Bank Fees!

[Greg44]

Wow - I just got another letter from USBank. I have two checking accounts with them. Our main account fees went from $ 0.00 to $ 6.95 w/online statements and
$ 8.95 for paper statements. This fee was waived with a min. $ 25.00 monthly transfer to a savings account. No problem.

Now my small checking account I use for my research business is going from $ 0.00 also to $ 6.95 or $ 8.95. Except with this account I need to have at least a $ 500.00 direct deposit or maintain a min. balance of $ 1500.00

For years I paid the $ 8.00 fee and only learned last summer I could get all the same benefits for Free. So no sooner did I get the Free checking than they started bumping up the fees. >:(

I guess I could move some $$ over to maintain the min balance of $ 1500.00 or switch the account type to be like our main account and save $ 25.00 each month...

So frustrating...

[redfox]

Ugh. My credit union charges no fees as long as we have automatic deposits. Love it.

[flowerseverywhere]

find a credit union or another bank. We have paid zero fees for years at our credit union and they even pay a little better interest on savings than the banks. It really adds up when you are not paying for giant buildings and many layers of supervisors. Did you ever go to a big city and see a huge Bank of America or other large bank office? I always think that it must cost a huge amount to run such an organization, and add to that all the advertising and mailings you get.

[razz]

Haven't paid fees for years at our President's Choice which is mostly online banking with banking pavilions in large grocery store chain or CIBC bank outlets or as a senior at our credit union both in Canada.

[Sad Eyed Lady]

Do you have a local bank instead of a chain? If so sometimes they are better with the "free checking" etc. I don't believe we have any fees at all on any of our accounts (checking, savings, CD's, IRA's). Worth looking around anyway.

[Greg44]

I also belong to two credit unions (we like to spread our $ around!) I know one CU had free checking, but with a lot of stipulations - like so many bill pays, auto pays/deposits, etc. The other CU I haven't checked into - we just have a couple CD's and a savings with them.

I had heard that the banks were getting ready to start adding a bunch of fees - and yep they did!

[redfox]

AlaskaUSA Federal CU. Not sure if they are beyond the West Coast, but I love 'em.

[freein05]

US Bank is a major bank and like other major banks they love fees. I have worked for large and small banks and the small banks tend to have lower or no fees for the same type of services. Credit Unions are a good banking source. Even when I worked in bank and could get free accounts I banked at my local credit union. I now live were there are no credit unions and bank with a local bank. My other source for banking where is Bank of American. I would never bank at Bof A

[Shari]

Why would you never bank at B of A, free?

[Wildflower]

There's no fees at our bank as long as we keep a certain minimum balance, which isn't a problem.

[freein05]

Why would you never bank at B of A, free?

Their fees and other charges are among the highest of any bank. They really don't want the little guy to bank with them unless they can make a bunch of money off of them. They were also a major player in the collapse of the home mortgage market.

[lhamo]

Greg,

You're in WA, right? Check out BECU (Boeing Employees Credit Union). Anyone in Washington can now join. They are great -- been banking with them since 1988, when Seafirst started charging fees. Never had a problem or a complaint.

lhamo

[Shari]

I use B of A and pay no fees, though I have heard rumors this will change soon. If so, I'm out.

[gimmethesimplelife]

For anyone in Arizona, I can highly recommend Arizona Central Credit Union, and also Sunwest Federal Credit Union. The former has offices around the state, the latter in Phoenix and Tucson. Anyone living in Maricopa or Pima County can join either and both have free checking and both are great! Rob

[Lainey]

I use B of A and pay no fees, though I have heard rumors this will change soon. If so, I'm out.

well, it's happened. I got a nasty surprise today when I saw a $15 charge in my checking account with B of A. This is a bank I've been with for 15 years. I've got a mortgage and credit card with them also. Never late on a payment, and push several thousand dollars a month through there with my direct deposited bi-weekly paychecks.
I'm going to inquire if this is a mistake since I have so much activity with them, but if not, then I'm joining Shari and cutting ties.
I already have a savings account at my credit union, so it will be easy to open a checking account and credit card and keep everything with the credit union.

[simplelife4me]

Dump them like a bad habit.

[artist]

I have two accounts with my small indepdant bank. One is regular checking with direct deposit. The other is a business account. I have no fees with either of them.

[Lainey]

update: B of A admitted the $15 monthly fee was a mistake. Said they'd forgotten to link my mortgage with my other accounts. So for now, no fees. Moral: check your statements carefully!