I may have to change banks.

[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).