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Banks Informative - New $5 ATM fees

Review by 54118 on 2011-03-29
Total Checking." "Value Checking." "MyAccess Checking." What do they all have in common? The word "free" is missing from the name.

You are likely painfully aware that big banks like Chase, Wells Fargo, and Bank of America have ended no-strings-attached free checking accounts. But if you had any questions about how restrictive -- or expensive -- those strings can be, consider Chase bank. Scarcely two years ago, we marveled at banks’ efforts to inch fees up to $3 per withdrawal. Chase bank is now test-piloting $5-per-withdrawal fees for non-customers in Illinois. That's in addition to fees the consumers' bank charges. Soon it may cost $10 to grab $20 in a pinch.

For the full story please see the following link:

http://redtape.msnbc.com/2011/03/total-checking-value-checking-myaccess-checking-what-do-they-all-have-in-common-the-word-free-is-decidedly-missing-from-t.html
Comments:53 Replies - Latest reply on 2011-04-02
Posted by MRM on 2011-03-29:
As long as you're withdrawing from your own bank there wont be any ATM fees.
Posted by MRM on 2011-03-29:
I love my Bank of America since they have ATM all over the city and nationwide.
Posted by Anonymous on 2011-03-29:
Conversely, I love my credit union because I can get free ATM withdrawals at ANY credit union nationwide. I never knew that until I joined up.
Posted by MRM on 2011-03-29:
Really, they have a credit union nationwide? Then again I dont have credit union/
Posted by Anonymous on 2011-03-29:
They have credit unions nationwide. Since they all belong to the same network, ATM withdrawals are always free no matter the name of the particular credit union. If I use a bank ATM though, it does cost $1.00. Not too bad in a pinch, but a complete waste of money.

I've found that getting cash at the grocery store when I'm paying for my groceries is the easiest way yet, and always free. There are ways to get around the fees. Plus, we always have to buy groceries, so it's convenient too.
Posted by Anonymous on 2011-03-29:
I'm usually vocal against bank fees but when it comes to ATM fees WTMWB.
Posted by Anonymous on 2011-03-29:
Good post, Wally. The banks promised they would retaliate against the stricter banking regulations and they are delivering on that promise.

I'm sticking with my credit union and a small regional bank. I also do what Sing noted..and take out cash when I'm at the grocery store.
Posted by Anonymous on 2011-03-29:
Same here and totally agree, JC.
Posted by Anonymous on 2011-03-29:
People complained about overdraft fees the banks did away with them, and now they are coming out with other ways to suck you dry like the old saying goes "be careful what you wish for"
Posted by Anonymous on 2011-03-29:
Banks did away with overdraft fees? Seriously, when?
Posted by Anonymous on 2011-03-29:
That's true Wally when you're talking about the big national banks. As others have pointed out though not so true when you're talking about local guys.

In the OKC area its pretty easy to find FREE atms. They're all over the place and they ain't leaving. It's also easy to find free checking and that's not going to change either.

Big national banks were a bad choice before the change in the law and they're still a bad choice after the change. Nothing new there.
Posted by Anonymous on 2011-03-29:
Wally, where did you get this article?
Posted by Anonymous on 2011-03-29:
from msnbc
Posted by Anonymous on 2011-03-29:
I knew this wasn't your writing style
Posted by Anonymous on 2011-03-29:
Lunaan you couldn't tell that it was a C&P?


An informative one though.
Posted by DebtorBasher on 2011-03-29:
I was just informed my my bank that starting June 1, there will be some changes. Checking accounts that had no minium balance will now have to have a minimum of $5,000.00 or a $5.00 fee each month it is below that balance. Also, a savings account has to have at least one activity a month, such as a deposit/transfer or withdrawl or you will be charged a fee. However, if I make more than 6 withdrawls/transfers, I will also be charged a fee...
Posted by Anonymous on 2011-03-29:
You should always cite your source when you C&P
Posted by Anonymous on 2011-03-29:
Basher, You know what that means don't ya?
Posted by DebtorBasher on 2011-03-29:
Yeah, it means I should listen to my Sheriff and put our money in a coffee can.
Posted by Anonymous on 2011-03-29:
No, that's terrible advice. You should change banks.

