Title: Bank Account Fees Post by: MrGaSp on February 13, 2012, 11:04:39 PM A few days ago we got a letter saying our free checking account would be charged $5.00 USD / Month if we had under 500 dollars in it at any one point. Or under 1500 average daily balance for the month.
So we decided to close it and i know a few other people closing their accounts. Anyone else feel as if this is what caused banks to have issues in the first place? Now they're back at it? Anyone else getting the fees? Title: Re: Bank Account Fees Post by: Kluge on February 13, 2012, 11:08:56 PM CUs do this, too, and it's pretty reasonable. Having normal deposits with incentives and disincentives are supposed to encourage them to work more like a CD -- they can spend more on services & dividends paid to depositors if they actually keep the money in the bank. Predictable markets tend to function much more efficiently. Not much reason to even bother with deposits unless there's a time-frame long enough for banks to profit off arbitrage. Fees like this encourage people to keep their money in the bank. There are almost always less feature-rich accounts you can have if you aren't willing to keep a large amount in to keep the account.
Title: Re: Bank Account Fees Post by: MrGaSp on February 14, 2012, 02:12:17 AM CUs do this, too, and it's pretty reasonable. Having normal deposits with incentives and disincentives are supposed to encourage them to work more like a CD -- they can spend more on services & dividends paid to depositors if they actually keep the money in the bank. Predictable markets tend to function much more efficiently. Not much reason to even bother with deposits unless there's a time-frame long enough for banks to profit off arbitrage. Fees like this encourage people to keep their money in the bank. There are almost always less feature-rich accounts you can have if you aren't willing to keep a large amount in to keep the account. This 5 dollar fee is the bare minimal, it goes up to 7 with an interest baring account and 10 for the next level (not sure what it is). But something else that gets me is that they still have the "Free Checking" sign out.... It just hurts people like me that can barely make rent at the end of the month and goes without a nice meal every night Title: Re: Bank Account Fees Post by: Kluge on February 14, 2012, 02:34:32 AM CUs do this, too, and it's pretty reasonable. Having normal deposits with incentives and disincentives are supposed to encourage them to work more like a CD -- they can spend more on services & dividends paid to depositors if they actually keep the money in the bank. Predictable markets tend to function much more efficiently. Not much reason to even bother with deposits unless there's a time-frame long enough for banks to profit off arbitrage. Fees like this encourage people to keep their money in the bank. There are almost always less feature-rich accounts you can have if you aren't willing to keep a large amount in to keep the account. This 5 dollar fee is the bare minimal, it goes up to 7 with an interest baring account and 10 for the next level (not sure what it is). But something else that gets me is that they still have the "Free Checking" sign out.... It just hurts people like me that can barely make rent at the end of the month and goes without a nice meal every night There's already a decent service like that for credit cards (great if you have good credit & are looking for cash-back & "free debt" opportunities), but there's much less information necessary. |