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so glad I got the fuck away from wamu
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(WSJ) At Banks, New Fees on debit, credit cards, checking accounts.
- Thread starter Ripclawe
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slidewinder
Banned
Credit unions.SimleuqiR said:
SolarPowered
Member
People are voting themselves into the poorhouse as we speak.
shit
shit
The main difference between Credit Unions and banks is that Credit Unions are not-for-profit institutions so there's not the same push to figure out where the profits are going to come from. I switched over to a Credit Union last year after Citizens Bank fucked me over numerous times- no idea why I didn't switch earlier.
Crystalkoen
Member
Koshiba said:
I've been using the same CU now for 13 years. Yes, they require you to have a savings account, and have a minimum savings account balance... of 5 dollars. No requirements to deposit ANYTHING to keep the account active beyond that 5 dollar balance. No fees for not having more than 5 dollars in the account, or less than some stupidly-high number that the lower-tier of your customers would never hit.
No checking account fees/service charges/check writing fees/minimum balance. You WILL get dinged a a dollar per transaction in excess if you use your Debit card at an ATM more than X times in a month (wanna say it's 6 times, could be wrong there).
They DO have a daily limit on Debit Card use of $500 (alleged card theft protection measures), but if you're planning on making a large purchase you can just call them and have the limit increased to what you need for the day, and they'll revert it back to that 500 bucks after your transaction goes through.
Perhaps the CU I use is a rare case, but I can safely say I'll really have a hard time if I move away from where I live now, and can no longer use this place (they require you live in the county in which they reside), because it's damned nice.
Dead Prince
Banned
:lol glad i never signed up with chase. fuck me if this carries to other banks.
Stumpokapow
listen to the mad man
Boards of Canada said:
*shrugs* Either setup direct deposit and get your fee waived or use something like PC Financial or ING or one of the other headless banks and don't pay fees to begin with.
Credit Unions & community/regional banks are the only real solution. I will never go to a commercial bank again which are primarily useful for commercial enterprise. I worked at a couple of them and hated the experience (Loved the money though).
However, this is largely the fault of bad regulations. Banks are not going to surrender revenue and it is always naive to think half-hearted regulations with too few rules or too many loopholes would change that.
However, this is largely the fault of bad regulations. Banks are not going to surrender revenue and it is always naive to think half-hearted regulations with too few rules or too many loopholes would change that.
captmcblack
Member
As a young NYCer, what credit union could I join that wouldn't fuck me like Chase/TD Bank/BOA/Citibank/etc will?
Will that credit union give me a debit card I can use for purchases in stores and online just like my Chase card? If they will, I'll switch today.
Will that credit union give me a debit card I can use for purchases in stores and online just like my Chase card? If they will, I'll switch today.
You should have next to no fees at a CU. If you do, you need to move. The big ones are pretty similar.CFMOORE! said:
Overdraft fees- There are two types; NSF & Overdraft. They both are the same costs but one pays the incoming debit, the other doesn't and that has everything to do with opting out.
Of course to all of them. They may even give cashback when using the debit as a credit card (Saves money)captmcblack said:
The CU must offer checking accounts though. Many of them only have savings accounts and loans as options. Most have more options.
Otherwise, the extra fees are service based (Wires, replacement cards, Money orders, etc...) My credit union pays for checks.
Most people qualify for at least one credit union as many are community based now or there's a family member somehwere that has one. I qualify for about 5 of them in my city and have two of them now for the rates.
SolarPowered
Member
How do you find out if you are qualified? Is there some database that you can go to on the internet to point you in the right direction(borough, occupation, schools)?JGS said:
I got a letter from Bank of America, which I've been banking with for the better part of six years here, telling me that I was going to start incurring monthly fees for my account if I didn't have direct deposit or maintain a balance. Thankfully, my paycheck is direct deposit, so it works out for me.
