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Show ALL Forums  > Off Topic  > Banks finding more ways to rip you off.      Home login  
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 Twilightslove
Joined: 12/9/2008
Msg: 62
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Banks finding more ways to rip you off.Page 4 of 5    (1, 2, 3, 4, 5)

Today I open an account deposit 100 bucks. Never write a check or use an ATM and watch my deposit dwindle to nothing. I have a problem with that. I dont mind paying for services. Charge me ATM fees or a check cashing fee if you have to ! I am not saying you cant make money off me at all. But I think charging me to just hold my money while you make money off having it is ridiculous in this day and age.


I agree. I've had my money in a local credit union for many years now. There are no monthly fees. I do not get charged a minimum balance fee. I can write as many checks as I want to; use my debit card as often as I need and the only charge I might get is for using someone else s ATM or going over my limit in my accounts.

All in all it is good. I get a small amount of dividends in all of my accounts that hold money yet the interest rate has really become extremely small.
 L_LuuLuu
Joined: 8/2/2009
Msg: 63
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Banks finding more ways to rip you off.
Posted: 12/12/2012 9:15:18 AM
I have been a BANK OF AMERICA customer since 1987 (BEFORE it was BOA). I have an ATM card, but NOT a check card. I use my credit card for everything, then pay off at the end of each month. I have NOT been charged a nickel for use of the ATM card, checking accounts, and or my savings EVER.
 OyVay...
Joined: 7/15/2011
Msg: 64
Banks finding more ways to rip you off.
Posted: 12/12/2012 9:29:55 AM
Banks will always win! Similar in nature to casino's the house always wins. It and banks set up the rules to make that so...

The ATM was set up(or so you were told) to make customers have easier access to their money(24/7). Of course the banks really weren't concerned with your ability to get to "their" money since that's how they look at it. ATM's were created so they could get rid of many of the tellers...

Banks always fretted over having 5 or 10 tellers on line, then watching 3 or 4 of them stand around, when it got slow. So by giving you the ability to obtain cash, or make a simple deposit, they eliminated a number of them. The whole idea of automated banking is to eliminate people and reduce the number of employees...

Part of all of this is to offset the banks losses in the mortgage crisis. But also to make some of you leave or pay more, since your accounts are only marginally profitable to them.

Something better to argue about is overdraft fees, than the $5 a month ATM fee. I have become all to familiar with this scam, due to my younger daughter! She makes a good buck, but didn't have overdraft protection, so when 6 or 7 checks came in...if there weren't enough funds to cover all of them. They took the largest check first, and then bounced all the little ones...at $35 a piece..so if 4 check didn't clear that's $140!!! When if they cleared all the little ones and bounced only the large ones..it would have been $35!

Much has been said of credit unions...not a bad way to go, for some! Definitely less fees, and since not operated to make a profit...a much kinder environment for you to use.

Personally I use Chase, but also have another bank for down here in Georgia. The other bank treats me just like you guys get treated. Chase however treats me very well. Free cashiers checks, free wire tranfers and a slew of other things...this maybe in part because of both the size of my account, and the fact that I ended up at Chase when years ago my account was with another bank that was merged into them(JPM).
 OyVay...
Joined: 7/15/2011
Msg: 65
Banks finding more ways to rip you off.
Posted: 12/12/2012 9:56:17 AM
There a few banks that offer a "free checking account", with some strings...either a minimum balance or the one most get it with is direct deposit...Suntrust does that.
 L_LuuLuu
Joined: 8/2/2009
Msg: 66
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Banks finding more ways to rip you off.
Posted: 12/12/2012 10:17:13 AM

Because you have an old account. Go try and find a bank today that offers a FREE checking account that anyone can open. Meaning no set monthly fee to just have an active account. I cant find any major bank that will offer a free checking account anymore without a set monthly charge. Even obscure online banks which are a hassle to make deposits into charge a small fee now


BOA tells me my checking account is free because I get at least 1 direct deposit per month. Most people get them in lieu of paychecks nowadays.

BOA also tells me no fee for the card because it is an ATM and NOT a check card. Draw back to ATM card is that it isn't accepted in as many places as a check card.