Your father is vertern, right? You might look into USAA. Not only will they save you a bundle on all your insurances (they will) but they offer really good banking services as well.
Posted by Anonymous on 2011-03-29:
No, it means you should look for a local bank or credit union. I refuse to pay hard earned money when I have a choice.
Posted by DebtorBasher on 2011-03-29:
That IS my next step LR. I just discovered USAA about three months ago...and found they have a great introductory offer on a credit card. Now, you know how I feel about credit cards, but I was looking for one that I can transfer a balance to and I found one that the USAA was offering at 0% for one year...I took advantage of that and will have the balance paid off before the 12 months expire. I just got the card and transfer about two weeks ago and I'm looking at the other offers they have and I was thinking about checking out their bank offers as well.
Posted by Anonymous on 2011-03-29:
Get the insurance quotes TODAY. You'll be shocked how much they will save you on your auto insurance. Also, if you open up savings account with $25 or checking acount you'll save an immediate $35 a year on your insurance.

Whatta you mean you just heard about it? Principissa and I have been singing USAA's praises for years. That's what you get for listening to Sheriff.
Posted by yoke on 2011-03-29:
sing, not all grocery stores are free when you want to take out extra cash when using your debit card. Price Chopper charges 50 cents. It's not alot, but it shows how greedy some stores are.
Posted by Anonymous on 2011-03-29:
If it weren't for plagiarism I'd be a mute. Ha! I say that like it would be a bad thing, lol.
*justice agrees*
Posted by Anonymous on 2011-03-29:
My bank lets me opt out of overdraft protection. So if I go over they will just decline my card and I won't get charged.
Posted by Anonymous on 2011-03-29:
Overdraft protection is an option not a stipulation. I too chose not to sign up for it.
Posted by DebtorBasher on 2011-03-29:
Don't you be raggin' on My Sheriff!
Posted by trmn8r on 2011-03-29:
I use PNC, which hasn't pulled any of these shenanigans yet. Also, a small local bank, which hasn't either. Doubled-down, I guess I will ditch the first one that raises rates.

I opted in for overdraft protection, for the following reason - I rarely overdraft. By rarely, I mean one every 4-5 years. It's a kind of insurance, for me.
Posted by Anonymous on 2011-03-29:
Basher, Ya know I love Sheriff more than my wireless media mouse. I'm just saying if he told you to keep your money in a foldgers can perhaps financial advice isn't his forte.
Posted by DebtorBasher on 2011-03-29:
It wasn't Folgers, it was Chock Full o'Nuts can! I don't think I can get the car insurance, because the car is under my name and my Dad doesn't drive anymore...but I'll check into the banking with them.
Posted by Anonymous on 2011-03-29:
Lordship or Debtor, it true what the OP stated about banks doing away with overdraft fees?
Posted by Anonymous on 2011-03-29:
Lsal, I meant they did away with them as they let you opt out of it. You have a choice its not mandatory by them anymore.
Posted by Anonymous on 2011-03-29:
Basher, I think as the daughter of a current USAA member that qualifies you to be a member. Call them up and ask...doesn't hurt.

Technically Wally what the new law says it that you have to 'opt in' to overdraft protection whereas before most banks automatically gave the customer overdraft protection without the customers consent.
Posted by DebtorBasher on 2011-03-29:
It's your choice if you want to opt out...but if you do, and a check bounces, you're at the mercy of the fees charged for a return check by the store/company you sent your check to...they have overdraft protection, that you agree that the bank will use another account of yours to cover the payment if there are NSF in your checking...so, if you have a savings with them, they will take it from there.
Posted by Anonymous on 2011-03-29:
Overdraft fees are alive and well.

Back in the day if you had low funds and swiped your card for more than you had, you were denied. Somewhere along the way that changed and they would allow you to make charges you couldn't cover and you paid exorbitant OD fees. That is now the account default.

You can choose to "opt out" of it and go back to being denied if the funds aren't there. That will save you on the fees incurred from that type of transaction.

