VeggieBoards banner

1 - 20 of 20 Posts

·
Registered
Joined
·
898 Posts
Discussion Starter · #1 ·
I am getting mad at my Bank. They are charging me fees for transfering money between accounts online. <img alt="" class="inlineimg" src="/images/smilies/veryangry.gif" style="border:0px solid;" title=":grr:"><br><br><br><br>
I have Chase bank right now. When I first started it was First Chicago (when I lived there), than they became Bank One and now it is Chase. I am very bad at finances so I have been staying put because I hate the hassle of changing and paper work and having to go to the bank IN PERSON. (I am an online kind of girl - I never see a teller).<br><br><br><br>
I don't think I should have to pay a fee for moving money online between my three accounts. How does this cost them anything really? Basically, I got charged if I go over 6 per billing period. (not to mention how much they charge if I have an overdraft!)<br><br><br><br>
Anyone use a US bank that doesn't charge fees like this? I lost around 30 bucks for these fees recently. Since I am unemployed and basically living off my savings right now (which is why I have to transfer money - I had some of my accounts to not be set up for ATM withdraw or checking ) - I need ALL of my money. I don't want them taking any of it away!<br><br><br><br>
Any recommendations for a bank to switch too? (preferably one that is US wide - no dinky small towns banks - since I will hopefully be moving soon)
 

·
Banned
Joined
·
3 Posts
<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>queenfluff</strong> <a href="/forum/post/0"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br><br>
I don't think I should have to pay a fee for moving money online between my three accounts. How does this cost them anything really? Basically, I got charged if I go over 6 per billing period. (not to mention how much they charge if I have an overdraft!)<br></div>
</div>
<br><br><br>
It costs them a lot. Even if their software is fully automated, they spent tens of millions of dollars on the software and hundreds of thousands or millions per year to maintain it. Humans still have to audit a portion of the transactions. Obviously every bank will, and should, charge for overdrafts.<br><br><br><br>
For low net worth individuals like me and you commercial banking has become a bit of a meritocracy. If you can bank in a low impact way you will pay very little fees. I'm not sure I've paid a bank fee in the last few years. If you bank in a way that requires the bank to do a lot of work, you will pay a lot of fees. The alternative to this setup is just to charge $3 a month on every account and this is the way things were done in the recent past.<br><br><br><br>
Now, you probably can reduce the fees you are paying. I don't move money around as much as you so my banking decision was differently motivated but all commercial banks publish their fee schedules so you can easily find the one that is best for you. Good, national commercial banks that come to mind are Citi, Bank of America and Wells Fargo. Wachovia has a strong presence in certain parts of the country, I haven't really seen them (in a commercial banking capacity) where I live now.<br><br><br><br>
If you transfer money frequently from savings to checking you might look at the increasingly popular strategy of pairing an online savings account (HSBC, Emigrant, ING et al) with a checking account at a bricks and mortar bank.
 

·
Registered
Joined
·
898 Posts
Discussion Starter · #3 ·
<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>TehKnopf</strong> <a href="/forum/post/0"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
It costs them a lot. Even if their software is fully automated, they spent tens of millions of dollars on the software and hundreds of thousands or millions per year to maintain it. Humans still have to audit a portion of the transactions. Obviously every bank will, and should, charge for overdrafts.<br><br><br><br>
For low net worth individuals like me and you commercial banking has become a bit of a meritocracy. If you can bank in a low impact way you will pay very little fees. I'm not sure I've paid a bank fee in the last few years. If you bank in a way that requires the bank to do a lot of work, you will pay a lot of fees. The alternative to this setup is just to charge $3 a month on every account and this is the way things were done in the recent past.<br><br><br><br>
Now, you probably can reduce the fees you are paying. I don't move money around as much as you so my banking decision was differently motivated but all commercial banks publish their fee schedules so you can easily find the one that is best for you. Good, national commercial banks that come to mind are Citi, Bank of America and Wells Fargo. Wachovia has a strong presence in certain parts of the country, I haven't really seen them (in a commercial banking capacity) where I live now.<br><br><br><br>
If you transfer money frequently from savings to checking you might look at the increasingly popular strategy of pairing an online savings account (HSBC, Emigrant, ING et al) with a checking account at a bricks and mortar bank.</div>
</div>
<br><br><br><br><br>
Thanks for your advice! I don't normally move money around. It is just lately because i have been laid off and have needed the money from my savings for expenses. Otherwise, I would move money maybe one or twice month, so I never had any fees before. Right now, I am just going to 'plan' my transfers - transfer a higher amount and less often.
 

