Banking fees question

hotreds · 01-13-2011, 12:01 PM

My bank recently told me that unless I kept a $1500 balance in my checking account, they would charge me $12 a month as a fee. My first thought was to tell them to go to Hades, but I was wondering how common these fees are. If I seek to find a bank with free checking, will I run into the same type of fee structure?

TIA!

chippewastud79 · 01-13-2011, 12:03 PM

I have never had to maintain a certain balance in an account to not incur a fee. Is this a sort of interest bearing account? Those are typically the only accounts I know of that would have a minimum balance fee.

massphatness · 01-13-2011, 12:06 PM

They're common but not universal, Hugh. It wouldn't surprise me if you're with BoA. A lot of bank waive the fees based on number of online transactions, etc.

wayner123 · 01-13-2011, 12:09 PM

It's common on interest bearing and business account checking. Most every bank here in FL has a free checking service they provide. It's truly free from fees and the min. balance is either zero or like $5. Just call your bank up and ask them to switch you to their free checking. If they don't offer one, there are plenty other banks that do.

Dave128 · 01-13-2011, 12:11 PM

I use a credit union. There are no fees accept for using foreign ATMs. Also, I'm pretty sure they only require something like $1 (or $100 I forget) to keep the account active.

hscmit · 01-13-2011, 12:11 PM

Quote:

Originally Posted by wayner123

It's common on interest bearing and business account checking. Most every bank here in FL has a free checking service they provide. It's truly free from fees and the min. balance is either zero or like $5. Just call your bank up and ask them to switch you to their free checking. If they don't offer one, there are plenty other banks that do.

T.G · 01-13-2011, 12:14 PM

Hugh, I've found that you just need to shop around. Some account plans require a minimum balance and/or direct deposit to have fees waived, some require certain activity levels or don't pay interest, but are free otherwise with no minimum balance. Some require you to maintain a balance in a savings account, but checking can be any balance. Try the smaller, local area banks and credit unions, they tend to offer more services / less fees than the bigger banks.

markem · 01-13-2011, 12:18 PM

It is a buyers market. You can (and should, at least occasionally) look around to see how good a deal your bank it for you. If you find a better deal, go in and talk to an account manager. Explain why you would like to stay and how the better deal is tempting you away. When it comes to fees, some can be waived (new banking regulations may alter that).

A friend of mine has had interest free credit cards for years because she flatly states that if they don't waive all interest that she will move her account to another place.

Starscream · 01-13-2011, 12:58 PM

I'd switch banks. There are many banks that don't follow this practice. I use a credit union, which doesn't have any fees unless my account is in the red.

hotreds · 01-13-2011, 01:00 PM

Thanks, guys! This is Chase, it is not a business account, there is no interest attached to the balance. It was free when I opened it a few years back, in Dec they sent me the letter stating that starting in Feb they would charge the $12. I use it only to do online stuff, I have never written a check. I'll talk to a rep there and see what they can do for me. I'd like to keep it since my other stuff is also with Chase and I can easily transfer funds between accounts and the like- but not for $12 a month-- a $1500 balance would be very hard to maintain at this point in this account.

357 · 01-13-2011, 01:03 PM

Most banks, or credit unions at least, will give free checking as long as you have direct deposit into the account.

01-13-2011, 03:27 PM

I have several accounts at a traditional brick and mortar bank along with an account online through Ally. Neither requires a minimum balance and does not charge any fees other than the normal overdraft fees.

aich75013 · 01-13-2011, 03:37 PM

I currently have Chase and as long as I use direct deposit, I have no fees.
I deposit a few bucks into my wifes account so she won't have fees either.
I haven't received such a letter from them yet.
I switched from CitiBank because they sent me the same letter last year.

T.G · 01-13-2011, 03:40 PM

Quote:

Originally Posted by hotreds

Thanks, guys! This is Chase, it is not a business account, there is no interest attached to the balance. It was free when I opened it a few years back, in Dec they sent me the letter stating that starting in Feb they would charge the $12. I use it only to do online stuff, I have never written a check. I'll talk to a rep there and see what they can do for me. I'd like to keep it since my other stuff is also with Chase and I can easily transfer funds between accounts and the like- but not for $12 a month-- a $1500 balance would be very hard to maintain at this point in this account.

I know a bunch of people who are closing their Chase accounts because of that new policy. A number of them are employees of Chase too.