You can get Check Card fees waived there, if you have a "Premium Account" -- need $5,000 in savings account or some other options. I don't keep much $$$ in American Accounts, however, as they can be tapped by the Feds for ANY reason they choose under new law.
 Tek_Savvy
Joined: 10/13/2012
Msg: 67
Banks finding more ways to rip you off.
Posted: 12/12/2012 10:24:37 AM
Yup I have free chequing account as long I have a minimum balance of $3000. I only get 12 transactions. I used to use cash but I use credit cards, it's safer and easier for me and I always pay off the balance every month. Those banking machines make a bundle. I used to work in a store where we had a bank machine. A copy would supply the machine with cash and we would get a commission. We made anywhere from $800/month to $1500/month. The company rep told me one place gets $10 000/month in commission. Just think about how much money is being made. If you use your bank's machine then you don't pay the $4 to $5. These charges being going on a long time in Canada, I can only confirm as far back as 2002. It might be new to Americans but not us Canadians.
Also watch out for the credit card balance insurance it' s a big rip off. They make it look like they will pay your balance in full when they will only pay the minimum balance.

You can do "cash back" from retailers who provide this service. You just have to buy something. For example my grocery store provides cash back so if I don't want to pay for the fee I buy something for a $1 and ask for cash. I don't know if this is offered in the states but there's plenty of stores offer it. Some stores don't so you have to ask before hand.
 Twilightslove
Joined: 12/9/2008
Msg: 68
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Banks finding more ways to rip you off.
Posted: 12/13/2012 2:30:13 PM
Something better to argue about is overdraft fees, than the $5 a month ATM fee. I have become all to familiar with this scam, due to my younger daughter! She makes a good buck, but didn't have overdraft protection, so when 6 or 7 checks came in...if there weren't enough funds to cover all of them. They took the largest check first, and then bounced all the little ones...at $35 a piece..so if 4 check didn't clear that's $140!!! When if they cleared all the little ones and bounced only the large ones..it would have been $35!


Same thing happened to my younger daughter! It's absolutely shameful what these bankers get away with!


Much has been said of credit unions...not a bad way to go, for some! Definitely less fees, and since not operated to make a profit...a much kinder environment for you to use.


I have always enjoyed my credit union. For years and years the employees knew me when I walked in. There is still one there who tells me how she misses my father. Unfortunately the others were forced into early retirements, or at least I believe that is what happened to them.

I have always enjoyed your posts Oy, thanks for sharing with us all.
 BigBadNIrish
Joined: 1/31/2011
Msg: 69
Banks finding more ways to rip you off.
Posted: 12/13/2012 5:05:29 PM
As I said on page one, the Consumer Protection act transfered the transaction cost from the vender (where it used to be) to the banks...this was "suppose" to result in lower prices at the store...but, well, we know better than that...but, it did raise costs at the bank...the vendor transaction cost was oblique..the bank transaction cost is not...previously, I almost never saw an ATM charge...now almost all banks hit me up for a dollar or two...so, I avoid using my ATM card at other banks and thus avoid the charge.

I dunno about over-draft charges and bank fee's...I've banked at my credit union for many years and the staff always let's me know the work around so that I totally avoid such fee's...but, from what I understand this isn't the case with most banks.
 cotter
Joined: 10/17/2005
Msg: 70
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Banks finding more ways to rip you off.
Posted: 8/20/2014 7:04:41 AM
From the Original Post ...
So now I see that Banks like Bank Of America will charge you 5 dollars a month to use your debt card.

Huntington started charging me because I didn't go paperless. I went ahead and told them to put it to paperless but I'm closing that account this month. I seldom access my accounts on line because I hate having so many passwords to remember.

I have my assets distributed so that I don't have any bank charges.
 gtomustang
Joined: 6/16/2007
Msg: 71
you pay for convenience
Posted: 8/20/2014 7:18:20 AM
back when I was 18 and looking into finances, I found out that banks then took $100,000 out of you in fees over your lifetime. Of course, if you make $25,000 from age 25 to age 65, you'll earn a million dollars in your lifetime, so what's 100K? :)

Banks wouldn't stay in biz if they didn't make money. You're paying for convenience--try turning your stocks into liquid assests on a Sunday evening when you need $200 for a long tow home. Inflation at the time I'm typing this is at the rate of interest--a bit more than 1%. So stick your money in the mattress if you don't want to get docked the fees.
 whippedboi
Joined: 3/12/2013
Msg: 72
Banks finding more ways to rip you off.
Posted: 8/20/2014 11:50:43 AM
Banks charge you for providing a service.

are doctors, dentists, lawyers, accountants, taxi drivers, lawn care people, etc., etc. ad nauseam, also

"finding new ways to rip you off"

when they decline to provide services for free?
 cotter
Joined: 10/17/2005
Msg: 73
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Banks finding more ways to rip you off.
Posted: 8/21/2014 11:14:13 AM

Banks charge you for providing a service.
They are also using my "invested" money and making money on it.

