Website666.com
Bank of America: “A new $5 fee to replace debit cards took effect in September; a rush overnight order costs $20. Previously, both services were free.”
Chase: “In February, Chase introduced a new basic checking account with a $12 monthly fee, up from the previous $6. The fee is waived for customers who make direct deposits that total $500 a month or maintain a minimum balance of $1,500.”
Citibank: “Starting in December, Citi said it will raise the fee on its basic checking account to $10 a month, up from $8. Customers will have to maintain a balance of at least $1,500 or sign up for direct deposit and online bill pay to avoid the fee.”
Wells Fargo: “The bank also plans to test a $3 monthly debit card fee starting Oct. 14. The fee will be applied to checking accounts opened in Georgia, Nevada, New Mexico, Oregon and Washington. The fee would be in addition to the fees ranging from $5 to $30 that Wells Fargo already charges.”
It’s a real shame banks have completely lost sight of what they’re core job is: to take our money and loan it to other people with interest. That interest is supposed to be how they make money. They’re not supposed to charge us so they can make money off of our money. It’s that sense of entitlement that the rich always accuse everyone else of having. So blatantly hypocritical.
But not all banks are abusive like this. I switched to an online bank which charges no fees period and, in fact, pays me interest. I’ve made 70¢ since I signed up in April. How much has your checking account made you?
The bank is called Ally. They used to be GMAC but rebranded at some point. They’ve been good to me so far. It’s a huge pain in the ass to deposit money, though. You have to mail a check in or do a wire transfer. I have an account with Square and it still takes a week (or so) to see the money, though Square claims a “next-day payout” on their site. I suppose I could transfer money from my Paypal account, but that would take 3 days still.
One of the nice things about Ally is that they refund all ATM fees. Since they don’t have any ATMs, you’re going to get charged for using other banks’ ATMs but this bank will refund those fees at the end of the month. So, there are alternatives to the BABs (Big Asshole Banks).
The sad thing is that I tried to go to a local bank—as in, a bank that only exists in the city I live in. Sadly, they wouldn’t let me open an account because I didn’t have a state ID at the time. This is a very odd requirement as Washington Mutual, a bank with ATMs all over the country, didn’t seem to mind my California ID when I opened my checking account with them back in 2008. Of course, WaMu got swallowed whole by Chase, whom I left earlier this year because they added fees.
We’re facing a world that is less and less favorable for the individual. But there are choices you can make that can save you money. You just have to hunt for them.