Any other transaction that causes you to OD - writing a bad check, auto payments for your mtg, etc... will still bring about the fee as it always has.

That is my understanding of the new regs.
Posted by DebtorBasher on 2011-03-29:
LR, I think I did read something like that on their website. I just checked out the Renter's insurance and for the same coverage I have with StateFarm, I will only save $5.06 a year...but then my StateFarm car insurance will increase because I get the discount for having multi policies with them...so....I'll stick with State Farm but will still look into the banking.
Posted by Anonymous on 2011-03-29:
To the OP: Overdraft protection was NEVER mandatory.
Overdraft FEES are and always will be part of banking.
Does the OP sure that he has the terminology of the two correct?

Thanks Blue.
Posted by Anonymous on 2011-03-29:
Lsalvador, There were banks that wouldn't allow you to opt out of overdraft protection before the recent law. If you didn't want their overdraft protection then your only option was to close the account. It wasn't mandatory by law but it was mandatory by bank policy.
Posted by Anonymous on 2011-03-29:
Time for another trip to consult the oracles of 7-11.
Posted by madconsumer on 2011-03-29:
i pay no fees with bank of america. not even below the limit balance fees.

atm fees are zero as long as i use a bank of america machine, or POS.
Posted by Anonymous on 2011-03-29:
I never experienced that problem, Lordship.
Why would anyone sign up for that if a competitor doesn't require it? It make no sense to me. I'd use a reloadable debit card first.

Thanks for enlighting me on this issue. (VH)
Posted by Anonymous on 2011-03-29:
Please Lsal do some research before you call me out ok :)
Posted by Anonymous on 2011-03-29:
I wasn't calling you out, I merely wanted clarity and as stated I never had to sign up for "ODP".
Posted by leet60 on 2011-03-29:
I am more concerned, overall, with the hints by the banks that they will limit debit card transactions to $50 or $100.00 per transaction. I spend more for groceries than this and it would necessitate a trip to an ATM with a resulting fee. (Which I am certain is their intent).

Overall, I believe the entire fiasco was brought on by two things - the advent of the debit/checking card which led to many individuals failing to keep or balance a checkbook register - giving reason for the banks to charge overdraft fees; and "free" checking. Realistically, no business could make much profit simply allowing you to deposit your money and immediately spend it all in a short period - which is what many do.
Posted by Anonymous on 2011-03-29:
leet, from what I understand, if you run your debit card as "credit", you are not limited. At Christmas, I was limited to $500 per day using debit. My credit union told me if I ran it as a credit when I'm doing a lot of purchasing, then there would be no limit.
Posted by madconsumer on 2011-03-29:
debit card limits as credit is all dependant on your credit rating. if you have a high credit score, your limits as credit is raised. same as with cash withdrawals.
Posted by Anonymous on 2011-03-29:
Not so, mad. I have a very high credit rating. My credit union limits everyone to $500 per day for debits. I don't understand why they allow unlimited credits, but it helps when I'm doing a lot of shopping. I know this because I went in and asked them--not because I'm guessing.
Posted by clutzycook on 2011-03-29:
singsing, I have the same thing on my BOA debit card, but that's courtesy of Hubby. It was his account at LaSalle bank before it became ours (BOA took over about 3 years ago I think) and he did that thinking there would be no way he would have to debit more than that in a day. LMAO! Obviously he never had sisters :)
Posted by Anonymous on 2011-03-29:
LOL, clutzy. Never tell him!
Posted by Alain on 2011-03-30:
Good information, Wally.
Posted by HOCKEYLOVER on 2011-04-01:
On bank fees there is a saying (IF YOU CAN'T WIN THE GAME CHANGE THE RULES)
Posted by ok4now on 2011-04-02:
Most banks are thieves today. Their unending greed and gouge the customer mentality is pathetic. Banks are responsible to their shareholders so they try to suck every last dime out of you. Credit Unions are the way to go. The customer is the shareholder so they are responsible only to you. The benefit is lower interest rates, higher savings yields and little or no fees. There are no ATM charges at 7/11's or WaWa stores. I have never been charged an ATM fee.

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