Bank Woes

[fried1765]

Ive been with Wells Fargo for over 20 years, and have never seen a single bank charge except for safe deposit box. But I have a rather large balance at all times. I have accounts in 2 credit unions, have better rates, but don’t have safe deposit boxes available. I have also never seen a single charge for any of my accounts.

must be your mountain top giving you issues.

now don’t start with BofA... they want to charge me for cash deposits. I dropped them years ago when they placed a 3 day hold on a cash deposit.

DITTO on BofA.
I get irritated just driving by that place!

 

[Diggin It]

Just found out I can get free checks from USAA. Never knew that. At least the first order of 80, which could last me years. Problem is, many local merchants will not accept out of town checks and they charge a percent fee for using a CC or DC.

 

[PILOON]

Don't move to Canada it's a lot worse. Banks here are given guaranteed monopolies and customers are treated like dog sh@t stuck to the bottom of your new sneakers. Then like clockwork they raise your bank fees, change bank account plan names to remove free features like statements, pay zero interest, and declare record profits every year.

The latest gimmick is to offer long term savings plans that promise 1.95% interest in a promo period as long as you don't touch your money for 3 months at a time, then they drop the interest to 0.25% even though you locked in at 1.95%, and then you find you can't access your account anymore because they declare your account "inactive" after 3 months.

Yep, they want U to spend, spend or shut U down.
They say 'real easy' use the ATM more often, like I have to withdraw $10.00 and then deposit it back?
OK, I get it? spend more than you earn to get the economy moving.
Face it, banks hate frugal clients, they love folks that always have CC's maxed out as that's where their earnings are.
That .25% interest is simply to entice you to spend so when you have maxed out your credit they then can raise the rates.
Housing prices have gone wild, just watch when mortgage rates climb how many will go broke.

I use CC for most purchases, very little cash, and have set up an automatic payment scheme so that I'm never late. Also 2 CC's, one for daily local use and the other for on line and automatic billing (both automatic).

LOL, and I still prefer using a teller vs ATM, I tell them that I'm preserving their jobs.

Have U noticed? you now have to buy checks? no more free ones.

 

[rekees4300]

I want to invest some of my savings account in CDs since the account pays nothing. Checked with the local bank and their CD rate is .01% (<-- not a typo) ridicules!

 

[NorTracNY]

Things have changed. I have very little money in banks or credit unions. I haven't had a CD in over 15years. None of them offer any interest. My CUs are primarily used for checking with some emergency cash in a savings. Otherwise I keep the money in a low cost investment account. I don't recall paying any fees to either the bank or CUs in over 20 years.

I recall the bank screwing me when I needed foreign cash over 20 years ago. They claimed no fees for the money! Upon returning from the trip I brought back the remaining foreign currency and learned that "no fees" was BS. They just had 2 different exchange rates. They got you both times, but I didn't know that until the end.

 

[MoKelly]

I want to invest some of my savings account in CDs since the account pays nothing. Checked with the local bank and their CD rate is .01% (QUOTE]

Yep. Rates are non existent currently. Another impact of the pandemic.

Things are changing. Rates will be back up by summer.

MoKelly

 

[Doofy]

The price of oil is certainly on the rebound. Heating oil was just delivered @ $2.49 per gallon. Gasoline is back up to $3.59 per gallon. Joy.

 

[MoKelly]

The price of oil is certainly on the rebound. Heating oil was just delivered @ $2.49 per gallon. Gasoline is back up to $3.59 per gallon. Joy.

And heading higher due to the ship jammed in the Canal.

MoKelly

 

[bmaverick]

DITTO on BofA.
I get irritated just driving by that place!

DITTO with 5th-and-3rd. I call them Theft-and-Turd !!! They are all smiles at the counter, but pure evil in their dealings.

 

[PILOON]

And heading higher due to the ship jammed in the Canal.

MoKelly

And climbing as they suggest Monday B4 a possible move, meanwhile the lineup of delayed ships grows.

 

[MoKelly]

DITTO with 5th-and-3rd. I call them Theft-and-Turd !!! They are all smiles at the counter, but pure evil in their dealings.

Yep. I don’t even understand the name. Who would name their bank 5th 3rd???