A friend of mine is at the big credit union here, but he has to deal with shit like maintaining a minimum balance in both his savings and checking account, as well as fees for moving money from the savings to checking. But the thing that pisses me off the most is a limit on the amount of debit card transactions in a month, and the $500 limit imposed on his debit card. No thank you. There are times, when I use my debit card five or six times in one day. Then they say you can only draw out so much money, and it's a fucking hassle to get them to raise the limit, even for one day. To hell with that. Bank of America isn't charging, or bullshitting me yet, so as long as they don't, I'll stick with them.
A friend of mine is at the big credit union here, but he has to deal with shit like maintaining a minimum balance in both his savings and checking account, as well as fees for moving money from the savings to checking. But the thing that pisses me off the most is a limit on the amount of debit card transactions in a month, and the $500 limit imposed on his debit card. No thank you. There are times, when I use my debit card five or six times in one day. Then they say you can only draw out so much money, and it's a fucking hassle to get them to raise the limit, even for one day. To hell with that. Bank of America isn't charging, or bullshitting me yet, so as long as they don't, I'll stick with them.
It would be nice if the free market actually worked and some banks decided to be fair and reasonable, thus inducing more people to create accounts with them instead and screwing over the banks that tried to screw people over. Alas.
Citizen's Bank has been pretty good for the past few years. They tried debit transaction fees for a little while early on, but obviously nobody liked that so they got rid of it quick.
Citizen's Bank has been pretty good for the past few years. They tried debit transaction fees for a little while early on, but obviously nobody liked that so they got rid of it quick.
Hwasong said:
That part must be new. The letter I received the other month stated that you either had to 1) have a monthly direct deposit and 2) maintain a balance of $1500 or more, with lots of bold print that stated "THIS WILL NOT LIKELY AFFECT YOU"; like somehow that was going to make me feel better about their actions. If you happen to incur fees that were over the top of the $10 a month checking account fee, then they would waive the account fee for that month.
Perhaps it is just the WAMU grandfathered accounts that are being charged $10 a month, as I don't even see it as one of the checking account options on their website.
Either way, I'm heading to my local credit union office to setup an account there.
Zaraki_Kenpachi
Member
Ugh, I still don't understand this logic that they will gain more money by pushing people away from their bank. I guess they're all banking on people will just take it?
Wait, are you honestly saying regulation is to blame for this?
DarthWoo said:
Wait, are you honestly saying regulation is to blame for this?
You can Google or call them. Most have their qualifications right on the website.SolarPowered said:
As an example, I'll give you the link to one of the ones I have.
http://www.uky.edu/UKFCU/membership/
Most of them should show something like that.
Another thing is many of the large ones don't have many physical branches like the military ones. Heck, most of them are not prone to many locations so if location is a priority, community banks might be better for the local area, commercial banks are better for traveller's. UK's (& my other one, Member's Heritage) has an amazing online presence.
Everyone should have a credit union account for loans alone imo.
HamPster PamPster
Member
Ripclawe said:
I don't buy for a second that it takes close to 50¢ per use to process a debt charge
Either way you pay the same since the bank is making up lost revenues with new fees but your costs will go down since the stores will charge slightly less... if only that was actually true
SolarPowered
Member
Thanks for the info. I've always been curious about them so this isn't the first time I've looked them up. I see myself joining one, but it'll take some research and time.JGS said:
thanks
turnbuckle
Member
Ing + credit union. Piece of cake
Zaraki_Kenpachi
Member
:lol You should really educate yourself then. Those poor poor banks, I hope they can feed there families at the end of the day now that they can't wrongfully manipulate things to make money they should have never been making.JGS said:
Zaraki_Kenpachi said:
Nah, I'm just saying that people are too dumb to realize that they are being shafted and will just stick with the banks that are shafting them. For every one person you see on the news complaining about the changes, there are probably 1000 who don't care and will just keep pissing their money away. The free market, like a direct democracy, is at the mercy of its lowest common denominator.
