Quote :

"Remember when banks made money from making loans and collecting interest on those loans instead of charging people to spend money? Good times man"

I think that's what pisses me off the most about these dumb fees.

10/5/2011 2:18:23 PM

Responsible banks using their money responsibly? Who does that anymore?

10/5/2011 2:19:34 PM

Well it was fine until the govt said they had to stop charging overdraft fees.

10/5/2011 2:20:14 PM

Quote :

"I love how they take money from people who don't have money. but the people with more than $15,000 they leave alone."

While the fees are pretty ridiculous overall I fail to see how taking money from the people who have more in there would be better?

Quote :

"Well it was fine until the govt said they had to stop charging overdraft fees."

yep.

10/5/2011 2:27:07 PM

Fuck it. This thread has inspired me to move to Duke's Credit Union.

10/5/2011 2:28:58 PM

KryzewskivilleCU?

10/5/2011 2:30:34 PM

Quote :

"In July, 2010 the Federal Reserve adopted regulations which prohibited overdraft fees unless the bank customer had opted in to overdraft protection. Research by Moebs Services released in February, 2011 showed that as many as 90% of customers had chosen overdraft protection resulting in the projection that United States banks would post record profits from overdraft fees."

Yeah, overdraft fees don't seem to be the issue.

10/5/2011 2:32:16 PM

i thought it was the fact that the gov't told the banks they couldn't charge retailers for customers who use debit/check cards ???

10/5/2011 2:36:57 PM

^^the problem before is that banks would not decline purchases or checks that went over the amount in the account, and simply put you in the negative, charged you interest on the difference, plus tacked on $35 per transaction.

With many banks, you had no way to opt out of that. This is what was outlawed.

The current opt-in overdraft method most banks have now would charge anything over the amount in the checking account to a credit card and charge a nominal fee, like $5-$10, and you have to opt-in to get this. The default would be to decline purchases exceeding the funds in an account. Very, very reasonable.

^ That was a different piece of legislation, placing limits on what banks can charge businesses for debit card transactions. Before, it was the same as credit transactions.

[Edited on October 5, 2011 at 2:38 PM. Reason : .]

10/5/2011 2:37:04 PM

dat 190% liquidity

10/5/2011 2:50:13 PM

I've got a BB&T account that I'm in the process of closing now, switching to USAA and Pentagon Federal Credit Union exclusively. If I'm lucky enough to get on with the State of NC here shortly, I'm definitely opening a SECU account.

Goodbye megabanks!

10/5/2011 2:51:25 PM

Quote :

"While the fees are pretty ridiculous overall I fail to see how taking money from the people who have more in there would be better?"

You're in college?

10/5/2011 2:51:26 PM

And apparently you never went.

People with more money in their accounts cost the bank less. The bank uses that money to lend to others and collects interest on that money. small perks like free checking, billpay, etc. are easily absorbed compared with how much they make off of accounts with significant funds in them.

The millions of accounts that are constantly near $0, are a losing venture for banks. prior to recent regulations, they made money on the debit transactions and overdraft fees for said accounts. Now with those revenue streams essentially wiped out, the new fees are a way to incent small-time account holders to take their unprofitable business away and go somewhere else.

10/5/2011 2:57:58 PM

^ding ding ding

10/5/2011 2:59:34 PM

Quote :

"And apparently you never went. People with more money in their accounts cost the bank less. The bank uses that money to lend to others and collects interest on that money. small perks like free checking, billpay, etc. are easily absorbed compared with how much they make off of accounts with significant funds in them. The millions of accounts that are constantly near $0, are a losing venture for banks. prior to recent regulations, they made money on the debit transactions and overdraft fees for said accounts. Now with those revenue streams essentially wiped out, the new fees are a way to incent small-time account holders to take their unprofitable business away and go somewhere else."

OOoorr the people with $15,000 holders could be nice and spend $20 to let the less fortunate have fighting chance at life.

10/5/2011 3:01:35 PM

Fuck "those" people

10/5/2011 3:03:00 PM

[Edited on October 5, 2011 at 3:03 PM. Reason : at "genius" boi]

10/5/2011 3:03:21 PM

You guys are so closed minded.

