I may have to change banks.

[petey_c]

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....

 

[rhamilton]

Yep. If you are paying them to deposit money, you need to change banks. They are basically penalizing you for being a customer.

 

[TheMan]

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.

 

[pineyguy]

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.

 

[pjj2ba]

Join a local Credit Union. Way better to deal with and typical lower fees and better rates

 

[GilaMinumBeer]

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%.

 

[iijakii]

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.

 

[Airborneguy]

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.

 

[GilaMinumBeer]

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.

 

[TyTanium]

...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.

 

[GilaMinumBeer]

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.

Okay. Whatever. Still doesn't change that another banking institution made a sweeter offer that included dividends.

 

[Airborneguy]

I take the same position as when people ask about shopping at LHBS' that charge more than online prices. I owe no allegiance to anyone, sorry.

 

[TyTanium]

Okay. Whatever. Still doesn't change that another banking institution made a sweeter offer that included dividends.

Credit unions are regulated differently, hence the sweeter offer. Not trying to defend banks, just trying to say the managers hands are usually tied and and its often pushed from the top. It's not some evil manager scheming to collect more from their customers...most take no pleasure in it.

 

[sheeshomatic]

Credit unions are regulated differently, hence the sweeter offer. Not trying to defend banks, just trying to say the managers hands are usually tied and and its often pushed from the top. It's not some evil manager scheming to collect more from their customers...most take no pleasure in it.

No, but it is the corporate lust for ever-increasing relentless profits. I typically don't give a place a chance in the OP's case. I'd just go in and close the account. I'll tell them why if they ask, but they already lost my business. Should have been doing it right and fairly in the first place.

 

[Jacob_Marley]

This could get political pretty quick

< Jacob lays on the couch with a wet towel on his forehead >

 

[cricky101]

I don't feel bad for the banks at all. They've profited off of me for enough years with fee after fee. I have lost zero sleep since closing my accounts two years ago and moving to a credit union.

 

[m_c_zero]

Join a credit union!

 

[Bithead]

<3 my credit union!

 

[Zorin]

Usaa ftw!!!

 

[pjj2ba]

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.

That's the difference. A bank has to please both the depositor and the shareholders. With the credit union I am both a depositor and a "shareholder", so I am easily pleased. As opposed to a bank where most folks are simply depositors and the interests of the shareholder versus the depositor are yes the same, in that they both want more, but in this case it has to be divided somehow.

 

[terrapinj]

http://moveyourmoneyproject.org/find-bankcredit-union

 

[Bernie Brewer]

Join a local Credit Union. Way better to deal with and typical lower fees and better rates

This.

 

[thepartsmancometh]

The bank I used for many years lost my business a few years ago. I deposited my paycheck on Friday. I mailed out a large bill the same day. The bill cleared Tuesday, and overdrafted my account despite them having posted my paycheck. They could not prove to me that my paycheck didn't post before the bill.
WTF
They would not waive the overdraft. I closed all my accounts on the spot and went to a credit union.

 

[SmokeNbrew]

Same institutions (banks) that contributed to the subprime crisis...yet as tax payers we had to bail their asses out??!? I dont know about you guys, but in my job, my poor decisions reflect on me. Theres no one to bail me out. I deal only with my credit unions.

 

[iaefebs]

Here is as far as I got... you deposited 11 $100 bills... you got charged $2.20 and came up with a 20¢ per item cost...My suggestion to lower your cost would be to deposit pennies... if you take 110,000 pennies in than your cost would be .00002¢ per item. But seriously? I would dump that bank ASAP

 

[SmokeNbrew]

Here is as far as I got... you deposited 11 $100 bills... you got charged $2.20 and came up with a 20¢ per item cost...My suggestion to lower your cost would be to deposit pennies... if you take 110,000 pennies in than your cost would be .00002¢ per item. But seriously? I would dump that bank ASAP

+1..hell yeah haha

 

[OpenContainer]

As someone else said.....if you're eligible to join USAA, you should give them a look. Corporate banks suck!!

 

[petey_c]

Here is as far as I got... you deposited 11 $100 bills... you got charged $2.20 and came up with a 20¢ per item cost...My suggestion to lower your cost would be to deposit pennies... if you take 110,000 pennies in than your cost would be .00002¢ per item. But seriously? I would dump that bank ASAP

.20 cents per "item" if you mean each penny is counted as an item = $22,000.
I was thinking along the same lines myself. If I'd made that same deposit in another denomination would I have still been charged .20 per bill? $11 to deposit in $20s? $220 for singles? (I had a good night dancing...) Cash posts immediately. No lag time. That's why I deposited cash in the first place. Is this the transition period to a "paperless" society? My wife says our bank (HSBC not business) won't allow her to withdraw cash with a deposit slip (deposit minus cash) She has to fill out the deposit slip then fill out a withdrawal slip (more paper...). I gotta do some research on, "no minimum balance free bidness checking"

 

[petey_c]

As someone else said.....if you're eligible to join USAA, you should give them look. Corporate banks suck!!

Already a member. Like I said I'm l looking for a "no monthly min balance, no fee bidness checking account" I just read that bank statement Thursday. Been working on my deck while the wife and daughter are in Fl visiting her mom and dad... Need to do more research. After my next homebrew...

 

[clamflats]

I left Bank of America 10 years ago because of fees. My CU doesn't even charge to print checks!! Their checking even pays interest, saves me over twenty dollars a month, not a huge amount but it is over $240 a year or a nice grain bill.

 

[iaefebs]

40 years ago if I needed to borrow $2,000 I would call the bank manager and tell them I needed to borrow $2,000. I would show up at the bank, they would have a check ready, I'd sign the back of the check and deposit it..... there were no forms to fill out. By signing the check there was a paper trail that showed I borrowed money. Now you can't even make a deposit without getting charged a fee.

