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.