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More Bank Fee Hikes

More Bank Fee Hikes

Old Oct 5th 2011, 7:23 pm
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Exclamation More Bank Fee Hikes

Wow....I'm glad I don't bank with Citibank.

They are putting up their fees to $20 a month if customers don't keep a balance of at least $15,000 in their accounts with the bank:

http://finance.yahoo.com/news/Citi-a...83525.html?x=0

(It was interesting to read one of the comments below the article, by a poster called 'Magoya' who reckons how much BoA could possibly earn if their 29 million account holders were charged in the latest round of fee hikes...approx $1.7 billion per year!)

Bank of America also raised its fees to $5 per month if using their debit cards.

We bank with JP Morgan Chase - and I reckon they'll be raising their fees imminently.
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Old Oct 5th 2011, 8:02 pm
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Default Re: More Bank Fee Hikes

I find myself wondering... on balance... what is the social value/contribution of these financial institutions to society as a whole?
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Old Oct 5th 2011, 8:04 pm
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Default Re: More Bank Fee Hikes

BoA is changing early in 2012, right? I'm going to be switching before then.
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Old Oct 5th 2011, 8:20 pm
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Default Re: More Bank Fee Hikes

I bank with Citibank, however the letter I got on Monday states $15 for balances under $6,500.

I'm going to Chase on Friday to move my account, I've always hated Citibank and this is the final straw. I'm sure Chase will start with the fees soon too though
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Old Oct 5th 2011, 8:42 pm
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Default Re: More Bank Fee Hikes

Would love to move to another bank as BoA will be charging $5 a month if you use a debit card......we went with BoA as it was easy to set up an account with them and we haven't have any reason to complain until now

But where do you go - most (if not all) banks will do the same. I have heard about credit unions - but is there any guarantee that they won't go under - at least the big banks get bailed out by the government.

So this has basically come about due to legisaltion that capped the charges that the banks could charge businesses for card transactions and the fact that the banks get to hold our money but are too scared to loan it to anyone to earn interest on it..............

Last edited by NSBlake; Oct 5th 2011 at 8:50 pm.
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Old Oct 5th 2011, 8:46 pm
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Default Re: More Bank Fee Hikes

I've never understood why people patronise these big banks with their rapacious policies & fees. I must admit I banked with LTSB in the UK, but in 25+ years in the US I've always used small local institutions (community banks and Savings & Loans) ... never paid fees, but also got all the services from them that I needed. And got decent interest on checking account balances.. If I want to talk to the CEO or the branch manager of my current bank, I can just walk into their offices and chat.
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Old Oct 5th 2011, 8:56 pm
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Default Re: More Bank Fee Hikes

Originally Posted by NSBlake View Post
Would love to move to another bank as BoA will be charing $5 a month if you use a debit card......we went with BoA as it was easy to set up an account with them.

But where do you go - most (if not all) banks will do the same.

I have heard about credit unions - but is there any guarantee that they won't go under - at least the big banks get bailed out by the government.
Your own guarantee is not whether the bank gets a government bailout - but the FDIC guarantee that backs up your account, so long as your account is within the limit that is guaranteed.

Look at the way your bank does business. My local S&L keeps all mortgages in house for the duration of the loan, and as far as I know all their business is retail business, i.e. they provide banking services to local folks and local businesses.. so less likely to turn toxic than the likes of Anglo-Irish ..
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Old Oct 5th 2011, 9:17 pm
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Default Re: More Bank Fee Hikes

Originally Posted by NSBlake View Post
But where do you go - most (if not all) banks will do the same. I have heard about credit unions - but is there any guarantee that they won't go under - at least the big banks get bailed out by the government.
Just like the big banks are covered by the FDIC, Credit Unions are covered via NCUA. I believe it's the same amount of coverage, ie. your money is insured up to $250,000 if the Credit Union should go under.
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Old Oct 5th 2011, 9:17 pm
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Default Re: More Bank Fee Hikes