They should not only NOT charge me fees, but pay me a lot more than they are paying me for the use of my money.
 cooldog65
Joined: 6/27/2011
Msg: 74
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Banks finding more ways to rip you off.
Posted: 8/22/2014 5:28:23 PM
I haven't paid any fees in years. My account is free with direct deposit and meeting other criteria. I have a 1% cash back Visa (No annual fee) and use it for most of my purchases. I pay the full balance every month when it's due and they pay me $25 for every $2500 in purchases which takes around 3-4 months. An extra $75-$100 in my pocket from them every year.

So far I'm avoiding the ripoff.
 windchymes
Joined: 11/29/2008
Msg: 75
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Banks finding more ways to rip you off.
Posted: 8/24/2014 8:22:20 PM
I'm a big fan of Huntington, though I didn't know they charged if you didn't go paperless. I went paperless when I signed up, lol.

What I do like about them, besides the free basic checking account is their 24-hour overdraft forgiveness. You can sign up and if you do bounce something, they will immediately email and/or text you to let you know and you have 24 hours to put money in to cover the overdraft. One time, I didn't get the text because my phone was dead, and by the time I realized it was dead and got it charged up again, it was about an hour past the deadline, and they charged me the overdraft fee. I called them to plead my case, asking if they could pleeeeeeease waive it, since I hadn't gotten the message in time, and that I would go to the bank on my lunch break and put the money in, and they agreed! They credited it back to me that afternoon.

They are also great about getting your money back if your card gets stolen or your account gets hacked. When it happened to me, though it was only about $350, they took my report and I got all my money back. My elderly aunt got hacked in the amount of $8000 (!!!!) and it took a little longer, but she got every penny back. They gave her $2000 right away for living expenses and tracked down the hacker, who supposedly is now in prison, and my aunt got the rest back.

I am totally happy with Huntington and intend to stay with them for good.
 windchymes
Joined: 11/29/2008
Msg: 76
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Banks finding more ways to rip you off.
Posted: 8/24/2014 8:25:39 PM
Forgot to mention.....one way to avoid the ATM charges is to get the cash when you're in a store that offers cash when you're checking out, like the Mart's, major stores, etc. It's free. I hardly ever use ATM's anymore, I just get $20 or $30 when I get groceries.

I didn't read all 4 pages of posts, so if this has been said before, pardon my repeat :)
 NikonGuy007
Joined: 4/1/2012
Msg: 77
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Banks finding more ways to rip you off.
Posted: 8/26/2014 8:14:12 PM
I don't know about Dodd-Frank, or Peter, Paul, and Mary
but,

I do know that Americans love "convenience".

I was about 14 years old when ATM's started becoming popular in the good ol, US of A.

The banks were looking for a way to cut employee costs and reduce hours. Even as a 14 year old, I knew that. Even at 14, I could see that the banks wanted to push you to the "convenience" of ATM's.........................because, although they were free at first.................they would eventually charge you (despite the fact that the bank no longer had to pay salaries and benefits for as many tellers).

Same thing is going on with E-Z Pass, and the elimination of toll takers. The public eats it up. "Whopee! I no longer need to carry cash, and I can zoom right through."

Nobody is thinking................."Hey, wait a minute, why do the tolls keep increasing, when the fixed costs of wages and benefits has decreased?"

Can't wait to hear the crying start, when everyone is FORCED to have E-Z Pass, that way "The Man" knows where you are at all times. "I have nothing to hide" (say the sheeple).

Yeah, wait till the State starts sending you speeding tickets in the mail.

What?

Yeah, the NEXT big revenue generator will be the state writing to tell you, "You got on Exit 5 at 11:02 am. You got off Exit 12 at 11:44am. There is no way for you to have traveled that distance, unless you were speeding. Here's your ticket. Pay the $200 within 30 days, and, "Have a nice day!"

Americans LOVE convenience.

"Convenience" costs.
 kolcson
Joined: 8/18/2014
Msg: 78
Banks finding more ways to rip you off.
Posted: 8/27/2014 5:42:45 AM
I hate to brag, but I have about 17 ways to avoid paying bank fees as a lump sum, or per transaction. They are all very convenient, legal ways. They each also carry a risk.

Some of these include:

- gift cards. You pay $1.00 or two for each debit transaction, each time you pay with your card for groceries, coffees, Walmart purchases, other retailers, gas, etc. etc.? Then spend your paycheque buying gift cards for yourself to grocery stores, gas companies, coffee places, Walmart. If you have good credit, get credit cards to gas companies, and to retailers, but not from banks such as Visa or others.