First National

First Missouri

First Street

Ok.

But 5th 3rd.

Does not inspire confidence.

MoKelly

 

[MossRoad]

Because the Fifth Bank merged with the Third Bank.

Fifth Third Bank - Wikipedia

en.wikipedia.org

 

[MoKelly]

Because the Fifth Bank merged with the Third Bank.

Fifth Third Bank - Wikipedia

en.wikipedia.org

Thanks. I can’t even imagine why anyone would name their bank The Fifth Bank. We’re #5, we’re #5!!!!

Seems like Fifth merging with Third is an excellent time to change names.

But, that’s just me.

MoKelly

 

[MossRoad]

Thanks. I can’t even imagine why anyone would name their bank The Fifth Bank. We’re #5, we’re #5!!!!

Seems like Fifth merging with Third is an excellent time to change names.

But, that’s just me.

MoKelly

Third National Bank was on Third Street, so that makes sense.

Queen City National Bank changed it's name to Fifth National Bank. Why? I don't know.

 

[fried1765]

Just found out I can get free checks from USAA. Never knew that. At least the first order of 80, which could last me years. Problem is, many local merchants will not accept out of town checks and they charge a percent fee for using a CC or DC.

I think those CC and DC extra charges may only be levied on "hilltop" dwellers.
Nothing like that for us flatlanders!

 

[MoKelly]

Just to close the loop on goofy bank names, 5th 3rd didn’t even make the list.

MoKelly

 

[JethroB]

At work over the years we used BOA, Harris (BMO), and then Wells Fargo. Fees ran $6-7k per month. Fee schedule was double columned and 7 pages long. They didn’t miss an opportunity. No transactions were free that I recall.

 

[fried1765]

Yep, they want U to spend, spend or shut U down.
They say 'real easy' use the ATM more often, like I have to withdraw $10.00 and then deposit it back?
OK, I get it? spend more than you earn to get the economy moving.
Face it, banks hate frugal clients, they love folks that always have CC's maxed out as that's where their earnings are.
That .25% interest is simply to entice you to spend so when you have maxed out your credit they then can raise the rates.
Housing prices have gone wild, just watch when mortgage rates climb how many will go broke.

I use CC for most purchases, very little cash, and have set up an automatic payment scheme so that I'm never late. Also 2 CC's, one for daily local use and the other for on line and automatic billing (both automatic).

LOL, and I still prefer using a teller vs ATM, I tell them that I'm preserving their jobs.

Have U noticed? you now have to buy checks? no more free ones.

I worry about this, as I still have a very significant amount of cash sitting in the Scotia Bank.
I do not use the account at all, but have been stalling about "repatriating" the cash until the CAD rises.
Will it EVER happen?
I have been waiting two+ years.
Recently the exchange rate blipped over .80, but now it is down a bit.
I am hoping for something around .85.

 

[grsthegreat]

I want to invest some of my savings account in CDs since the account pays nothing. Checked with the local bank and their CD rate is .01% (<-- not a typo) ridicules!

i just opened, last week, an 18 month CD with the credit union. 1.2%

i have no use for the money at this time, so locking it up for 18 months was no issue. this was money i earned from selling a house, and i dont want to invest it in stock market. ill be using this $ to do some work on my house after lumber prices go back down.

1.2% sucks, but its better than leaving it in savings at 0.01%.

funny story. back in the late 1980's i quit my job in Montana and moved to calif for a construction job. i was getting paid weekly by check, but had no checking or savings account set up yet. so i took the check to the bank it was drawn on to cash each week. They were in the process of building a new branch of this bank, and the temporary office was a double wide trailer. after a few weeks the teller asked me if i want to open an account so it will be easier to cash my paycheck. i told her "No way. Im not putting my money in a bank with wheels"

i sure dont miss the days of living paycheck to paycheck

 

[daugen]

GRS, just remember to compare your return against the projected inflation rate.
Likely you will be going backwards a bit and that will be the cost of a very safe investment in a credit union.
Bond mutual funds like Vanguard are very safe, some federally backed, and are the next sensible step up.
Or if one were brave, buying really cool old cars that are likely to appreciate. Portfolio diversification you tell your wife.