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Bank fees again, fight back

by Willy / January 23, 2012 3:31 AM PST

Just finished reading the fedb./2012 issue of Consumer's report magazine. Here they had an article on the fees and how to fight them. Just wanted to say something about one from, closing an acct. early. if you open and then decide to close an acct. soon afterwards,, US Bank and PNC place a $25 fee if closed within 180 days of opening. What, the heck is that?

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I have accounts at two credit unions and two banks.
by Diana Forum moderator / January 23, 2012 5:03 AM PST

If I don't like what they are doing, I'm gone. They announce new fees and I figure a way around them. I do like the new rule that you have to opt-in for overdraft protection. That got my son where the overdraft of 39 cents wound up to be over $300.

Diana

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Not a bad idea
by Steven Haninger / January 23, 2012 5:11 AM PST

Even if you cannot get the best deals, I think it's unwise to use just one bank. if it fails or some legal problem happens to cause your account to be locked, your toast. In this case, spreading the wealth around is a good idea.

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Start over
by Willy / January 23, 2012 9:40 PM PST

Right now, I'm getting some offers for a new CC issuance, provided I switch over. What also is happening, they're the same(I think so) in that you get $100 later added to that new CC acct. Now, you have to ask yourself, what happens if i don't maintain and/or flub it in the future. if you haven't already read the fine print. Man, the interest rates are not better and it seems you're penalized worse and you automatically go to even a higher interest rate if you keep it. So, that $100 gets eaten up or returned right quick and they make more off of you.

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Well, in connection with that,
by anndywilson / April 1, 2012 4:54 PM PDT

Well, in connection with that, I would just like to share with you some sort of information that I gathred, as conventional wisdom shows that prepaid debit cards are not the most affordable means of handling your purchases when in contrast to a bank checking account, the reality is that we are living in extraordinary financial times. According to a recent survey by Atlanta-based financial management advisory services business Bretton Woods Inc., the amount of money you carry with your checking can make choosing prepaid debit a cheaper choice.Hold onto your hat, prepaid debit cards may be less costly than a checking account. Well, for practicality reason why I share this with you.If you want to know more about this, I give you my reference:Prepaid debit cards can be cheaper than checking, says study

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I will soon be closing one of my checking accounts
by Diana Forum moderator / April 1, 2012 11:37 PM PDT

I just got a letter saying they are going to be charging $9.99 a month if I don't keep $1500 in my checking account or pay five bills with online bill pay. As soon as the direct deposit goes into that account gets changed, I'm closing that account.

Diana

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I suspect minimum balance requirements are rising because
by Steven Haninger / April 1, 2012 11:50 PM PDT

banks had made money by lending what we deposited. With lending rates lower, less profit is made. I have a saving's account that, when I opened it 5 years ago, paid me over 5%. Today, it's at less than .3%. In real terms, it's losing value just sitting there. I can't do much with it as it's my "safety valve" account and needs to remain liquid. I've not added or removed a dime in a long time and could suspect they'd consider it dormant and want to charge a fee. If they do, they lose me. Bye, Bye, bank...hello, suitcase. Happy not really.

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I was listening to a financial analyst on the radio
by Diana Forum moderator / April 2, 2012 12:04 AM PDT

He said that the reason that banks are paying such a low interest rate while not lowering interest rates on money they loan out is that the government is giving they all the money they need at an almost negative interest rate so they don't really care about keeping their customers unless they are big users.

Diana

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The government is giving them money?
by Steven Haninger / April 2, 2012 12:17 AM PDT

Well...that would be OUR money, wouldn't it? We need to either stop them or have them pay us for the loan. Wink

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I've been complaining about that for years
by James Denison / April 2, 2012 2:31 AM PDT

Even way back when Kiddpeat was still around. I remember we had a good discussion about banks, interest, and the effect of the Fed Reserve on it all.

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Engineered mess
by Willy / April 2, 2012 5:28 AM PDT

That is now at 0% or so low which refers to the CD rates i posted earlier about. This is all about getting the economy going but that has backfired, as cos. and corps. get the cash and return the payment since it is so low they make cash reverses rather than place into making new product, factories, or just themselves into a better position rather getting the actual economy going or just puttering along, it becomes stagnant as it were. So how is that working for you the "public" taxpayer? -----Willy Sad

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Need to be on guard
by Willy / April 2, 2012 5:22 AM PDT

What I see or seem to is the "carrot and stick approach" to get bank users to do this or that. They raise fees or somehow gear it to be more favorable to go that route. Only after you realize they in turn don't lose $ because they don't need to do that anymore or the less users are provided a service that was costly to them. HOWEVER, later that changes or gets rewritten to make it harder once again to get the best for the bank users. A real good example of that is the CD rates, while tried the fed. rates or to some other financial link, gets lower or raised. More than likely that's lower and so far, for typical holders of CD's in the traditional sense these pay out well under .02% and likely at some .01%+ rate. That just reeks and many older bank users are hosed in this process since much of what they do is traditional. While stocks and all that are better, it's far riskier endevour and that's not what retirees or older bank savers should have to deal with, even if they are savvy. All this backdoor manuvering ins't in the long term interest of the bank user.

tada -----Willy Happy

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bump against driveby hit on forum, in order -2
by James Denison / April 4, 2012 5:04 AM PDT

bump 2

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