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Banks, Credit Unions, and Fees: Oh my!

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  • #16
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Patman View Post
    How BoA hasn't experienced a bank run is beyond me at this point. Who in their right mind would do business with them?!
    Those who deposit anything close to or above the FDIC limit. You should see some of the rates on jumbo CD's relative to the regular ones (minimum deposit of $100,000).

    I know HSBC's checking is $8/month unless you either keep $1500 in there or do a no-minimum weekly direct deposit. I wouldn't be surprised if BoA already does something similar.

    Do any of the non-Extra members see those Ally ads on here? They may be annoying on here, TV, and radio, but they're actually a pretty decent financial company. They broke off of GMAC (the Chevy financial) at about the time the government sacked GM's leader.

    Also, be careful if you go to online savings accounts or MMA's. Maximum 6 withdrawals by federal law, otherwise $10 a transaction. I wonder if companies will stop offering those if that law is repealed.

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    • #17
      Re: Banks, Credit Unions, and Fees: Oh my!

      Huh. Old-fashioned me mostly paying with cash or check, avoiding all these fees.
      Never really developed a taste for tequila. Kind of hard to understand how you make a drink out of something that sharp, inhospitable. Now, bourbon is easy to understand.
      Tastes like a warm summer day. -Raylan Givens

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      • #18
        Re: Banks, Credit Unions, and Fees: Oh my!

        Originally posted by Brenthoven View Post
        Huh. Old-fashioned me mostly paying with cash or check, avoiding all these fees.
        I know what you mean. I typically do exactly the same.

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        • #19
          Re: Banks, Credit Unions, and Fees: Oh my!

          USAA ftw!

          Actually, USAA ended its rewards program for its still-free debit cards. So I use their credit card for its cash rewards and payoff the balance from the debit/checking account.
          "We in America do not have government by the majority. We have government by the majority who participate." -Thomas Jefferson

          "I confess I enjoy democracy immensely. It is incomparably idiotic, and hence incomparably amusing." -H. L. Mencken

          sigpic

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          • #20
            Re: Banks, Credit Unions, and Fees: Oh my!

            Originally posted by Brenthoven View Post
            Huh. Old-fashioned me mostly paying with cash or check, avoiding all these fees.
            We use a credit card and pay it off each month with a direct transfer, thus getting cash-back rewards and no fees while still earning a tiny bit of interest on our money until the transfer clears. It's not much, but it beats the hell out of paying fees.

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            • #21
              Re: Banks, Credit Unions, and Fees: Oh my!

              Originally posted by goldy_331 View Post
              We use a credit card and pay it off each month with a direct transfer, thus getting cash-back rewards and no fees while still earning a tiny bit of interest on our money until the transfer clears. It's not much, but it beats the hell out of paying fees.
              Good way to do it also. I just find it hilarious that all the people touting debit cards are now on the losing end.
              Never really developed a taste for tequila. Kind of hard to understand how you make a drink out of something that sharp, inhospitable. Now, bourbon is easy to understand.
              Tastes like a warm summer day. -Raylan Givens

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              • #22
                Re: Banks, Credit Unions, and Fees: Oh my!

                i have never had a debit card. i have not had an atm card for 10+ years.
                a legend and an out of work bum look a lot alike, daddy.

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                • #23
                  Re: Banks, Credit Unions, and Fees: Oh my!

                  Originally posted by Brenthoven View Post
                  Good way to do it also. I just find it hilarious that all the people touting debit cards are now on the losing end.
                  *as Pat Robertson in his really lame accent* You need to cut up the credit cards!

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                  • #24
                    Re: Banks, Credit Unions, and Fees: Oh my!

                    Originally posted by Brenthoven View Post
                    Huh. Old-fashioned me mostly paying with cash or check, avoiding all these fees.
                    You mean there are still places in the metro that take checks?


                    The fee could be worse, ya know. The merchant could charge you a flat percent per transaction on top of the purchase price and then your bank could charge you for using the card each month.
                    Last edited by UMDbulldogs#1; 10-03-2011, 06:41 PM.
                    How do they expect us to throw hotdogs at the gophers with that [Expletive deleted] net in front of us?

                    We choose to go to the moon. We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard...

                    Original Penalty Box Member

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                    • #25
                      Re: Banks, Credit Unions, and Fees: Oh my!

                      Originally posted by ScottM View Post
                      USAA ftw!

                      Actually, USAA ended its rewards program for its still-free debit cards. So I use their credit card for its cash rewards and payoff the balance from the debit/checking account.
                      Originally posted by goldy_331 View Post
                      We use a credit card and pay it off each month with a direct transfer, thus getting cash-back rewards and no fees while still earning a tiny bit of interest on our money until the transfer clears. It's not much, but it beats the hell out of paying fees.
                      These. I use a credit card and pay off every month. So far this yr I have made over 600$ free and clear doing that. Put everything on it so we get cash back on everything. It also has rewards partners so you can get a gift card for 25$ with 20 of your cash back. Finances all the gift cards for the holiday and did for the school clothes too.

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                      • #26
                        Re: Banks, Credit Unions, and Fees: Oh my!

                        I had a credit union account when I was growing up, went bank in college (and got royally screwed by these more times that I can count), and switched back to a CU when I moved to Duluth. I couldn't be happier with this CU and am glad I switched back.
                        Always a Wildcat...
                        Originally posted by Kepler
                        If you quote the derp you are spreading the derp. Please help keep the board derp-free.

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                        • #27
                          Re: Banks, Credit Unions, and Fees: Oh my!

                          http://www.creditunionruse.com/
                          I believe in life, and I believe in love, but the world in which I live in keeps trying to prove me wrong.

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                          • #28
                            Re: Banks, Credit Unions, and Fees: Oh my!

                            Ruse or not, I was paid last month for using my card, and don't get charged any ATM fees. Ruse or not, I'm satisfied, which seems to be better than those who use the banks are feeling right now.
                            Always a Wildcat...
                            Originally posted by Kepler
                            If you quote the derp you are spreading the derp. Please help keep the board derp-free.

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                            • #29
                              Re: Banks, Credit Unions, and Fees: Oh my!

                              Originally posted by pirate View Post
                              Without investigating fully, I tend to agree with the idea of taxing CUs. Even though I belong to and benefit from a CU, I agree they should be taxed like other businesses. No reason I should get a subsidy.

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                              • #30
                                Re: Banks, Credit Unions, and Fees: Oh my!

                                If the Credit Unions were to start getting taxed, they may or may not start charging fees for ATM/Debit card transactions and the like.

                                One thing I'm sure of, though. If Banks were taxed like Credit Unions are now, they would not start offering the free services I get offered now by my Credit Union. If they can charge for checking accounts, they will. If the income from debit card fees exceeds the lost business due to less debit card usage, they will continue to charge it, whether or not Credit Unions get taxed.


                                The big winner if Credit Unions were to start getting taxed like Banks would be Banks, not consumers

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