Not thrilled with bank.

Discussion in 'Teacher Time Out' started by JustMe, Oct 20, 2012.

  1. JustMe

    JustMe Virtuoso

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    Oct 20, 2012

    Okay, this may be common elsewhere, but it's the first we've heard of it. I am curious if your banks do this.

    We will now have $10 a month deducted from a savings account which we don't use (we don't contribute to it any longer and we don't take from the account). We're, you know, saving the money. A not very friendly letter informed us of this since our account is dormant. We were instructed to add more money or close the account.

    I just find it to be poor business from a customer's perspective. And I'm not doing business with them again.
     
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  3. MikeTeachesMath

    MikeTeachesMath Devotee

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    Yup, Bank of America does this. I have to move at least $25/month otherwise I get charged.
     
  4. hbcaligirl1985

    hbcaligirl1985 Cohort

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    That is ridc!
     
  5. Ima Teacher

    Ima Teacher Virtuoso

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    I refuse to pay to use--or not use--my own money. I closed a checking account I'd had since 1987 because I didn't use it for anything other than one automatic deduction of $33 every three months. They tried to charge me since it had been dormant. They don't count automatic deductions as activity. I told them to close the account. I also closed out an account I did use and took it elsewhere. That was at PNC. I went to Chase, and I told them that I wanted whatever they had that wouldn't cost me anything.
     
  6. pete2770

    pete2770 Comrade

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    Oct 20, 2012

    I've found credit unions to be much more supportive of saving (generally better rates and less fees - no fees at mine).

    I had Wells Fargo for years. One day they decided to inform me that starting the next month I would be charged $10 or $15 a month to maintain my account unless I did x with my debit card, option B, or option C.

    Too many things going on in my life to "make sure" I spend a certain amount of money or do a certain number of transactions by a certain day of the month. Left and never looked back.
     
  7. JustMe

    JustMe Virtuoso

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    It's a small amount of money left over from when we built our house. Not enough to worry about putting in a new savings. We'll just deposit it into our checkings. Guess they don't have great enough business to have to worry about low-maintenance customers.
     
  8. pete2770

    pete2770 Comrade

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    Oct 20, 2012

    Always try calling first.

    Whatever fees they have taken, ask for them back. They may give them to you (Wells Fargo always gave me back fees when I played the innocent fool - namely their non-WF ATM fee that I got ever ~2 years). Then play by their rules or leave. :)

    **edit, just remembered they haven't charged you yet. Scratch this. :)
     
  9. Peachyness

    Peachyness Virtuoso

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    I agree about credit unions being more friendly. I've had one incident with them, but they refunded me and since changed their policy.

    Other than that, I HIGHLY recommend everyone to switch to credit unions if they have one where they live.
     
  10. EMonkey

    EMonkey Connoisseur

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    I had BofA start charging me every time I got down to a certain amount of money. Which meant they were closing my account for no reason. It was before you could use debit cards a credit cards so it was not overdrawn or anything. I have never banked with BofA since.
     
  11. Irishdave

    Irishdave Enthusiast

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    Oct 21, 2012

    I was with BofA for over 20 years but when they started charging me fees I said two words to them (and it was not Marry Christmas) I transferred my accounts to the educational Credit Union I get free checking, automatic non-Credit union ATM fee payback, guaranteed overdraft check payment up to $800 (but with a $35 fee but they still pay the debt).
    Plus the rates are better, lower loan rates and higher savings rates

    I had always had both a bank account and a Credit Union one. I used the Credit Union for loans and I used the BofA account for checks and traveling because the one con to a Credit Union account is that they are many times regional but if you get a Visa card from the Credit Union you can cover that.
     
