So with all the media attention I have finally decided to put my two cents in on the Big Banks new fee's for checking accounts and debit card use...it is ridiculous!!!
The economy is bad and average families are scraping every penny and now all these big banks want to take more of our hard earned money. They can suck it!!! I who have accounts at 3 different banks first found out about this about 2 months ago when I received a letter saying they were changing their checking accounts and listed out my options. Yes, this particular bank is one of the "Big Banks". I hold accounts at a credit union, a "Big Bank" and a small community bank. The account at the so called big bank is one I added my Mom onto a few years back and she uses it mostly for herself. However it worked out with both names on the account because we end up transferring money back and forth quiet often.
The letter stated that I had a 3 month time period to choose another account or the basic one would be chosen for me. Note that this is a free checking account where I pay no fee's and receive no interest on my balance. The letter stated that if I didn't have a direct deposit I would be charged $7.00 a month and then an additional $5.00 a month for using my debit card. I almost fell out in the floor!!! It seems to me that banks are the ones who pushed the debit card because they wanted to get away from processing checks and now here they are penalizing folks for using a debit card which has become a standard practice every where.
I thought this was really sad because not all businesses offer direct deposit. If you work for a small company you would be penalized for no direct deposit and be charged an extra fee. What about the high school and college students who work part time jobs for small pay and have these accounts? Do you think they can afford these fee's? Heck NO! What about elderly people living on small amounts of money or the single parent like my mother who works 3 jobs to pay her bills....? This is the most selfish thing I have ever herd of! So to have a checking account at this particular bank it could potentially cost you up to $12.00 a month. That is almost a week lunch money for a school aged child.
So after seeing this letter I feel defeated, but I will not lay down and pass my money over to some big money bank. I take action :) I called the community bank which I have used as my main checking account for around 10 years. I have always loved this bank and they offer all the services I get from my checking at the "Big Bank". The customer serveries there has always been way more personal and they always take care of any problems with lightening speed. I asked them if they had plans to start this fee based practice and they reply...NO! Here is why...these banks are smaller and are run on basis of taking care of their customers. They are not out to make a ton of money by allowing you to have a checking account.
All I can say is that we have moved the other account over to this bank and I will be closing my checking account at the "Big Bank" before the end of the month when the changes are due to go into effect. So take that...I am a consumer and you can't force me to keep my account with you. Your services are not worth $12.00 a month actually there are not even worth half of that!
I will also say this about the credit union banks..they are great offer great serveries. I don't have a checking account there because I don't like the online banking but I do have savings there because the rates are way better than a normal bank. I can tell you about their fee's though. A my credit union you pay a $1.00 service charge on your account but you also earn interest which actually makes that fee smaller or non existent depending on your balance. You are able to sign up for an account if you work for the government or if someone in your immediate family does.
So for now I will keep enjoying my small community bank. If they decided to start charging fee's you will be the first to know. Then I will have no checking account because I will just choose to hide my money under my mattress (LOL)
Don't let these banks get the best of you, there are other options out there. It's your hard earned money and you don't have to give it away...they will learn eventually!!!
The economy is bad and average families are scraping every penny and now all these big banks want to take more of our hard earned money. They can suck it!!! I who have accounts at 3 different banks first found out about this about 2 months ago when I received a letter saying they were changing their checking accounts and listed out my options. Yes, this particular bank is one of the "Big Banks". I hold accounts at a credit union, a "Big Bank" and a small community bank. The account at the so called big bank is one I added my Mom onto a few years back and she uses it mostly for herself. However it worked out with both names on the account because we end up transferring money back and forth quiet often.
The letter stated that I had a 3 month time period to choose another account or the basic one would be chosen for me. Note that this is a free checking account where I pay no fee's and receive no interest on my balance. The letter stated that if I didn't have a direct deposit I would be charged $7.00 a month and then an additional $5.00 a month for using my debit card. I almost fell out in the floor!!! It seems to me that banks are the ones who pushed the debit card because they wanted to get away from processing checks and now here they are penalizing folks for using a debit card which has become a standard practice every where.
I thought this was really sad because not all businesses offer direct deposit. If you work for a small company you would be penalized for no direct deposit and be charged an extra fee. What about the high school and college students who work part time jobs for small pay and have these accounts? Do you think they can afford these fee's? Heck NO! What about elderly people living on small amounts of money or the single parent like my mother who works 3 jobs to pay her bills....? This is the most selfish thing I have ever herd of! So to have a checking account at this particular bank it could potentially cost you up to $12.00 a month. That is almost a week lunch money for a school aged child.
So after seeing this letter I feel defeated, but I will not lay down and pass my money over to some big money bank. I take action :) I called the community bank which I have used as my main checking account for around 10 years. I have always loved this bank and they offer all the services I get from my checking at the "Big Bank". The customer serveries there has always been way more personal and they always take care of any problems with lightening speed. I asked them if they had plans to start this fee based practice and they reply...NO! Here is why...these banks are smaller and are run on basis of taking care of their customers. They are not out to make a ton of money by allowing you to have a checking account.
All I can say is that we have moved the other account over to this bank and I will be closing my checking account at the "Big Bank" before the end of the month when the changes are due to go into effect. So take that...I am a consumer and you can't force me to keep my account with you. Your services are not worth $12.00 a month actually there are not even worth half of that!
I will also say this about the credit union banks..they are great offer great serveries. I don't have a checking account there because I don't like the online banking but I do have savings there because the rates are way better than a normal bank. I can tell you about their fee's though. A my credit union you pay a $1.00 service charge on your account but you also earn interest which actually makes that fee smaller or non existent depending on your balance. You are able to sign up for an account if you work for the government or if someone in your immediate family does.
So for now I will keep enjoying my small community bank. If they decided to start charging fee's you will be the first to know. Then I will have no checking account because I will just choose to hide my money under my mattress (LOL)
Don't let these banks get the best of you, there are other options out there. It's your hard earned money and you don't have to give it away...they will learn eventually!!!
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October 6, 2011 at 7:58 AM
Hey April!! My bank is starting to charge the $7 and $5 for debit cards too. RIDICULOUS. I am thinking State Employees or Fidelity next.