·
Registered
Joined
·
11 Posts
Try US Bank, I do all my banking online and never get charged a dime. I think one time I was a day or two late making a payment on an REI credit card I had through them and I was charged a $10 finance fee for being late. I just called and said I was sorry I was a couple days late and asked if they could remove fee and they were very nice and removed it for me. I'm not sure what they would charge for overdraft fees but I dont think it's a lot. My sister works there too so if I ever have any questions it's nice to be able to ask her or get her to fix anything that goes wrong. All in all though I would say they are a pretty decent bank. Also I have an awesome online savings acct that my sister set me up with, I got $25 when I signed up and she got $10 for referring me so it's pretty chill. You get almost %5 return on your money (most banks only give %1-2 or less so it adds up). If you want me to send you a referral link so you can get the $25 feel free to send me a private message.
 

·
Registered
Joined
·
898 Posts
Discussion Starter · #5 ·
<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>Nakedchik</strong> <a href="/forum/post/0"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
Try US Bank, I do all my banking online and never get charged a dime. I think one time I was a day or two late making a payment on an REI credit card I had through them and I was charged a $10 finance fee for being late. I just called and said I was sorry I was a couple days late and asked if they could remove fee and they were very nice and removed it for me. I'm not sure what they would charge for overdraft fees but I dont think it's a lot. My sister works there too so if I ever have any questions it's nice to be able to ask her or get her to fix anything that goes wrong. All in all though I would say they are a pretty decent bank. Also I have an awesome online savings acct that my sister set me up with, I got $25 when I signed up and she got $10 for referring me so it's pretty chill. You get almost %5 return on your money (most banks only give %1-2 or less so it adds up). If you want me to send you a referral link so you can get the $25 feel free to send me a private message.</div>
</div>
<br><br><br>
Thanks so much! I will look into US bank. I may not switch right away but Chase has more rules and fees that I would like. I don't have a really difficult banking set-up either. I would like more freedom to be able to do what I need with my accounts and money and not have to worry about weird fees. <img alt="" class="inlineimg" src="/images/smilies/smiley.gif" style="border:0px solid;" title=":)">
 

·
Registered
Joined
·
720 Posts
Enjoy the search! Opening accounts with the larger banks can be fun--you usually get free stuff or money! However, if I were you'd I'd stay away from the larger banks--in my experience, they might have flashier packages, but they treat individuals like, well, like the small little insignificant ants they are in their perspective (I'm specifically referring to Associated Bank. They took over my beloved local bank and it was just disgusting how the service decreased while the service charges increased).<br><br><br><br>
I've switched to a local credit union and LOVE it. Will never go back.
 

·
Registered
Joined
·
280 Posts
i happen to be in the same boat, though looking to switch from comerica (i'm in michigan). i loved bank of america when i was still in california. i'm currently eyeing national city and think i'll go with them. i checked out US bank but appears there are none here.
 

·
Registered
Joined
·
898 Posts
Discussion Starter · #8 ·
thanks for your replies and advice everyone! Well, my bank charged me ANOTHER fee this morning! I have called and the girl explain all the fees I have been getting - it quite ridiculous. I got a letter in the mail about my limit on transfers - only half of the things the girl explained to me on the phone were mentioned on there and the other fees were not.<br><br><br><br>
Basically, I get a fee from the bank if I go over 3 (I only get 3 -how stingy!) transfers a monthly cycle - a whole fee per each one I go over! Than I get more fees per transfer from the state (which are quite high) if i go over 6 transfers per monthly cycle. So basically, if I need any money and I have already done three transfers I am screwed.<br><br><br><br>
I normally never touch the money in this account as it is a savings that I had money in for emergencies but right now until I get another job I am living off of it so I have to be able to transfer the money because I don't have ATM access to this account (I had purposely set it up that way when I first open it so it would be hard for me to get at the money).<br><br><br><br>
So, everything was fine until I needed to get at that money. I think another option is to change the account to a checking (I already have two checking accounts - I know weird - I set up my accounts weird so certain important checks don't bounce!) I like to be able to transfer money in amounts that I need at the moment - I don't like to move too much (I am basically not very good with finances and don't want to overspend it and I need it to stretch as far as possible right now)<br><br><br><br>
I may actually go INTO the bank today (eek!) to talk to a person and see what I can do with this account for now. But i definately thinking about looking at other banks. I liked my set up and I really don't want to change it as it works for me.<br><br><br><br>
I have two checkings - one has a debit/credit card and ATM access which I use for my living expenses and to pay small bills, the other is just to write checks out of for personal loan I am paying off which is bigger amounts and rent checks too, and my savings was just that - money saved up for rainy days like now.<br><br><br><br>
I really don't care about the free stuff I get for opening accounts or whatever - I want freedom to do what i need with MY money. No fees etc.
 

