[OP]
Contributor
If we pay a bill under $100 it's free.
$100 to $500 will cost $1.
Over $500 will cost $2.
I told my wife, fine, if that's what they want - don't make any single payment over $99.99.
If we want to pay $1,000.00 on a CC bill, we'll make 10 payments over 10 days of $99.99 and then a single payment of $.10.
They say more fees are due in Feb. of next year.
By that time, I hope we'll be former customers.
It's a real shame since we've been with the same bank since 1986.
Oh well - time to move on...
"Life is what happens to you while you're busy making other plans." - John Lennon
Contributor
Got the same notice. Think I'll follow your example.
Contributor
Wow, I hadn't ever heard of a bank doing that. I'll have to watch out for my bank.
Mike
Go into the world and do well. But more importantly, go into the world and do good.
Guest
Member
we'll make 10 payments over 10 days of $99.99 and then a single payment of $.10.""
Is it worth it to save $2? What's your time worth?
Member
Yes but ... all these institutions are moving toward attracting a wealthier customer base.
They call it Asset Management.
In the case of BOA, I think they have a threshold of maybe $10K total assets per account (checking + savings + CDs + Merrill Lynch securities, etc).
I think a $10K total account is free from most or all fees, + free printed checks. Pretty sure.
Not aware of any Bill Payer charges (ACH transfers) at BOA, ever.
All checking accounts (BOA) must be above $750 balance ALL THE TIME. Then no monthly fee on checks. Otherwise I think $12/month checking fee.
Bounced checks extra.
It doesn't seem that unreasonable to me.
***
Don't want to get dinged for political talk, but banks make money from people who have some money, and can manage it.
If (for whatever reason) a person does not fall into that category, the banks know that things will not work out well for anybody.
Last edited by Tom Fischer; 10-27-2013 at 3:18 AM.
Member
Our Bank want to charge us for deposits because there is not automatic deposit on that checking account
but it is "free checking account"...
Carpe Lignum
Member
Rich what bank is it? I wonder if our bank will start doing that.
Member
My former bank wanted everyone to use the ATMs so they started to charge for more than 2 teller transactions per month. Then they added ATM fees the same way. They lost 25% of their business the first week. I was with them since the late 60s....see ya! I'm still trying to find out what idiot came up with this plan. He is probably in DC now screwing up there!
Member
Was just wondering of your bank also charges a monthly fee for keeping your account. So far my bank has not tried this but if it becomes accepted then they cannot be far behind.Originally Posted by Rich Engelhardt
Contributor
One of the banks where we have some savings was recently taken over by First National out of PA. The new owners immediately started to charge $2 / month for paper statements and a small charge for electronic transfers to other financial institutions. They also made everyone re-sign up for the ability to make the electronic transfers. I already had this set up under the previous management.
Needless to say as my CD's mature I will be moving them to another bank where there is no charge for paper statements and no fee for regular electronic transfers, rush ones are charged for but I will never have the need for a rush transfer.
There is one bank in our market that charges no fees and has 24 hr grace for overdrafts. I will move to them if my primary bank for checking begins charging ridiculous fees. I remember when the banks were touting the ATM's now they charge fees for using other banks ATM's.
Guess if you don't have a million dollars in their bank they want to fee you to death, but those that can afford the fees get a free ride.
George
[OP]
Contributor
US Bank.Rich what bank is it? I wonder if our bank will start doing that.
Ha!Is it worth it to save $2? What's your time worth?
You betcha it is!!!
When I retired from the regular job market, I began a new career is the field of - "If they mess with me, I have all the time in the world to mess with them".
"Life is what happens to you while you're busy making other plans." - John Lennon
Contributor
Sounds like an effort by the global banks to 'encourage' small/consumer customers to either pay more or go elsewhere. Works for me, I doubt I'll ever darken the doorway of a Chase or Bank of America. For someone who requires the services that only a megabank can provide, pony up.
Contributor
Whether the objective is to save the 2$ or not it's the principal of it that's irritating to me. This has been a move for quite some time with many places charging fees. The paper statement fees kill me. When you go paperless the company profits. No paper, printing, envelope stuffing equipment, postage, and the reverse on the back side. I would assume processing that paper statement costs 2-4 dollars by the time it's all accounted for. If they want to incentivize paperless split it with me. Give me a 2$ statement credit to go paperless. Heck, give me a 2/mo credit for 12 months a and I'd probably fall for it. But going paperless, while more environmentally conscious , increases their profit without delivering anything.
What's happening around here is what many are seeing, just the opposite. My sanitation company charges 4.95 for a paper statement. Gas and phone have gone the same way .
My bank has now started with an annual fee just to have a debit card. I fear these other fees are to follow.
I have moved to nearly all online bill pay and enjoy it. Now that so many are in that routine, and the banks and companies are profiting from an easier format to get payment, they in their consumate corporate greed are going to exploit their customers yet again.
Member
Time to drop your bank and go to a Credit Union.
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