 

[s2cmpugh]

I'll chime in on this as my job allows me to see both sides of the situation.

First off, everyone who said join a credit union or USAA is 100000000000% correct. In a credit union YOU own the bank, not some random shareholder who only cares about returns.

Now, the large to big to fail banks have recently been hit with new regulations that stipulate the allowable fees to charge to customers. Since our federal government imposed limits on fees and other income, banks must find other sources to remain profitable AND please shareholders. This explains why you see those deposit fees, debit card fees, higher atm fees, etc. to simply use YOUR money YOU earned.

As far as the subprime mortgage mess and even the whole mortgage mess itself, the federal government had a hand in that and still does today. Years ago the fed wanted EVERYONE to have a home, no matter if they qualified or not. They forced banks to lend money to people who simply had no business owning a home. Example, I looked thru a mortgage file back in 2009 where the lady waited tables at Denny's. On her mortgage application, she stated her income was $5,000/month. No W-2's in the file, no employment verification, no paycheck stubs, simply stated income. The mortgage broker had to make this loan per the lender's instructions OR they would cease to be a correspondent for this broker. After the loan closed, it was sold to FNMA or FreddieMAC and lumped together as an equity with other mortgages.

Honestly, I do agree with imposing restrictions how banks can use our deposits, particularly relating to the investment banking side of things. However, telling them how much they can charge for a service goes beyond what the government is allowed to do. If the government wants to regulate the income of banks, why not regulate what attorneys charge, or electricians, or pilots, or how much Ford can charge for a car.

Bottom line, take your money to a bank that you feel comfortable with that treats you fairly.

 

[user 30639]

Was with Bank of America for 7 years. When we sold our house last fall, the SWMBO finally got pissed off at them and we switched. They: A) took forever to process the paperwork. It was right when they laid off 30,000 people and they kept telling our realtor there wasn't anyone to process it. B) charged $10.00 for a cashiers check. C) Didn't get the numbers right on the paperwork for closing, so we had to D) spend another 10 bucks on a second cashiers check.

Switched to Ally Bank, which is an online bank. So far we've received more in interest on our savings account from Ally in less than a year, then we did in 7 years with BOA. Their customer service has been great, ATM fees are reimbursed and there's no hidden fees that I've found. The only complaint with Ally is you can't deposit cash. But I suppose with an online bank, there's no way to really do it.

 

[Mermaid]

I think this also might depend on what type of account this is.
Business accounts (or as we call in the industry "Corporate" accounts) might have higher fees associated with them.
I would absolutely second the recommendation to take your business to a credit union, or find a community bank with lower fees.
Credit unions are really coming into favor now - moreso than ever - because of their business model.
Some (many) credit unions process their transactions through a larger credit union processor (sort of like a condo association - the association takes care of the nitty gritty of sending the payments through the fed ACH network). Their overhead is lower, and indeed - like a co-op - the success of the credit union is strengthened by the solvency of it's members.
A lot of the smaller banks are being bought up by larger FIs. Some of them are better than others (not naming names).
If it's a business account, shop around for the best "small business" account package that you can find. If the package offers stuff you don't need or don't use, keep shopping.
If you are running a business on a personal account, you might look into see if you can get a better deal by switching account type (while you shop for another bank)

A lot of banks do charge now for what they consider "teller fees" and they want everyone to use electronic banking. However, I'm still squeamish about stuffing large amounts of cash into an ATM envelope and trusting the fates.

Again, definitely shop around for a better deal. The power is really in the hands of the consumer / small business these days. Banks are still a for-profit business and if you're not getting satisfaction in the service you're paying for, take your business elsewhere.

 

[mjmac85]

I switched tobacco credit union 3 years ago and love it. Still refuse to put any money into an atm. Plus I hate being charged money from an atm. These things I can handle just by my banking habits. That I can live with. Only thing that gets me is I can't deposit large amounts of change. I collect change in a jar. If I want to deposit it I have to roll it myself. They will take a small amount of change bit not a jar full. So once a year the wife and I sit down with some drinks and a movie and roll a ton of chabge

 

[sheeshomatic]

I switched tobacco credit union 3 years ago and love it. Still refuse to put any money into an atm. Plus I hate being charged money from an atm. These things I can handle just by my banking habits. That I can live with. Only thing that gets me is I can't deposit large amounts of change. I collect change in a jar. If I want to deposit it I have to roll it myself. They will take a small amount of change bit not a jar full. So once a year the wife and I sit down with some drinks and a movie and roll a ton of chabge

I have a TD bank account just for this purpose. I think I have something like 77 dollars in the checking account. I go in, dump my change in their penny arcade, and take the slip to the teller to get the cash. No fees, 100% mine. All the rest of my banking is done by my out of town CU. I use TD for change and to cash a check locally should I ever have to. They can keep putting that 77 bucks to use for my use of their services.

 

[beardley]

Credit Unions are definitely awesome. So is USAA. I have a loan through them, but not a bank account. It is very hard to deposit cash to USAA unless you live in San Antonio, Texas or near one of their very few ATMs on the east coast, so I have not made a complete switch to them yet.

I have accounts with three institutions (counting USAA for loan/credit). The others are a tiny credit union back in my home town for my savings account and a smaller regional bank where I live currently. I am very please with my regional bank. They have fees that you would expect, over draft fees, fees for bounced checks, etc. What they don't have are fees for using other banks ATMs, or deposit fees, or fees to get a copy of your statement in the mail instead of online. They even reimburse me the fees that other banks charge me to use their ATM.

I don't believe all this hate for banks in general is entirely unwarranted, but you can still find a good bank. Just my 0.0151 Euros (based on current exchange rates).