·
Registered
Joined
·
10,324 Posts
i'm sorry to hear about all the problems they are giving you. i have never had a bank account with chase but i do have a credit card through them and have had some issues. a friend of mine has also had problems with them. they seem to be very uncooperative and not understanding at all no matter how good of a customer you are. i would definetly suggest switching banks and if there is a national city in your area i highly recommend them. i was with them for 6 years and they have always been great to me.
 

·
Registered
Joined
·
15,684 Posts
I've had good experiences with First Merit and Charter One.
 

·
Registered
Joined
·
38 Posts
I understand your frustration with the fees to transfer from a savings account to a checking account. The fees for automatic transfer are there because savings accounts are designed to be non-transaction accounts with withdrawal limits being established by the Federal Reserve. I wont go into the details as to why this is but you can follow this link for more info: <a href="http://en.wikipedia.org/wiki/Savings_account" target="_blank">http://en.wikipedia.org/wiki/Savings_account</a>. The fees are designed to cause you to stop using your savings account as a regular demand/transaction checking account. This may not make sense to some but there are very good reasons why all banks have the six withdrawal limit in place for savings accounts. The automatic transfer function was designed to cover the occasional overdraft not to be a daily sweep from account to account.<br><br><br><br>
I am not necessarily wanting to take the bank's side. However, if you know in advance that you will be short in your checking account and have ample money in your savings account why not go to a teller and transfer enough money to cover your expenses ahead of time? This would be free of the automatic transfer charges (excess transfer over 3 charges may apply). Essentially take a proactive approach vs a reactive approach.<br><br><br><br>
The online banks that people mention offer great rates and lower fees. Just be sure to read the terms and conditions of the account first. Good luck.<br><br><br><br>
Also see: <a href="http://en.wikipedia.org/wiki/Transaction_deposit" target="_blank">http://en.wikipedia.org/wiki/Transaction_deposit</a>
 

·
Registered
Joined
·
139 Posts
I just signed up for a checking and savings account with First Tennessee and have not been charged for ANYTHING so far. The only thing they required was that I deposit $100 to start a savings account. In addition they are supposedly sending me a free $100 cashiers check for signing up in February when they were running a special.<br><br><br><br>
Before I signed up I was pretty skeptical and asked the lady at the bank a lot of questions. Basically what she told me was that because First Tennessee is a smaller more locally operated bank they are able to charge us less and be more lenient then the larger banks. I'm not sure if I follow this, but she also told me that the first 3 or so times I overdraft my account I can get it removed unless it's a LARGE overdraft. Sounds pretty sweet to me although I have not had the occasion to take advantage of this yet.<br><br><br><br>
Maybe check banks that are owned and operated closer to where you live to see if they are equally kickass!
 

·
Registered
Joined
·
5,660 Posts
I don't know how much money you are talking about, but one alternative you might consider is a money market account with a brokerage firm or mutual funds company. You don't "have" to put your money in a bank.<br><br><br><br>
Brokerage firms or mutual funds companies typically have minimum deposits and then place minimums on the amounts you can write checks for, like, not below $100, or not below $250, or not below $500. Some have limits on the number of checks you can write per month, but maybe that was a thing of the past. So you would have to research this to see whether it fits within your needs. But possibly you could set up one of these accounts and then pay only large bills out of it, like, say, your rent or loan payments.<br><br><br><br><b>Money</b> magazine publishes a section each month with the money market funds that pay the top rates, so picking up this magazine at the news stand or looking at a recent issue in the library would be a good place to start your research.<br><br><br><br>
I don't understand why you have so many transfer transactions each month.<br><br>
It is seeming like a lack of foresight on your part. You should also look into "bank by mail" if for some reason you don't like to go to your local bank.
 