  12. Irishdave

    Irishdave Enthusiast

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    We do have to remember there is no free lunch because there are share holders they need to make a profit. With Credit Unions the share holders are you and me.

    it is just like here, where the major Newspaper here in Phoenix has started to charge for their website and people are outraged well the paper makes money from the print medium and a web page takes away from the print medium they are their own worst enemy/competitor
     
  13. bros

    bros Phenom

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    yeah i'm on Bank of America. The only reason they don't charge me any of those fees is because I am on Social Security, and since the SSA direct deposits the checks monthly, they don't charge fees
     
  14. JustMe

    JustMe Virtuoso

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    They got thousands and thousands from me in interest when we built our house. And they still have my money in their hands so to speak. Free lunch? Please.
     
  15. TeacherNY

    TeacherNY Maven

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    We switched banks because of some stupid fees our previous banks were starting to institute. I now have free checking and they even gave me $100 to open the account! I am thinking of opening a savings account also just have to double check on if they have a minimum balance requirement, etc.
     
  16. MikeTeachesMath

    MikeTeachesMath Devotee

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    I have a checking and savings account with the local credit union but I just never transferred my money to them. Maybe I should do that when I go home next...
     
  17. Ms. I

    Ms. I Maven

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    I never had a SAVINGS acct that charged me a monthly fee, but I always made sure the checking accts I opened:

    - didn't have any kind of monthly fee
    - didn't require a certain balance in at all time
    - didn't require X number of transactions per month
    - didn't have to have direct deposit because I use more than 1 bank, so my paycheck can only be directly deposited into 1 of them.
     
  18. dgpiaffeteach

    dgpiaffeteach Aficionado

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    I have checking and savings accounts with 5/3 and have never had any problems with them. They're really easy to deal with :)
     
  19. KinderCowgirl

    KinderCowgirl Phenom

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    I can understand a checking account that was dormant. But isn't that what savings is for-to just save the money? I would be mad too.
     
  20. JustMe

    JustMe Virtuoso

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    Just to note, this is a new policy. I would NOT have kept this account had the charges been in place five years ago.
     
  21. Peachyness

    Peachyness Virtuoso

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    I'll be honest, I'm SHOCKED when I hear that people still bank with BofA. I had a account with them that I did nothing with. I have a mortgage loan for one of my rentals through them and it came with some fancy shmancy account that I didn't have to pay anything for. I had $200 in the checking and $0 in savings and it stayed like that for a couple of years. THen, one day, they started randomly charging my savings account because I didn't have enough money in there. I was like, "what?" Bull, I went in, told them I refuse to pay for any of those fees, took out the $200 and closed the account. Silliness.
     
  22. smalltowngal

    smalltowngal Multitudinous

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    Peachy~I'm shocked as well. They tried to do the same thing to me and I immediately closed the account and went elsewhere.
     
  23. JustMe

    JustMe Virtuoso

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    It doesn't surprise me as much that big banks do this (as much, I said), but it really surprises me that local banks such as the one I'm dealing with does. They need to analyze their community! People don't have so much money to give ten or twenty bucks over to their bank each month.
     
  24. Peachyness

    Peachyness Virtuoso

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    JustMe, is this bank a credit union? Does your town have one?
     
  25. JustMe

    JustMe Virtuoso

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    No, it's not. We don't have one in the county, but I will be taking the money from this bank and just depositing it into our "main" bank account. It's not much.
     
  26. scmom

    scmom Enthusiast

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    It happened to two of my sons at the credit union when they were unemployed and didn't have much money coming in and out. :| Like things weren't hard enough for them - they couldn't afford to keep their accounts, and didn't have money to open another one, so they had no account at all. :|
     
  27. Catcherman22

    Catcherman22 Companion

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    Oct 21, 2012

    We have something similar with our savings account.

    To get around it, we have the amount auto transferred in on the first and then back out on the second.

    Believe it or not, this was suggested by a bank employee.
     
