bs banking fees

[CheapPinz]

ok, I'm going over old statements trying to get my taxes together and see a $2.00 fee for "checking my balance at an atm"....
I am appauled. $2.00 to press a button to "see" my total and not even receive a dollar...wow.
Just thought I'd mention it, because I had no idea bank of amer did this. Well they do.

 

[bakemeacookie]

This was at YOUR own atm? I thought they never charge for using their own atm's. Mine never does.

c

 

[nimbus]

 

[mrplunkey]

Banking and credit card fees are going to skyrocket over the next few years.

 

[nangiggles]

That's why I always check it online.

 

[chewyxrage]

that's fucking bullshit

did you accept the fee?

All ATMS must make you aware they charge a fee and you have to agree to it

Was it your bank that charged the fee or the ATM?


My bank pulls that bullshit where if I use another bank's ATM, I get charged by the ATM and then my own bank charges me as well.

 

[mrplunkey]

All these banking fees are going to go up, primarily due to the credit card regulations that passed last year and the banking reform that passed recently.

You don't even have to know the details. Let's say a bank is making X+Y dollars. The government doesn't approve of how they make X, so they regulate it. The bank then has two options:

1) Tell its shareholders that earnings will permanently diminish by X, take the stock price hit and lose their jobs.

2) Increase the profits on Y so that the new Y equals the old X+Y.

So if you don't like your new credit card interest rate, ATM fees, checking fees, etc. etc., then welcome to being part of Y.

HTH

 

[Rachel...lol]

That's why you should put your money with a credit union. Due to the nature of a cooperative, credit unions must keep their owners (us) happy, and they are more considerate when it comes to the way they do business and charging fees. Actually, in my experience, and working in the industry - the smaller the credit union, the more willing hey are to make exceptions, give refunds and help you out on a case by case basis intead of saying "policy is policy" and sticking it to you. The following link provides information for the Move Your Campaign that advocates the use of local institutions over the giants - Move Your Money About

 

[PhoenixS]

Bank of America sucks.

 

[mrplunkey]

That's why you should put your money with a credit union. Due to the nature of a cooperative, credit unions must keep their owners (us) happy, and they are more considerate when it comes to the way they do business and charging fees. Actually, in my experience, and working in the industry - the smaller the credit union, the more willing hey are to make exceptions, give refunds and help you out on a case by case basis intead of saying "policy is policy" and sticking it to you. The following link provides information for the Move Your Campaign that advocates the use of local institutions over the giants - Move Your Money About

That's great advice for consumers.

I've never dealt with a credit union -- I'd assume they issue debit cards. Do they carry their own credit cards, or to they just private lavel and re-farm the business to a larger bank card? Do credit unions have to comply with the new credit card regulations?

Yeah, I'm a credit union noob.

 

[Rachel...lol]

That's great advice for consumers.

I've never dealt with a credit union -- I'd assume they issue debit cards. Do they carry their own credit cards, or to they just private lavel and re-farm the business to a larger bank card? Do credit unions have to comply with the new credit card regulations?

Yeah, I'm a credit union noob.

Credit Unions have to abide by the same rules as banks. Since my company does data processing for credit unions, all the new and impending regulations directly impact our operations. Reg Z and the Credit CARD act have been eating up our programmers time for the last year, and all of our new releases and software enhancements are to ensure our credit union clients have the tools that they need to be compliant with regulations. For example, of the stipulations of the Credit CARD Act is that consumers need to have "x" amount of days from the time they receive their statement to the due date of the payment. So... we had to coordinate with all of the credit unions and have them flood new due dates, work with the statement printers, etc - huge pain.

Credit Unions offer the same products as banks. Granted, there are some teeny credit unions under 1,000 members who will offer very basic services (share draft, savings, maybe installment loans but not often). Once you get ot credit unions of 2,500 members, many of them offer all the same things. Once you're at 5,000 members - same stuff is available.

That being said, yes credit unions offer ATM/Debit as well as Credit Cards. The way they interface to the system at the credit union may be different - and this does generally have to do with the size of the credit union. For example, some credit unions will have "online" credit cards, so they card portfolio directly integrates to the member account at the credit union, and members can see their balances and purchases online. Some credit unions may only offer batch processing, so it's an overnight PBF (positive balance file) and then members can make deposits into their credit card share which actually gets swept into the payment - no realtime interaction, etc.

Again, as offerings of things are available at your credit uion - it also depends on what their data processor and partners do for them. My company has provided Mobile Web Banking free to our credit union clients, and then it's also free to their members. So we have some 2,000 member credit unions that have a very nice, new service - and it's free; but there may be a 20,000 member credit union that doesn't offer it. We're also in beta for our new Mobile App banking (dowloadable app for smartphones rather than accessing the web directly) for making transactions, bill payments, even synching with your paypal account - as well as Text Banking.

Sorry that's a whole lot of stuff up there you don't care about ...

 

[redshirt27se]

That's great advice for consumers.

I've never dealt with a credit union -- I'd assume they issue debit cards. Do they carry their own credit cards, or to they just private lavel and re-farm the business to a larger bank card? Do credit unions have to comply with the new credit card regulations?

Yeah, I'm a credit union noob.

Credit Unions issue debit/atm cards. As for actual credit cards with a line of credit, I'm not sure. But they do offer loans, generally at a lower interest rate, so I assume it is possible.