357 · 01-13-2011, 03:51 PM

I worked for a small regional bank for over 2 years. I never had an account there. They had little to no ATMs, and were fee happy. They were bought out about a year after I left.

Starscream · 01-13-2011, 04:46 PM

Quote:

Originally Posted by T.G

I know a bunch of people who are closing their Chase accounts because of that new policy. A number of them are employees of Chase too.

Good. Chase will eventually figure it out (maybe). They don't really make their profit off of the little man, but if enough pull their accounts, then it may make a difference.

Smokin Gator · 01-13-2011, 05:29 PM

Go with a local bank if at all possible. I would no more bank with a national bank than cut me leg off!!! Well actually, not, but if there was a local option I would go with it.

dannysguitar · 01-13-2011, 05:36 PM

I'm switching to my credit union because of their new policy...

forgop · 01-13-2011, 05:39 PM

You have to remember that banks are now subjected to new laws that limits the means in which they can make money off of their customers. I think a lot of speculation is that doing so would then be made up over the long haul by having fee based accounts for everything and would eventually offer nothing for "free".

357 · 01-14-2011, 08:33 AM

Quote:

Originally Posted by forgop

You have to remember that banks are now subjected to new laws that limits the means in which they can make money off of their customers. I think a lot of speculation is that doing so would then be made up over the long haul by having fee based accounts for everything and would eventually offer nothing for "free".

Which will send people in droves to Credit Unions.

01-13-2011, 12:01 PM	#1
hotreds Ephesians 2:8 Join Date: Oct 2008 Location: 5 miles past "Resume Speed" Posts: 11,665 Trading: (63)	Banking fees question My bank recently told me that unless I kept a $1500 balance in my checking account, they would charge me $12 a month as a fee. My first thought was to tell them to go to Hades, but I was wondering how common these fees are. If I seek to find a bank with free checking, will I run into the same type of fee structure? TIA! __________________ God loves you so much, that he made you read this, just to let you know.

01-13-2011, 12:03 PM	#2
chippewastud79 Fatter than you! Join Date: Oct 2008 First Name: Larry Location: A little place called home. Posts: 5,397 Trading: (44)	Re: Banking fees question I have never had to maintain a certain balance in an account to not incur a fee. Is this a sort of interest bearing account? Those are typically the only accounts I know of that would have a minimum balance fee. __________________ If we weren't supposed to eat animals, then how come they're made of meat? You can never have too many cigars, they are like an investment in good times.

01-13-2011, 12:06 PM	#3
massphatness Where's my buffaloooo ... Join Date: Oct 2008 First Name: Vin Location: MassHolia Posts: 12,690 Trading: (206)	Re: Banking fees question They're common but not universal, Hugh. It wouldn't surprise me if you're with BoA. A lot of bank waive the fees based on number of online transactions, etc. __________________ *Help Support The Navy SEAL Foundation: HERE*

01-13-2011, 12:09 PM	#4
wayner123 Country Gentleman Join Date: Oct 2008 Location: Deltona, FL Posts: 2,351 Trading: (159)	Re: Banking fees question It's common on interest bearing and business account checking. Most every bank here in FL has a free checking service they provide. It's truly free from fees and the min. balance is either zero or like $5. Just call your bank up and ask them to switch you to their free checking. If they don't offer one, there are plenty other banks that do. __________________ 'It is an honor for a man to keep aloof from strife; But every fool will be quarrelling.'

01-13-2011, 12:11 PM	#5
Dave128 Sexy Dave Join Date: Feb 2009 First Name: Dave Location: Voorheesville, NY Posts: 3,922 Trading: (4)	Re: Banking fees question I use a credit union. There are no fees accept for using foreign ATMs. Also, I'm pretty sure they only require something like $1 (or $100 I forget) to keep the account active. __________________ "Beer is proof that God loves us and wants us to be happy." - Benjamin Franklin I "heart" Boobies and Beer!

01-13-2011, 12:14 PM	#7
T.G Grrrrrr Join Date: Mar 2009 First Name: The Other Adam Posts: 15,557 Trading: (37)	Re: Banking fees question Hugh, I've found that you just need to shop around. Some account plans require a minimum balance and/or direct deposit to have fees waived, some require certain activity levels or don't pay interest, but are free otherwise with no minimum balance. Some require you to maintain a balance in a savings account, but checking can be any balance. Try the smaller, local area banks and credit unions, they tend to offer more services / less fees than the bigger banks.