Risk: some retailers where you routinely shop, go out of business, and their cards get useless. These retailers routinely advertize their going out of business, and if they don't send you a mail telling you that, they will still advertize on tv and in papers. Still, there is the odd chance you will miss the deadline, with money on the gift card, which you will lose if it's on the card past the deadline of closing out.

- Cash. Not recommended, but retail purchases are fee-free with them.

- Never use cheques. Retailers won't accept them unless they know you well, and sometimes even less when they know you well. (Ha-ha.)

- Send cash in the mail. In many applications this is allowed, and the risk of getting it stolen by the post office worker is zero (they won't risk a yearly $50,000 job to steal your fifty bucks, unless they are really, really stupid, these postal workers.)

Risk: the seller, whom you pay, can legally deny receipt of payment. Therefore send cash to only those vendors whom you trust will not steal your money this way. For instance, I would not send cash to a Chinese vendor on eBay, but I would to a Dutch or Albanian one who sells me an esoteric item, such as an antique map.

- Rent: pay in cash, and ask for an immediate receipt.

- phone companies, electricity bills, internet connection companies, house-gas companies, etc: I am a renter, I never pay these people or firms. I just pay my rent and all is included.

For landlords, or people who are responsible for their own utilities: make arrangements with the companies to debit your credit cards, not your debit accounts. So they lift the monthly payment from your Visa card, not from your bank deposit account.

Risk: you may overrun your visa without knowing it.

- Visa, mastercard, amex, etc: keep a close watch on them. If possible, pay off balance at each billing cycle. No exceptions. They are just as convenient as debit cards, and can be free, if you pay off your entire balance. No fees, truly. Even if you work up 120 transactions or more per month. The loser is the retailer, in this case, they are the ones to pay fees to the Bank when you use CCs. If you overspend, and regularly can't pay off debt balance, then cut them in two and never get another one. it is not a financial impossibility to anyone to live within their means; it is a psychological impossibility for some, to live within their means. The CC is an allure, the new dress is an allure, the new power drill is an allure. If you give in to your impulses and buy alluring stuff, then don't use credit cards, period.
 kolcson
Joined: 8/18/2014
Msg: 79
Banks finding more ways to rip you off.
Posted: 8/27/2014 5:50:20 AM
Despite my best efforts, my bank started to charge me $4 monthly fees, and reduced my debit transaction limit to twelve of them a month, beyond twelve I needed to pay additional mullah. For three months I got lump cash withdrawals, and managed on cash. After four months, I turned sixty, and never have had to pay another cent in fees. I see on my statement pages and pages of transactions, I even pay for a measly single cup of coffee with my debit card. There are two lines on ever statement (paper statement) which makes me soooo happy, because they typically read:

line 1: "Transactions fees ................................... - 78.49"
line 2: "Transaction fees, reversed..................... + 78.49"

It's nifty to be sixty.

I hate my life, and I ought to have died a long time ago, due to illnesses, but somehow, because in Canada medicare is practically free, I survived; I never wanted to live to be this old. And now that I am this old, I hate my life even more than ever before. But dammit, I don't pay bank fees, and practically never have, since I started banking in this county 42 years ago.
 Worbug
Joined: 4/23/2009
Msg: 80
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Banks finding more ways to rip you off.
Posted: 8/27/2014 6:23:48 AM
It does pay to shop around. I had two accounts with one bank, was getting charged $25.00 a month. The only thing I use the bank for is to recieve my retirement pay from the Marine Corps because it has to be direct deopsit and the other account was joint account with the ex wife for child support, yes some of us do pay it.

At first, the fee was only $5.00 no big deal, now 25.00. Google some banks, found out Chase charges no fees at all for disabled veterans. Boom, helo new bank.

I have been living in a cash world for quite some time and prefer it that way. I make one withdraw every month once my direct deposit hits, the tiny precent for keeping you money there amounts to very little.

I know a lot of people have to rely on checking acounts and debit cards to pay bills and such, but I have been debt free for a long time.

