Comments on: Don’t Pay Banking Fees Ever

By: Barbara

Barbara — Fri, 02 Nov 2007 15:54:23 +0000

My son and daughter-in-law had accounts with B of A; they lowered cc limits without notice; customer service was terrible; fees ,etc. They are looking for small independent bank or credit union who actually wants their business (they always pay on time) ;The “big” banks like B of A just don’t care; they are out to make as much off you as they can; I have been with a small bank for years with no fees. It is the only way to go.

By: jigga

jigga — Tue, 30 Oct 2007 01:20:41 +0000

I don’t pay fees, but a co-worker pays $9 a month for her checking account. I told her that was rediculus and she said “I keep it like that so that if I ever need to borrow money I won’t have a problem” That sorta seems like a oxymoron, to have to pay just to be able to borrow money.

By: rstlne

rstlne — Mon, 29 Oct 2007 16:55:38 +0000

I’ve never had an account fee at Commerce Bank either. However, this bank just got acquired by TD Bank, so I’m not sure how long that will last.

By: Jac

Jac — Mon, 29 Oct 2007 11:24:15 +0000

I went to the UK for three months four years ago, and opened a bank account to get paid over there. I left it with less than a pound in it, and ‘forgot’ about it til this year. When I rang them recently to check if it was still open, mostly afraid that it would now be overdrawn by 50 pounds, I found that my 87pence had been sitting there, accruing another 0.1 pence in interest, with no fees. It was great!

By: thomas

thomas — Sat, 27 Oct 2007 22:46:48 +0000

“most” banks offer free checking with direct deposit. I have boa, but only because I wanted a national bank in case I need cash. The checking account has no fees, and of course pays no interest. Since this account is only for emergency cash and the balance is low, I’m not losing much.

By: donna

donna — Sat, 27 Oct 2007 17:52:36 +0000

This is why my husband and I have used credit unions for over 20 years now.

There is NO reason to let banks rip you off. None.

By: MoneyNing

MoneyNing — Sat, 27 Oct 2007 14:42:17 +0000

Most banks eliminate the banking fees if you have direct deposit from your employer. Since most of us probably have this option, we should take advantage of it.

By: Creative Investor

Creative Investor — Sat, 27 Oct 2007 00:22:42 +0000

To be honest I had no idea anyone still paid those maintenance fees. There are plenty of regional banks and credit unions that not only offer free checking accounts, but also free ATM transactions, and pay YOU interest when you meet their minimum balance requirements (requirement only applies to get the interest rate, maintenance fee is usually $0 regardless of the minimum balance). Also, there are nationwide banks that will give you a free checking account if you use them for direct deposit, which is a no-brainer given that anyone who has a regular job with a paycheck probably uses direct-deposit anyway.

By: Posco

Posco — Fri, 26 Oct 2007 20:30:07 +0000

My checking account with Citi used to be free from maintenance charges only on months in which there was a direct deposit (i.e. from an employer) or something like that… Now I use a 0% interest fee-free account. Make sure you’re up to date on your bank’s fee rules!

By: plonkee

plonkee — Fri, 26 Oct 2007 16:26:52 +0000

Fortunately, almost all banking in the UK is free, and my current (checking) account pays 6% interest. There’s something to be said for this side of the pond I reckon.

By: Laura

Laura — Fri, 26 Oct 2007 15:06:23 +0000

I had to switch from BoA for charging so much in fees and so little in interest. I use a local CU and my hisband is with Wachovia. The joint account is at INg and so far, it’s been doing well.

By: Bas

Bas — Fri, 26 Oct 2007 14:17:47 +0000

LOL I had a similar issue with BoA when I had a business checking… They charged $15/month for it. I complained and said I wanted to close it and then they waived the fee for a year. Now I gotta go and close it this December before they start charging again.

By: jim

jim — Fri, 26 Oct 2007 13:50:10 +0000

Haha, they never said it was to YOUR advantage

By: Minimum Wage

Minimum Wage — Fri, 26 Oct 2007 13:16:05 +0000

I just looked at the Bank of America Advantage Account (checking) and saw that the account maintenance fee was $20 a month

WHat’s the advantage in that?