Service Charge at Banks - Page 3

SeaMaiden · ‎03-10-2010

@software wrote:
Do people keep that much money in a bank account?
I wouldn't

Bank on every corner,shop around

@SeaMaiden

@software "THAT MUCH" is different for everybody. We have all kinds of different accounts. The money we keep in the bank is just liquid assets available at all times.

CLEM · ‎03-09-2010

@Carmie wrote:
I use a Credit Union. There is never any fees . I gave up on Banks years ago.

I have always used a credit union until about a month ago when I closed it out. While there was no fee, lately there also has been no interest to speak of. But I also always had a checking account and they don't charge me any fee either. I guess that is unusual, but PNC makes it easy for seniors, but I have been a customer of theirs for about 40 years and always had direct deposit of paychecks and now whatever I get in retirement.

Caligurll · ‎07-20-2014

@Carmie wrote:
I use a Credit Union. There is never any fees . I gave up on Banks years ago.

Same for me. I actually get money back from my credit union for using my debit card at certain stores. The offers vary from week to week, but sometimes it is from Whole Foods, Michael's, or other local grocery chains (5% back for using debit card), Nordstrom Rack (usually 10% back), and other businesses. They usually have 10-11 offers going at one time and the offer is usually good for 3-4 weeks.

AngusandBuddhasMom · ‎03-10-2010

Banks are businesses I don't get why people forget that. They waive fees but they are a business that has to pay salaries,the online services that your money sits in, utilities etc. And they are in business to make money. They account every year for funds being paid back to customers who either by the banks fault or the customer's fault. That adds up but they do it. They aren't out to get you. An account that gets hit with a dormant charge has been dormant for a while. An if you deposit at least a dollar a month into the account the fee would not have hit. That fee can be what the bank sets. But it is a one time fee unless you continue to ignore and then it will keep hitting.But if you put as little as a 1. In it will stop. Put it this way when a bank..any bank opens a new account it is costing the bank at least 400 dollars. So for them to maintain an open account that isn't r being used by the customer. Then they are loosing money. So they charge the fee.
This is based on NJ banks but I'm sure other states are similar.

SXMGirl · ‎07-07-2010

I think banks can get away with charging these ridiculous fees because many people do not read their statements. When I was on vacation in May, my bank instituted a $2 a month check processing fee. Since I do not check my bank account when traveling, I had no idea and I also had not received notification. When I got home in June, there was the $4 charge on my account. I have had my account for 30 years and I told them that if they did not take off the charges that I would transfer my accounts to my credit union. Charges came off, but I should not have had to even think about that type of charge.

My advice is to use a credit union if you can. I did not have access to one until I moved, but I find that now there are many more convenient credit unions.

The next time that I hear salt and ice together, it better be in a margarita!

gidgetgh · ‎03-09-2010

@software wrote:
Do people keep that much money in a bank account?
I wouldn't

Bank on every corner,shop around

@SeaMaiden

@software- it's early, so I'm not fully awake, but I'm genuinely confused. It's a bank. Where else would you keep your money? Each depositer is insured by FDIC (in a regular bank) for up to $250,000, more in a credit union.

We keep our money in a few banks as well as a few credit unions. Where else would we put it? We don't pay fees at any of them.

Why is it, when I have a 50/50 guess at something, I'm always 100% wrong?

Snoopp · ‎02-02-2015

This just happened to me at a credit union. I received no notice but in fairness, the fees were in the fine print in the disclosure documents. Still, I was not happy and decided to close the account and move it to a short term cd. The cu only gave me back half of the fees.

sligo · ‎10-20-2010

I also have an account at one of my local banks.It is not a small amy of money. Since money is added to acct only a couple of times a yearbank notified me that it was considered dormant. They would be charging a fee 0g 25.00 a month!!! Only receive 2% int on acct. Said fine I would come to bank ane close acct. We have several other banks in our town. Bank changed mind. Will not charge fee. LOL. Will deposit 1.00 each week to keep acct active. This is horrible. We do not owe any monies. CC, mortgage etc. All paid. Bank officials making huge salaries. Regular guy nothing. Needed to vent. I am sorry.Also, found out credit card scores are higher when you have several cc. When cards are fully paid each month score is not as high as when you pay minimum. HUH?

AngusandBuddhasMom · ‎03-10-2010

@engineer wrote:
I also have an account at one of my local banks.It is not a small amy of money. Since money is added to acct only a couple of times a yearbank notified me that it was considered dormant. They would be charging a fee 0g 25.00 a month!!! Only receive 2% int on acct. Said fine I would come to bank ane close acct. We have several other banks in our town. Bank changed mind. Will not charge fee. LOL. Will deposit 1.00 each week to keep acct active. This is horrible. We do not owe any monies. CC, mortgage etc. All paid. Bank officials making huge salaries. Regular guy nothing. Needed to vent. I am sorry.Also, found out credit card scores are higher when you have several cc. When cards are fully paid each month score is not as high as when you pay minimum. HUH?

I carry no balance on my cc and my cc score is high. What they are looking for is that you do not go over the % of the combined card total. So if you have 50,000. but only use say 1000. And pay that right off then they consider you a good risk. But if you carry that balance and charge more then your score will get hit.

As for ratings there are tons that financial institutions use to rate you for say a Mortgage,HA Loan, Car Loan etc. They don't just use the 3 popular ones out there for consumers.

As for Bank Officials making a ton, yes the guys at the very top do just like any CEO does. You buy groceries,Insurance,Cars, hire a tradesman ect. They also can make a lot of money and you pay them. You don't squabble with the company you pay. But if a bank that is spending a ton to keep your account safe and healthy you have issue with that.

As I stated in my other post the only reason you get charged a dormant fee is if you have no activity in the account on a monthly basis.That charge will stop when you deposit money. It will not continue.

Financialgrl · ‎03-13-2010

@Snoopp wrote:
This just happened to me at a credit union. I received no notice but in fairness, the fees were in the fine print in the disclosure documents. Still, I was not happy and decided to close the account and move it to a short term cd. The cu only gave me back half of the fees.

Therein lies the problem - most of the time they are notifying you of the change but it's buried in tiny print on one of those inserts you get in the mail. I'd have no problem if they were a little more upfront about it. I use a credit union also (one of the largest ones) and I'm not seeing fees as much as erosion of other services they used to provide.