Originally Posted by Moonshadow_Girl View Post
Just like the big banks are covered by the FDIC, Credit Unions are covered via NCUA. I believe it's the same amount of coverage, ie. your money is insured up to $250,000 if the Credit Union should go under.
Thank you for confirming that, I will look into a local CU.
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Old Oct 5th 2011, 10:29 pm
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Default Re: More Bank Fee Hikes

Schwab is a great option if you have a brokerage account with them: free checking, no ATM fees anywhere in the world.

http://content.schwab.com/m/q310/sch...2.html?src=nhx

The big banks are all scum in my book.
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Old Oct 5th 2011, 10:44 pm
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Default Re: More Bank Fee Hikes

Originally Posted by NSBlake View Post
But where do you go - most (if not all) banks will do the same. I have heard about credit unions - but is there any guarantee that they won't go under - at least the big banks get bailed out by the government.
Unless you park more money with your credit union above the insurance level ($250k), the NCUA (credit union equivalent of the FDIC) will ensure that you're not losing your money.

It also seems the case that a lot fewer credit unions failed than smaller banks did over the last couple of years.

And while I have an account with one of the TBTF banks, my wife and myself have a couple of accounts with one of the local credit unions. Much better service at lower cost (or in my case, free because I get a big enough direct deposit in there per month - very sensible minimum direct deposit, too).
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Old Oct 5th 2011, 10:51 pm
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Default Re: More Bank Fee Hikes

Originally Posted by Giantaxe View Post
Schwab is a great option if you have a brokerage account with them: free checking, no ATM fees anywhere in the world.

http://content.schwab.com/m/q310/sch...2.html?src=nhx

The big banks are all scum in my book.
You see all banks are equally shit. I just went to open an account with them, it asked where I was legally resident I answer USA, it asks if I'm a US Citizen I say no. It comes up and says if you live outside the USA you have to do xyz. I don't live outside the USA, I'm just not a citizen
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Old Oct 5th 2011, 11:14 pm
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Default Re: More Bank Fee Hikes

Originally Posted by Englishmum View Post
Wow....I'm glad I don't bank with Citibank.

They are putting up their fees to $20 a month if customers don't keep a balance of at least $15,000 in their accounts with the bank:

http://finance.yahoo.com/news/Citi-a...83525.html?x=0

(It was interesting to read one of the comments below the article, by a poster called 'Magoya' who reckons how much BoA could possibly earn if their 29 million account holders were charged in the latest round of fee hikes...approx $1.7 billion per year!)

Bank of America also raised its fees to $5 per month if using their debit cards.

We bank with JP Morgan Chase - and I reckon they'll be raising their fees imminently.
We've never given JP Morgan Chase a red cent and we've banked with them for over 15 years. Don't know about other US banks but they are absolutely crap.

On another note I received my AMEX statement yesterday. There were several 3 figure overseas transaction fees...I called AMEX and they removed the charges.
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Old Oct 5th 2011, 11:33 pm
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Default Re: More Bank Fee Hikes

Originally Posted by robin1234 View Post
I've never understood why people patronise these big banks with their rapacious policies & fees. I must admit I banked with LTSB in the UK, but in 25+ years in the US I've always used small local institutions (community banks and Savings & Loans) ... never paid fees, but also got all the services from them that I needed. And got decent interest on checking account balances.. If I want to talk to the CEO or the branch manager of my current bank, I can just walk into their offices and chat.
I have to agree... We bank with a credit union, the same account I've held over 15 years. We have had no issues with them, ever.
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Old Oct 5th 2011, 11:34 pm
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Default Re: More Bank Fee Hikes

Originally Posted by N1cky View Post
You see all banks are equally shit. I just went to open an account with them, it asked where I was legally resident I answer USA, it asks if I'm a US Citizen I say no. It comes up and says if you live outside the USA you have to do xyz. I don't live outside the USA, I'm just not a citizen
Lol, that page you get to is pretty funny. I mean, what were they thinking?
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