10/5/2011 3:04:36 PM

Quote :

"Research by Moebs Services released in February, 2011 showed that as many as 90% of customers had chosen overdraft protection resulting in the projection that United States banks would post record profits from overdraft fees."

So is that incorrect? It seems they're still making money from overdraft fees, a lot of money.

10/5/2011 3:22:59 PM

Quote :

"^^the problem before is that banks would not decline purchases or checks that went over the amount in the account, and simply put you in the negative, charged you interest on the difference, plus tacked on $35 per transaction."

Not only that, but many banks would reorder the transactions from largest to smallest, thus maximizing the number of times the overdraft fee would be paid.

For example, let's say you're a poor person with $10 in checking. You spend $1, $2, $3, $4, and $10, in that order, over the course of the day. This should mean you should pay the overdraft fee once. But the bank would reorder the transactions to $10, $4, $3, $2, and $1, and charge you for four overdrafts. JOB CREATORS Y'ALL.

10/5/2011 3:26:58 PM

so depressing

10/5/2011 3:27:51 PM

I keep dick in my checking, I'm liquid as fuck

No fees for this guy

10/5/2011 3:30:41 PM

http://youtu.be/gL2zg0XaIOg

10/5/2011 3:33:51 PM

I always thought overdraft was stupid

1) if you don't have the money, don't spend it
2) if you need more money than you currently have in checking, then:
2a) quit spending so damn much
2b) use a credit card, that's what they're there for

10/5/2011 3:52:01 PM

I kept about $2K in an extra Citibank account that I opened a few years back because it had a better interest rate than my credit union. I never touch it, it sits there and earns a little bit of interest, just a partial rainy day fund.

Now that Citi is charging these fees, I am going ahead and moving the money in that account to Ally. Hopefully they won't start this shit as well (even though I'm sure they will have to as well). If that happens, it'll all go to USAA.

10/5/2011 4:06:23 PM

Quote :

"You're in college?"

Nope. Graduated in May of 2007.

10/5/2011 4:49:17 PM

Me too. It was hot as balls that day.

10/5/2011 4:51:54 PM

Quote :

"Nope. Graduated in May of 2007."

Figures. They stopped outputting quality students circa 2004.

10/5/2011 4:55:20 PM

10/5/2011 4:57:11 PM

dead serious.

10/5/2011 4:58:23 PM

^just make a thread describing your life in a fair amount of detail so we can all just tell ourselves "oh, that explains it."

10/5/2011 4:59:58 PM

Quote :

"Wow. Can't wait to see what banks pull next. Should be good."

You can thank Obama and his boys for this shit. Everyone predicted that banks would simply invent new fees to make up for the previous "evil" fees that they charged riskier people. The result? Now EVERYONE pays, instead of riskier people. welcome to "social justice"

10/5/2011 5:27:08 PM

ha. once you get past 15k in a checking account, it's time you started to learn about other ways to store/spend your money.

10/5/2011 5:27:09 PM

I shall be dropping my bank like the sack of shit that it is and introducing my money to a union of credit.

10/5/2011 5:44:29 PM

Quote :

" You can thank Obama and his boys for this shit. Everyone predicted that banks would simply invent new fees to make up for the previous "evil" fees that they charged riskier people. The result? Now EVERYONE pays, instead of riskier people. welcome to "social justice""

Stop bitching. This is how it should be. Banking is a service you should pay for. I don't like "wondering" how they can afford the shit they give away.

10/5/2011 5:49:36 PM

Actually you have one man to blame, Dick Durbin. Banks told him that these fees pay for no cost checking and other services but he went ahead with it.

Here is a pretty good writeup of what is happening and why.

http://online.wsj.com/article/SB10001424052970204831304576597173130633798.html

The promise of this bill was to attack the evil banks and help the poor, but it will only hurt them. (though you will never get a democrat to admit that...they will just push it off on the banks)

[Edited on October 5, 2011 at 6:01 PM. Reason : .]

10/5/2011 5:59:36 PM

Quote :

"Why would you have $15k in your checking account?"

Unless it's a business account, there's absolutely no reason to keep 15,000 dollars in your checking account, at least not for any lengthy period of time.