·
Registered
Joined
·
8,777 Posts
Maybe you should get a checking account instead. Or change them all to checking accounts. There probably aren't any transfer fees for those.
 

·
Registered
Joined
·
16,090 Posts
Forget banks, go with a Credit Union. Credit Unions are non-profit, and tend to better serve the needs of their members rather than trying to appease share holders.<br><br><br><br>
And these days almost anyone can open a credit union account somewhere without having to belong to some special group.
 

·
Registered
Joined
·
898 Posts
Discussion Starter · #17 ·
Thanks everyone for all your advice! I don't normally transfer so much but needed the money in my other accounts because I was short- online is the quickest way to do it.<br><br><br><br>
I am probably going to change it to a checking account eventually. Right now, I don't need to transfer anything (yeah!) so I am going to just keep careful record of how many times within my monthly that I transfer, if I need too. I didn't keep track as I should of but didn't know I would have so many fees too!<br><br><br><br>
I will probably wait until I move to switch banks since I may be moving in a few months to California. Then I will look into a local bank or credit union as suggested.
 

·
Registered
Joined
·
2,339 Posts
Definitely go with a credit union. I belong to two (they each have different benefits) and have yet to be charged for anything but when I use my ATM card at a bank's machine, and even then it's only 25 cents. (Of course that's in addition to the bank's exorbitant fee -- but I don't use ATMs often for just that reason).<br><br><br><br>
Aside from unlimited transfers between aco****s by phone, I get great interest (3%-5% on savings AND checking depending on my balance at the end of each quarter). I have great options for low interest loans should I decide to buy a house or car, good interest rates on short and long-term CD accounts, free financial advice... it's heavenly. <img alt="" class="inlineimg" src="/images/smilies/smiley.gif" style="border:0px solid;" title=":)"> I can't say enough good about them.<br><br><br><br>
I would say that all credit unions are better than banks, but not all credit unions are created equally. Do some research before you join to make sure you get the best benefits available to you.
 

·
Registered
Joined
·
1,854 Posts
Chase Bank is awful. Sovereign Bank used to be our community bank called Independence, but now it's Sovereign. They're the same as a community bank, but I'm pretty sure they're nation wide.<br><br><br><br>
Get away from Chase Bank asap. They suck.
 

·
Registered
Joined
·
321 Posts
<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>queenfluff</strong> <a href="/forum/post/0"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
I am getting mad at my Bank. They are charging me fees for transfering money between accounts online. <img alt="" class="inlineimg" src="/images/smilies/veryangry.gif" style="border:0px solid;" title=":grr:"><br><br><br><br>
I have Chase bank right now. When I first started it was First Chicago (when I lived there), than they became Bank One and now it is Chase. I am very bad at finances so I have been staying put because I hate the hassle of changing and paper work and having to go to the bank IN PERSON. (I am an online kind of girl - I never see a teller).<br><br><br><br>
I don't think I should have to pay a fee for moving money online between my three accounts. How does this cost them anything really? Basically, I got charged if I go over 6 per billing period. (not to mention how much they charge if I have an overdraft!)<br><br><br><br>
Anyone use a US bank that doesn't charge fees like this? I lost around 30 bucks for these fees recently. Since I am unemployed and basically living off my savings right now (which is why I have to transfer money - I had some of my accounts to not be set up for ATM withdraw or checking ) - I need ALL of my money. I don't want them taking any of it away!<br><br><br><br>
Any recommendations for a bank to switch too? (preferably one that is US wide - no dinky small towns banks - since I will hopefully be moving soon)</div>
</div>
<br><br><br>
oh Chase SUCKS <img alt="" class="inlineimg" src="/images/smilies/wall.gif" style="border:0px solid;" title=":wall:"><br><br><br><br>
Hancock bank <img alt="" class="inlineimg" src="/images/smilies/notworthy.gif" style="border:0px solid;" title=":wayne:">
 
1 - 20 of 20 Posts
Top