01-13-2011, 12:18 PM	#8
markem Bunion Join Date: Oct 2008 First Name: Mark Location: Second Star on the Right Posts: 22,625 Trading: (47)	Re: Banking fees question It is a buyers market. You can (and should, at least occasionally) look around to see how good a deal your bank it for you. If you find a better deal, go in and talk to an account manager. Explain why you would like to stay and how the better deal is tempting you away. When it comes to fees, some can be waived (new banking regulations may alter that). A friend of mine has had interest free credit cards for years because she flatly states that if they don't waive all interest that she will move her account to another place. __________________ I refuse to belong to any organization that would have me as a member. ~ Groucho Marx

01-13-2011, 12:58 PM	#9
Starscream Knowhutimean, Vern? Join Date: Oct 2008 First Name: Andy Location: In a little town somewhere in the USA Posts: 10,237 Trading: (4)	Re: Banking fees question I'd switch banks. There are many banks that don't follow this practice. I use a credit union, which doesn't have any fees unless my account is in the red. __________________ Insert quote here.

01-13-2011, 01:00 PM	#10
hotreds Ephesians 2:8 Join Date: Oct 2008 Location: 5 miles past "Resume Speed" Posts: 11,665 Trading: (63)	Re: Banking fees question Thanks, guys! This is Chase, it is not a business account, there is no interest attached to the balance. It was free when I opened it a few years back, in Dec they sent me the letter stating that starting in Feb they would charge the $12. I use it only to do online stuff, I have never written a check. I'll talk to a rep there and see what they can do for me. I'd like to keep it since my other stuff is also with Chase and I can easily transfer funds between accounts and the like- but not for $12 a month-- a $1500 balance would be very hard to maintain at this point in this account. __________________ God loves you so much, that he made you read this, just to let you know.

01-13-2011, 01:03 PM	#11
357 Will herf for food Join Date: Oct 2008 First Name: Mike Location: Home is where I park it Posts: 4,075 Trading: (9)	Re: Banking fees question Most banks, or credit unions at least, will give free checking as long as you have direct deposit into the account. __________________ “Eating and sleeping are the only activities that should be allowed to interrupt a man's enjoyment of his cigar;” Mark Twain

01-13-2011, 03:27 PM	#12
mpd340 Guest Posts: n/a	Re: Banking fees question I have several accounts at a traditional brick and mortar bank along with an account online through Ally. Neither requires a minimum balance and does not charge any fees other than the normal overdraft fees.

01-13-2011, 03:37 PM	#13
aich75013 Feeling at Home Join Date: Nov 2008 First Name: Adrian Location: Allen, TX Posts: 774 Trading: (25)	Re: Banking fees question I currently have Chase and as long as I use direct deposit, I have no fees. I deposit a few bucks into my wifes account so she won't have fees either. I haven't received such a letter from them yet. I switched from CitiBank because they sent me the same letter last year.

01-13-2011, 03:51 PM	#15
357 Will herf for food Join Date: Oct 2008 First Name: Mike Location: Home is where I park it Posts: 4,075 Trading: (9)	Re: Banking fees question I worked for a small regional bank for over 2 years. I never had an account there. They had little to no ATMs, and were fee happy. They were bought out about a year after I left. __________________ “Eating and sleeping are the only activities that should be allowed to interrupt a man's enjoyment of his cigar;” Mark Twain

01-13-2011, 05:29 PM	#17
Smokin Gator Just plain insane! Join Date: Oct 2008 Location: The Swamp Posts: 6,237 Trading: (106)	Re: Banking fees question Go with a local bank if at all possible. I would no more bank with a national bank than cut me leg off!!! Well actually, not, but if there was a local option I would go with it. __________________ Check out the Cigar Asylum Newbie Sampler Trade

01-13-2011, 05:36 PM	#18
dannysguitar Feeling at Home Join Date: Oct 2008 First Name: Danny Location: SoCal Posts: 734 Trading: (36)	Re: Banking fees question I'm switching to my credit union because of their new policy... __________________ Proud Member of Team Death! aka PBC *Follow Me on Twitter*

01-13-2011, 05:39 PM	#19
forgop Not a puffer Join Date: Oct 2008 First Name: Duane Location: Indianapolis, IN Posts: 2,869 Trading: (40)	Re: Banking fees question You have to remember that banks are now subjected to new laws that limits the means in which they can make money off of their customers. I think a lot of speculation is that doing so would then be made up over the long haul by having fee based accounts for everything and would eventually offer nothing for "free".