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Old 02-16-2012, 12:43 PM   #1
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Default I may have to change banks.

I have an electrical contracting business that I run, in addition to my full time job. I have been a member of this bank (Astoria Federal Savings) with a business checking account for about 8 years. Occasionally, my customers pay in cash. I like to keep some cash around the house (Usually one hundred dollar bills. It's harder to spend on stupid stuff that way). Once a month the bank sends me a statement detailing any fees that they've charged during the previous month. Since that doesn't add up to anything significant, I don't normally pay attention to it. In January my account got real low, so I figured that I'd better deposit some cash. Went to the bank and deposited $1100.00. I looked at that statement today and discovered that they charged me $2.20 for that deposit. Twenty cents per bill to deposit cash??? WTF? I also realized that I deposited $700 this month. I thought they were nickle and dime-ing me when I took out my mortgage. Me and the branch manager will be having a little talk later this morning. Jeez, I know the economy is tough and all but....

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Old 02-16-2012, 01:19 PM   #2
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Yep. If you are paying them to deposit money, you need to change banks. They are basically penalizing you for being a customer.

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Old 02-16-2012, 01:30 PM   #3
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They will likely waive the fee if you bring it to their attention. A couple years ago I got my bank to waive and cover atm charges from other banks...there are too many banks out there for them to risk losing you over $5 a month deposit fees.

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Old 02-16-2012, 01:40 PM   #4
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I ditched a bank a little while ago when I tried to make a withdrawal from a savings account. They somehow didn't have enough cash (it was only like $1500) and tried making me pay for a money order or cashier's check. When they wouldn't waive the fee for the cashier's check I told them to empty all my accounts into that check. The teller didn't know what to say. Gotta make sure you don't have any outstanding stuff or auto-payments if you do that though. It's a good feeling, but hopefully they just give you back your money.

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Old 02-16-2012, 01:46 PM   #5
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Join a local Credit Union. Way better to deal with and typical lower fees and better rates

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Old 02-16-2012, 01:52 PM   #6
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Join a local Credit Union. Way better to deal with and typical lower fees and better rates
This. The one we joined paid us 4.1% of our checking balance in dividends for the first year. Now it's down to ~3%.
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Old 02-16-2012, 01:55 PM   #7
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I've had Wells Fargo for the past five years and have grown very tired of them. Last month I opened a checking/savings/reward cc at a local credit union and have been very pleased. Will close down my Wells Fargo accounts before the month is up.

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Old 02-16-2012, 01:59 PM   #8
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I had my debit card compromised twice at my old bank. Both times it was used to create World of Warcraft accounts in California. I was satisfied with their response the first time, but the second time it caused an overdraft in my account. Because it was a check I wrote that actually caused the overdraft (the fraud charge depleted my account the day before), they fought me on waiving the fee. After a big argument, they finally relented. As soon as I confirmed that the fee was waived - like two days or something - I went back in and closed my account anyway.

We consumers have no power other than taking our money somewhere else. We need to use that a little more.

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Old 02-16-2012, 03:38 PM   #9
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We consumers have no power other than taking our money somewhere else. We need to use that a little more.
Yep.

Before our switch we had banked with Bank of Oklahoma for nearly 12 years. They started hitting us with fees and such so we bailed as soon as we saw the offer from the CU.

The bank manager called and pleaded with us to come back. I told them unless they could ensure no fees and better dividends than what we would get with the CU to pack sand.

Haven't heard from them since.
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Old 02-16-2012, 03:44 PM   #10
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...They started hitting us with fees and such so we bailed as soon as we saw the offer from the CU...
This could get political pretty quick, but this is a direct cost of increased regulation. Basel III won't help either.

I don't envy bankers - managing with both hands cuffed - one by the gov't & regulators, the other by shareholders who sue when ROE suffers.
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