Uh, I've been in banking at the consumer level for at least ten years. I don't need more education, the common customer does. The've been duped by their own outrage.Zaraki_Kenpachi said:
This has nothing to do with feeling sorry for banks, this has to do with feeling sorry for the customer and the idiocy in thinkng that a for profit banking system is all of a sudden going to say "Oh Well..."
Because of regulation in place, people are either paying more for services or not getting the services the used to get.
If the government wants to regulate something, fine. Just do it intelligently. This one was most certainly not.
The regulations took away fees (& perks for that matter) that have largely always been optional such as Overdraft protection and replaced them with mandatory fees and less sympathy.otake said:
How many free accounts were out there before these idiotic rules were put into place? More is the answer. The costs of the fees didn't change at all since the regulations didn't think to put caps on stuff (ugh) just thinking that the customer was too stupid make decisions. Most banks always gave the right to opt out of stuff, so it was a non-issue and the one thing people were griping about remained.
We're not even going to get into the horrors of the credit card industry now.
The regulations needed to be thought out and they were not by a long shot.
Battlezone
Member
I closed my BoA and Chase accounts after the bailout and moved to BECU, and I've never been happier. Good information on community banks and credit unions can be found here: http://moveyourmoneyproject.org/
If we did not have the FDIC
banks would not charge you for the privilege of lending them money. But since they can sell it as a 100% secure place to put your money up to 250k or 100k then the simple fact is they can charge for that insurance and the market will bare it.
Not arguing against the FDIC
JGS said:
You keep saying regulation but witch? From the article all I got was the banks saying something like "regulations have increased our operating costs therefore we must charge our customers more". That makes sense to you?
captmcblack
Member
Tell me more about ING Direct.
What would I use ING for in conjunction with a credit union? Currently, I bank with Chase (used to be with Wamu).
- I need to have checking and savings. Ideally it would be free; I don't worry currently about maintaining balances since I get paid weekly.
- Ideally I'd have a checking/ATM card I can use as a card to pay for things directly (debit/credit) and online.
- Ideally, I'd have access to some ATM machines somewhere in NYC where I wouldn't have to pay $3 for the usage and $2 for a "non-bank ATM fee".
It would seem that joining a credit union would make it hard for me to do much banking in person, since there may be like 1 or 2 locations in the 5 boroughs total.
What would I use ING for in conjunction with a credit union? Currently, I bank with Chase (used to be with Wamu).
- I need to have checking and savings. Ideally it would be free; I don't worry currently about maintaining balances since I get paid weekly.
- Ideally I'd have a checking/ATM card I can use as a card to pay for things directly (debit/credit) and online.
- Ideally, I'd have access to some ATM machines somewhere in NYC where I wouldn't have to pay $3 for the usage and $2 for a "non-bank ATM fee".
It would seem that joining a credit union would make it hard for me to do much banking in person, since there may be like 1 or 2 locations in the 5 boroughs total.
They have stricter auditing guidelines. Things that used to be standard operating procedure are not even allowed anymore.otake said:
Card transactions are handled differently and additional infrastructure is needed simply as a result of the Opt-out. All of that cost legitimate moola. Now that doesn't mean that banks aren't making massive profits, but their intention is always to keep the same margins which is what every companies goal is.
The government is stuck on stupid for thinking that regulations and additional fees mean a lowering of cost/aggravation to the consumer. It never has meant this.
captmcblack
Member
otake said:
I used to deposit checks (not paychecks) and cash in person, until they got the ATM check/cash deposit functionality recently.
Aside from that, you're right - the only time I've been in a bank recently was when I lost/broke my debit card, and when I wanted to find out more about applying for a credit card.
I opened up a credit union account 2 weeks ago. It is turning out to be a bit of work to get my BoA checking account in order before I close it (transferring all e-bills, cutting off an automatic withdraw, etc.).
My BoA savings started charging me $7 a month in maintenance feeds even though the APR was like .1%. The teller could not understand why I wanted to close it.
My BoA savings started charging me $7 a month in maintenance feeds even though the APR was like .1%. The teller could not understand why I wanted to close it.
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