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Five Sneaky Bank Fees
Your checking may be free, but that doesn't mean you aren't paying elsewhere.
User Comments
Posted 12:55 AM EST July 11, 2007
Posted by: CyndiCyn
I was with a cu for 18 years. A company charged twice to acct. This sent my acct into a debit, more than $400 in overdraft protection fees, which I knew nothing about. I was told this is policy and refused crediting of fees. I took my business elsewhere. I encourge using EmigrantDirect.com and ING for savings. My only advise: opt out of overdraft protection, pay with cash, if you have cc's pay full bal due each month, and MOST important, don't spend what you don't have.
Posted 8:53 PM EST July 04, 2007
Posted by: italia4u2
Banks are rip-offs go to a credit union instead. there much better to deal with and they don't take out hidden fees like most banks do. i was charged a 10.00 fee everytime i used my debit card (witch by the way was fleet bank usa out of buffalo N.Y.) they said i was over my limit of 3 times a month for debit card.
Posted 2:12 PM EST July 04, 2007
Posted by: stressengineer
billqa is right. Pay $15 now, the balance 3 days before grace period end? 1) You might forget, pay interest anyway. 2) Interest is charged from purchase date, NOT the bill date. The effective interest rate is MORE than published rate. 4) Second payments confuse creditors. I made two payments in a month and the 2nd payment posted as an early pmt for the NEXT month. I was penalized for an incomplete current payment. 5) Two checks take extra time. And he is paying 12% for this? He pays way MORE.
Posted 1:29 PM EST June 23, 2007
Posted by: billqa
Question for aquaswim47I do not understand your thinking. Why don't you just pay the entire balance when you get the bill. What is the advantage of paying the minimum amount and a week later paying the balance? It makes no sense. The better advice would be not to use credit cards at all. If you do not have the cash to pay for something do not buy it. The exceptions being houses and cars of course. For those you get a loan.
good day
bill
Posted 12:06 PM EST June 23, 2007
Posted by: loretta123
i was with bank of america for 10 years never had a problem till one day i came home checked my account and the bank took money from my savings they told me they could its in the fine print they said would not tell me why i took all of my money out and went to my credit union now bank of america is still trying to charge me 35.00 for over draft fees they have added to my closed account.
Posted 10:29 AM EST June 23, 2007
Posted by: jquic0904
The best accts are HSBC, Emigrant Bank and ING. The draw back is they are all on line. Credit Unions in my experience are awful if you want a good interest rate for a savings.
Posted 10:25 AM EST June 23, 2007
Posted by: jquic0904
I refuse to do busines with BoA because they won't admit when they screw up. My husband and I had accounts with them in Stephenville,Tx.Before the branch was bought by a smaller bank. I had our accts transferred to Houston where we moving.The bank only transferred one of the accts to H so I had to reopen my acct. When I did they would not give me my orig. deal which was free checking that I had in Steph even when I pointed out their mistake.We got free checking on my husband's but not mine.
Posted 6:45 AM EST June 23, 2007
Posted by: cnels1749
Yes, dump the banks and go with a credit union! Credit union's work the same way as a bank however a credit union is non profit and is owned by its members compared to a bank who is a business and is out to make $$. I work for a credit union in MN. No monthly maintenance fees and no minimum balance fees. Overdraft fees are $28 (which often are reversed for our members). Fees are lower, customer service is higher and you'll find an all around better banking experience. Highly recommended!
Posted 5:25 AM EST April 30, 2007
Posted by: ILTDK
I had a 25.00 balance in BOA, I deposited 125.00 then made 5 purchases adding up to 75.00. Bank of America subtracted my purchases from my account then added the deposit so by the time they added my deposit, with the overdrafts I was in the hole. The deposit was made on Friday and the purchases were made on Sunday but by Monday I was in the hole. My account was hacked and emptied out 3 times with no problems but when I tried to deposit money they said I had to wait 10 days to have access to it.
Posted 7:25 AM EST April 17, 2007
Posted by: pregravity
FORGET BANKS - FIND A GOOD CREDIT UNION I pay almost NO fees. Aside from a $5 low balance fee, for under $50 in your savings account, I've never paid anything for my checking account, and they waive fees if I have a problem. Find free ATMs,& get direct deposit. If lack of branches is an issue, open a savings account somewhere convenient and you can bank for free if you keep $1000 balance, or just pay the $5 a month fee.
Posted 12:28 PM EST April 16, 2007
Posted by: crink
Speaking of sneaky fees, Bank of America just whacked me with a $5.95 monthly charge on my checking account just because I don't have direct deposit. I keep a $25,000 balance to be a premier account, which meant 'no fees.' When I inquired to BOA customer service, the response I got was that 'we notified you on your December bank statement. Who reads the bank statements, if you do banking on-line? Who charges a $25,000 depositor this type of fee?
crink
Posted 9:27 AM EST April 16, 2007
Posted by: squanks
Also, Smaller local banks often don't have all these fees, are often less likely to incur a phishing attack and usually have much more personal customer service.Posted 12:06 AM EST April 16, 2007
Posted by: dmmoreland
They're pretty sneaky alright? The solution? Read the fine print and keep close check on your money. As a matter of fact, you can have them paying you if you choose carefully and know the rules.
Posted 9:17 PM EST April 14, 2007
Posted by: aquaswim47
Two things are inaccurate. You can use an Electric Orange account that has no fees and a 4% return on your checking. It gives you a line of credit (of up to $250) for free; all you must do is pay $100 per month at a 12% interest rate. Also, I suggest making 2 payments to your credit card each month. $15 (or the minimum) when you get the bill and the balance in full 3 days before the end of the grace period. That way you avoid a late fee and a potential ding on your credit and never pay interest.
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