. Each bank has their own system and banks are subjected to the state banking and insurance commission on what fees they charge.  So question the bank and ask why are they charging for cash deposits? It could be the kind of account that you have. Maybe there is a better product then what you have now. And if you are not happy shop around.

[Spurt]

My bank has a $3.50 monthly fee but if the balance is $500 or more the fee is waived. 

[Spurt]

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@Yahooey wrote:

@CLEM

When I was in grade school, there was a weekly collection of the bankbooks to be deposited. I always had a dollor in the clear window of the envelope and then it grew to 2 dollars a week. It taught me to save and I love looking at my name on the official bankbook and interest it accumulated. I was 6 when I started that bankbook and then continued depositing on my own when I stopped going to the elementary school.

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@Yahooey

I remember those  ....BANKING DAYS....at my elementary school....that was exciting  those banking envelopes and watching and seeing your money grow........!    These days I think kids would have to have a smart phone and "masterpass it"..........times have changed...

[pigletsmom]

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@Kardi wrote:

Here's a good one, we have a business account since we own a small business.  It's a retail store, so we must deposit cash we receive.  Most transactions are on credit or debit cards, but there's always some cash to deposit too.  The bank actually charges a fee for depositing cash.  .????   I've come to the conclusion that banks make so much money from their credit card business that they really don't want to function in the way they were designed to.  

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Most banks have some sort of charge for this on business acounts. I used to work for a bank and we did this. We also charged businesses for getting change. Usually the small places we didn't bother, but we had some large customers that would buy boxes of change at the time. Banks have to pay to get change and cash, and they have to pay if they send it out as well.

[Pecky]

Credit Unions are the way to go.  They don't nickel & dime you.  I haven't belonged to a bank in over 20 years.