I guess I have a fear of leaving money in banks and having charge cards, everytime you turn on the news they are broadcasting the name of extremely large and well know companies getting hacked into and their entire database with all the customer personal information is compromised. Now I do not know the probability of my identity being stolen, but I am doing what I think is right for me to at least make it very difficult for someone to do.
 whippedboi
Joined: 3/12/2013
Msg: 81
Banks finding more ways to rip you off.
Posted: 8/27/2014 4:14:39 PM
this is free enterprise, no?

banks are free to charge or ask whatever they want

you are free to seek out other alternatives

what, y'all hate free enterprise now?
 DameWrite
Joined: 2/27/2010
Msg: 82
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Banks finding more ways to rip you off.
Posted: 8/27/2014 10:42:00 PM
^^^^^ ^^^^^^^^^There are alternatives ^^^^^^^and there will be more choices if we drop their offerings and check out other things like crowd funding, community banking, local money, refusing to pay, cutting up cards, not buying into... etc.
 Baffalobill
Joined: 6/18/2014
Msg: 83
Banks finding more ways to rip you off.
Posted: 8/29/2014 8:29:38 PM
Had to go to the bank today to do a International transaction.

There were 8 stations only 2 stations were working.. The queue outside the bank looked like something from Russia (Waiting hrs. on end to get a a hamburger from McDonalds).
It wasn't helped that the only 2 working tellers were having a good old 5 min chat between customers ..

Anyway when it was finally my time ,I presented my details and paper work only to be told "Sorry sir we don't put through international transactions on the weekend "!!! Any other inquiries ??? she asked.
I said "Well I can not get here through the week as i have to work .
"I calmed myself down and asked "Well what day if I could get here would be the best to do this ? "

She said in a stern voice "Janice takes care of those transactions you will have to see her and she is off sick "I replied in a smart arse way "SO IF JANICE GETS HIT BY A BUS TOMMOROW, WHAT HAPPENS THEN ???"she just laughed and shrugged her shoulders and i stormed out...

Cannot believe these banks charge the fees like they do, and yet do not worry about the crappy customer service they hand out ..

I also noticed the tellers trying to dismiss most enquires telling customers young and old "You can do that on internet banking".

I tell you...Good Customer service seems to be dying a very sad death... We are all getting ripped off...
 GreenThumbz18
Joined: 4/25/2012
Msg: 84
Banks finding more ways to rip you off.
Posted: 8/30/2014 10:14:58 AM
"I guess I have a fear of leaving money in banks and having charge cards, everytime you turn on the news they are broadcasting the name of extremely large and well know companies getting hacked into and their entire database with all the customer personal information is compromised. Now I do not know the probability of my identity being stolen, but I am doing what I think is right for me to at least make it very difficult for someone to do."
Sounds to me like you're hiding, hoping that no-one finds you. Good luck on that.
You have a computer, because you're posting here. You can easily check your banking activity and see if anything is not right. Even if someone does steal your credit card and charge something, your liability is only $50. The credit card companies are very smart too, if there is a charge that is abnormal, they will call you immediately to see if it is valid.
When you consider that there are 3 billion humans running around, is there are better way to pay for what you need? Do you really think that cash is safer?
 BigBadNIrish
Joined: 1/31/2011
Msg: 85
Banks finding more ways to rip you off.
Posted: 8/30/2014 10:28:12 AM
Yanno, I may be old school. Because I remember a time when banks made money form deposits and loans. They were local, provided quality service, and knew you. But the mega-bank-corporation iof today just cannot make enough margin on deposits and loans alone. They have to charge basic account fees, transaction fees, and after laying off the tellers-then charge ATM fees when there's no person involved in the transaction.

Of course, these mega-bank-corporations have no responsibility for all the bad loans they issued, or any responsibility for selling these bad loans as credits swaps-often calling these bad loans good quality loans. Apparently, the only responsibility these mega-bank-corporations have is to the CEO and the share holder...screw the general public that does business with the bank...buyer beware...
 Worbug
Joined: 4/23/2009
Msg: 86
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Banks finding more ways to rip you off.
Posted: 8/30/2014 10:36:46 AM
^^^^^^GreenThumbz18^^^^^^


What could I possibly need to hide from. The Government knows I recieve the money, they send it to me, (my Marine Corps retirement) so I pay taxes on the taxable portion, I have absolutely no debt, I do not break the law. I just prefer a cash world, it works for me. If I have no credit card then there is no credit card to get stolen or overcharged, no fees for me to pay if compromised.

Identity Theft, databases from stores and corporations are being compromised, it is here, it is real.

On a side note, I actually enjoy the human interaction and getting out and about when taking care of things most do on the internet, I don't even use drive through, I go inside, I just like to interact with people.

Back on topic, I was just agreeing that it does pay to shop around, Banks are entitled to make money, it is a business, but that doesn't mean people can not search for more affordable options.

As far as ATM charges, most banks do not charge anything if you use their atm machine.
Show ALL Forums  > Off Topic  > Banks finding more ways to rip you off.