  28. bros

    bros Phenom

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    I only bank with BoA because if I were to transfer the current balance from my checking account to another bank, the SSA would consider it to be resources, and disqualify me from SSI
     
  29. Irishdave

    Irishdave Enthusiast

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    Oct 22, 2012

    Just what bank services do you (inclusive) consider FREE?I feel some fees are put in just to punish you for screwing up.

    "A lot of fees make sense, and banks do have to make money somehow. However, it’s good to know the kinds of fees that are charged before you sign up for an account. The fees are generally hidden in the fine print, and if you don’t read the customer agreement, you won’t be aware of what you can be charged."

    Checking, Savings, & Money Market Account Fees
    • Early Account Closing Fees
    • Negative Balance Closing Fees
    • Mini-Statements at Home Bank ATM
    • Full Statement at Home Bank ATM
    • Transaction Fee for Non-Home Bank ATM
    • Denied Transaction Fee for Non-Home Bank ATM
    • Balance Inquiry Fee for Non-Home Bank ATM
    • Fee for going over ATM transaction limit
    • Check Card Replacement Fee
    • Foreign Transaction Fee (with Check Card use)
    • Fee for going over check writing limits
    • Checking account monthly fee
    • Overdraft Fees*
    • Continuous Overdraft Fees (not the same as overdraft fees)*
    • NSF Fees*
    • Returned Deposited Item Fee
    • Overdraft Protection Transfer Fee*
    • Returned Statement Fee
    • Dormant Account Fee
    • Counter Check Fee
    • Online Bill Pay Fee
    • Phone Bill Pay Service Fee
    • Failed Payment Fee (Online Bill Pay)
    • Excess Activity Fee for Savings Accounts
    Other Bank Service Fees
    • Account Research Fee (minimum charge applies)
    • Cashier’s Check Fee
    • Money Order Fees
    • Stop Payment Fees
    • Traveler’s Cheque Fees
    • Wire Transfer Fees
    • Statement Copy Fees (if you want one to see why you got a NSF *)
    • Cancelled Check Copy Fees
    • Fee for returning original checks with statement
    • Notary Fee
    • International Item Deposited Service Fee

    * these can happen on ONE item.
     
  30. Ms. I

    Ms. I Maven

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    I've taken advantage of Wells Fargo's promotion where they give you $100 for opening an acct, but you really have to open BOTH a checking & savings & it has to be open for so long to get the $100, which is fine w/ me because I figure I'll just close it right after. If I recall, I think it has to be open for 90 days. But, I still have a checking acct w/ them & closed my saving (or vice versa) because they were deducting $5/mo.
     
  31. lucybelle

    lucybelle Connoisseur

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    Before I moved to CR I signed up with a state employee credit union (before I was no longer a state employee!) I wanted to get a savings and checking account. Turns out the checking account takes out $1 a month and gives it to some foundation. I told her that was ridiculous and I didn't want to pay to have my money in a bank. She looks at me and says ''this isn't a bank, it's a credit union.'':|

    So I only got the savings account.
     
  32. teachinnola

    teachinnola Rookie

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    Oct 22, 2012

    I have a 5/3 account that I am in the process of closing due to their poor response to an issue that I've had. I had a joint account that my boyfriend and I used to pay some bills. Someone stole his debit card and payed a cable bill, which over drafted the account. This card had not been used in at least 2 years, and we never paid cable out of it (don't even have cable), never overdrafted. We called the bank to report it stolen literally 20 min after the charge... He just happened to see it that quickly, and that was when he noticed it was missing. I called the cable company, and a police report was filed. It was like jumping through hoops for MONTHS (4 months), faxing all kinds of stuff, multiple calls with different answers... We finally got the money back, but they obviously don't take theft seriously. it is a shame because everyone else has had good experiences. We had that account for about 4 years, but that experience really did it for me.

    On the other hand, I've had b of a for 6 years without issue... Except that charge for the account that many people canceled for.
     
  33. Irishdave

    Irishdave Enthusiast

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    5/3 you do mean Fifth Third bank?
     

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