Kiss your free checking account goodbye.

[Melena]

Nowadays anyway. Wells Fargo only started doing that within the last year.

In Cali, Wells Fargo has been doing it for years.

[Kryssan]

USAA still offers free checking. They got rid of the USAA Debit Card Rewards program so they wouldn't have to charge fees on the checking accounts, but I never used that anyway.

[Minions]

I guess if my bank charges me I will just change to BOA (I don't need a teller, atm or anything else). I only use my bank account to pay my credit card bill. My credit card is used to pay everything else. As long as I have the bank account that accepts direct deposit/lets me pay my cc for free I will go w/ whatever bank.

[Orden]

I'm so glad I have USAA. They are a boss at everything. I don't pay shit for anything. U mad?

[Caiyuo]

I guess if my bank charges me I will just change to BOA (I don't need a teller, atm or anything else). I only use my bank account to pay my credit card bill. My credit card is used to pay everything else. As long as I have the bank account that accepts direct deposit/lets me pay my cc for free I will go w/ whatever bank.

Unless you mean an e-account, which I have no idea about, why BoA over elsewhere? Even if the potential of paying fees is low if you're likely to have the balances or meet the monthly amount they ask, if you just need that basic functionality, a USAA account seems ideal since there's no risk of fees at all plus some incentives and great customer satisfaction

[shaddix]

I use fidelity for my checking account and it's fantastic. They refund all ATM fees.

[Cantih]

In Cali, Wells Fargo has been doing it for years.

I SWEAR, that they did not install the no-envelope deposit ATMs in my corner of LA until a year ago.

[Correction]

I use fidelity for my checking account and it's fantastic. They refund all ATM fees.

I had a co-worker with fidelity instead of a real bank (tm), and it was never fun for him to cash checks. This universally true of fidelity accounts or did he just have the wrong kind?

[Melena]

I SWEAR, that they did not install the no-envelope deposit ATMs in my corner of LA until a year ago.

Must have been a very slow phase in lol. In the bay area, i've had that option at any ATM I ran into for quite a long while now. At least 3 years, if not longer.

[LinktheDeme]

I don't get why we have to pay a fee for them to make interest off our idle cash. What's the fucking point

[hey]

I don't get why we have to pay a fee for them to make interest off our idle cash. What's the fucking point

Pretty sure the point is that your $.53 doesn't make them enough interest to cover the expenses associated with your account.

[Luen]

Pretty sure the point is that your $.53 doesn't make them enough interest to cover the expenses associated with your account.

The bank I work for estimates that it costs us $170 to open a new account, by the time you pay the banker, run a banking history (like a credit report, but for checking accounts), pay for a free check card, free temporary checks, free register to keep track of your expenses (not that anyone uses them), free check book cover, etc. Plus we are legally required to send you a statement every month, which means postage and printing expense as well. Add in the fact we have to pay tellers, pay for expensive free ATMs, pay people to maintain online and moblie banking, staff our call centers etc.

In the past, it was worth it to banks to open free accounts based on debit card interchange fees that we charged to the merchant, and the occasional overdraft fees. With overdraft fee regulations last year, and the bank card fee caps this year, banks have lost a ton of revenue. I know for my bank, we expect to lose $23 million from the bank card cap alone. Just my region (about 25% of our consumer division) lost $26 million to to the overdraft changes in the last year. To put that into perspective, our CEO's total compensation for last year was $4 million. Banks have to find new revenue sources, drop customers that we lose money on, and cut free services to stay in business.

And Bank of America, which I think is about the worst bank out there, is expected to lose $1 billion in revenue from the debit card fee changes. Those changes save retailers money, so make sure you ask for that discount next time you're at Walmart.

With all that said, I work for a bank that still offers free checking with no strings, we did not have to get bailed out by the government, and we have all but squeezed the crappy national chains out of our market. We have had to take some small pay cuts, and our raises are lower than they used to be, but we haven't had to lay anyone off or cut free services. Just look hard enough for a bank that knows what they are doing, it doesn't have to be a credit union.

[Valkrish]

So because banks aren't making enough money on the interest we give them they're asking for us to make up for the difference?

I'mma just skim this thread a bit to make sure.

[solanis]

you don't pay banks interest on checking/savings accounts.

[hey]

So because banks aren't making enough money on the interest we give them they're asking for us to make up for the difference?

I'mma just skim this thread a bit to make sure.

Either your account costs them more money than they make investing your money, or you don't pay any fees. While i think $10/month fees are not worth pissing people off like that, i'm not sure why they would be obligated to maintain accounts that are losing them money.

[solanis]

Either your account costs them more money than they make investing your money, or you don't pay any fees. While i think $10/month fees are not worth pissing people off like that, i'm not sure why they would be obligated to maintain accounts that are losing them money.

because we live in an entitlement society, where people think they should be given whatever services they want for whatever they want to pay; if it's free or costs the scary evil Corporations money in the process, even better!

[Meresgi]

because we live in an entitlement society, where people think they should be given whatever services they want for whatever they want to pay; if it's free or costs the scary evil Corporations money in the process, even better!

Or while the banks MAY be losing money like 50$-100$ on Account A, B and C, on account D and E they are making 1,000$+. Yeah, woe is them, their CEOs might not be able to vacation or buy a new inground pool for their summer home in Milan.

[Yousir]

And Bank of America, which I think is about the worst bank out there

Couldn't agree more. Also, I'm sure you don't want to post it here but could you PM me which bank you work for?

[solanis]

Or while the banks MAY be losing money like 50$-100$ on Account A, B and C, on account D and E they are making 1,000$+. Yeah, woe is them, their CEOs might not be able to vacation or buy a new inground pool for their summer home in Milan.

so banks should not maximize profit, which is their most important legal obligation, since you want free shit. got it.

[aurik]

No shit, if you want a system where the organization is obligated to provide for accounts that lose them money because other accounts earn them money, make the government do it.