You're not saving money by keeping it in the bank. You are losing money. It's worth it when you need to stay liquid, but for most people, that's an excessive amount.

10/5/2011 6:13:53 PM

Quote :

"Stop bitching. This is how it should be. Banking is a service you should pay for. I don't like "wondering" how they can afford the shit they give away."

You mean to tell me they can't make money off of my deposits by making loans and investments, you know, like banks always have? now they have to resort to charging ME for them to use MY money? bull fucking shit.

[Edited on October 5, 2011 at 6:33 PM. Reason : ]

10/5/2011 6:33:00 PM

Quote :

"Actually you have one man to blame, Dick Durbin. Banks told him that these fees pay for no cost checking and other services but he went ahead with it. Here is a pretty good writeup of what is happening and why. http://online.wsj.com/article/SB10001424052970204831304576597173130633798.html The promise of this bill was to attack the evil banks and help the poor, but it will only hurt them. (though you will never get a democrat to admit that...they will just push it off on the banks) "

Umm... this is 100% on the banks.

They've been raising fees on a yearly basis, making things harder on small businesses:


The new legislation intended to help businesses out, but the banks basically raised fees as a loophole.


Bank profits have been rising year after year as the economy tanks and people lose jobs, yet the banks can't find it in themselves to be socially responsible.

It's sad people like you feel that profit should always come before people. It would be one thing if the economy was prospering while the banks were suffering and they raised fees.

BUt the banks are prospering while things get worse for everyone else, and they continue to raise fees.

The only problem with Durbin's legislation is that it was too timid, it didn't go far enough.

10/5/2011 6:42:31 PM

BTW, Wachovia charges business for making change and for taking deposits.

THEY CHARGE YOU MONEY

TO TAKE YOUR MONEY

10/5/2011 6:50:58 PM

It isn't the banks job to be "socially responsible." Vote with your wallet, and stop doing business with them. There are alternatives.

10/5/2011 6:54:28 PM

It's perfectly acceptable for any business to be as evil as they're allowed to be, right?

10/5/2011 7:03:33 PM

I don't know if it's been said but Coastal has changed their Go Green Checking process again. Now you have to do 30 swipes of the card to get the current full rate. I've moved most of my money to Crescent State Bank, about the same interest (could be higher it was for a while), but only 10 swipes needed.

Why any of you would stay at a bank that gives shit for interest is beyond me. And the fees, pshhhh.

10/5/2011 7:06:56 PM

and youre free to take your business elsewhere

you agree to the terms and conditions

10/5/2011 7:07:07 PM

Quote :

"Does USAA have any kind if Billpay solution?"

Yeah, I use it. It's not bad but then again I've banked with USAA for a while so I'm not sure how others are.

10/5/2011 7:17:10 PM

I keep a pretty minimal amount of money at SunTrust as our only regular bank (just a few months living expenses and monthly expenses). It's where the direct deposits go and I pay my bills from and where I cash checks into. Beyond that I keep the rest of our cash in money markets online and some CDs. I never got into the idea of keeping a bunch of money in a checking account and using the debit card several times a month to earn a decent interest rate. Keeping as much money in my checking account as I have in our money markets AND carrying around the debit card linked to that all the time just wouldn't sit well with me. That is probably me just being overly cautious though.

10/5/2011 7:31:43 PM

I went in to bitch about the $5 debit card fee at my local BofA and they upgraded my checking account to an Advantage account for free since I have my mortgage there also. No $5 'pound me in the ass' fee for me!

10/5/2011 7:47:55 PM

10/5/2011 8:02:37 PM

^^ yep. Like I said, there are usually multiple options available to avoid the fees other than the minimum balance. A lot of banks don't advertise them until you talk to them though.

10/5/2011 8:19:00 PM

Quote :

"They've been raising fees on a yearly basis, making things harder on small businesses"

Moron, you realize your graph just shows increased revenue not rates? Im sure as debit cards got more popular the revenue from them also grew.

^thanks for the tip about the fees. BBT charge for using quicken went up a few dollars a month. I complained about it a couple years ago but they didnt do anything about it. Apparently if you do have a car loan or a mortgage or 20k in the bank they will wave the fee. No thanks

10/5/2011 9:32:00 PM