 

[kx250rider]

Banks are desperate, and they're doing everything they can think of (within or NOT within the law in some cases) to vacuum cash out of your (body cavities). They were spoiled by the good economy of the late 80s to mid-2000s, and how they could invest your money and get 15 or 20% and only have to pay you 3 or 4% on your savings. Then when it all came crashing down, and the mortgages and credit cards defaulted, they realized they're nearly broke. So now they're charging every little fee they can think of, and taking money out of your behind in any way they can find. And it's not just working people with normal income who are getting screwed. Poor and rich people alike, are seeing these fees. I know of someone who has about $1 million in cash in B of A, in addition to various CDs and and other B of A investments. That person wrote a check which caused a $20 or $30 overdraft, and they had automatic overdraft transfer (free) before. This time, they charged $39 to pay the check, and put the charge on a B of A credit card for another $30 fee for "cash advance". So the bottom line is that these big banks evidently are forgetting how important customer satisfaction is, and I wouldn't be surprised if even a bank as big as B of A might go bust.

I would suggest looking at credit unions. I have an account at a local credit union in Northridge, CA... They never charge fees and they have free ATM at most other credit unions, and you only need $100 (I think) to keep the account totally free of fees. If I call them with a question, I get an answer from a person who has the power to make decisions or fix things without going to the supervisor to submit a form to the head office up on the moon, or whatever big bank phone reps have to do. They haven't done nearly as badly with the economy. Only problem is that since many of them are small, you might get fees for using other banks' atms if they're not part of a cooperative ATM network like mine is. As far as regular banks, the only bank I trust 100%, is a little bank called Comanche National Bank in Comanche, TX... That bank was the only bank in the State of Texas to survive the crash of 1929 without any government help. They never got into the mortgage mess either, because they weren't greedy, and didn't give out loans to everybody who breathed, whether they could pay or not, like the big banks did.

Charles

 

[Rachel...lol]

Credit Unions issue debit/atm cards. As for actual credit cards with a line of credit, I'm not sure. But they do offer loans, generally at a lower interest rate, so I assume it is possible.

they offer all of the same things - credit cards, installment loans, construction loans, home equity LOC as well as Home Eq installment loans - they offer relationship pricing, they abide by risk-based pricing for lending just like a bank, in most cases they are part of a shared branching network - CUSC for example. Like I said in my email earlier - even Mobile Banking.

My company alone provides credit unions with their audio response system (call and check your balance, make transfers). Online Banking and Bill Payment (Bill payment is interfaced from Fiserv and iPay)...

If you find a credit union that is convenient, I can assure you that you will not be losing anything from the product/service side than you would have had at a bank. For something they may not offer, Investment Services or an Original Mortgage, it is most likely that they are shareholders in a CUSO (credit union service organization) that was formed in order to provide those services for the credit union members - they might even have a rep from that CUSO working in one of the branches.

 

[chewyxrage]

they offer all of the same things - credit cards, installment loans, construction loans, home equity LOC as well as Home Eq installment loans - they offer relationship pricing, they abide by risk-based pricing for lending just like a bank, in most cases they are part of a shared branching network - CUSC for example. Like I said in my email earlier - even Mobile Banking.

My company alone provides credit unions with their audio response system (call and check your balance, make transfers). Online Banking and Bill Payment (Bill payment is interfaced from Fiserv and iPay)...

If you find a credit union that is convenient, I can assure you that you will not be losing anything from the product/service side than you would have had at a bank. For something they may not offer, Investment Services or an Original Mortgage, it is most likely that they are shareholders in a CUSO (credit union service organization) that was formed in order to provide those services for the credit union members - they might even have a rep from that CUSO working in one of the branches.

Hey Rach since you have some great knowledge of the CU's - do they generally give better rates on car loans? I would assume so but who knows....

 

[Rachel...lol]

Hey Rach since you have some great knowledge of the CU's - do they generally give better rates on car loans? I would assume so but who knows....

I would say "generally", yes. But not a huge difference. Most of them still abide by risk-based lending, so as your credit score gets lower... your APY gets higher. Also - you're more likely to get a better rate if you've been an established member with good history.

 

[mrplunkey]

Sorry that's a whole lot of stuff up there you don't care about ...

Not at all -- that's great info.

Thanks

 

[Rachel...lol]

Not at all -- that's great info.

Thanks

this happens to be my area of expertise.

 

[solarclimax]

that's fucking bullshit

did you accept the fee?

All ATMS must make you aware they charge a fee and you have to agree to it

Was it your bank that charged the fee or the ATM?


My bank pulls that bullshit where if I use another bank's ATM, I get charged by the ATM and then my own bank charges me as well.

Next thing they'll do if they already haven't is strategically place ATM's from different banks in various places, in such a way that the clients of the banks are as likely as possible to find themselves in the predicament that they are faced with an ATM from a different bank, unless they go far out of their way to find an ATM from their own bank.

Whilst you're out working for your money 8 hours a day, someone is working for a bank figuring out how else to scam more money from you 8 hours a day.

This is another thing i don't get about people, it's like they don't realize some things.
Some hungry guy could go into a store and steal food, the police will lock them up and everyone will say, they deserve to be locked up because it's wrong to steal. Yet you don't see them down at their local bank or tax office complaining about someone who's doing something far worse to people than simply stealing a bit of food.
It's the same mentality that talks nothing about bankers and corporate leeches, but is quick to talk about someone on welfare.

 

[cindylou]

I use a credit union for everything

 

[nangiggles]

I'm pretty happy with Chase... was my first banking option and I have no complaints....