Tired of PAYING your bank to keep your money? They should be paying YOU.

[Overmind One]

Something happened to the banking industry between say...1980 and today. At some point, your bank stopped paying depositors interest on their accounts and started CHARGING monthly fees for checking and savings accounts. HUH? They use the depositor's money to make loans which pay for all those fancy branch offices and skyscrapers worldwide. But what say do the depositors have in how their money is used? The interest people used to make on their deposits is long past history when it comes to Big Banking. In my case, it was Bank of America. Suddenly, I was getting a $15.00/mo fee for just HAVING a checking account with them, and another $5.00 for just HAVING a savings account? If you "save" say...$100 at Bank of America in a savings account, and you do nothing at all, it will be gone in 7 months, and will actually go negative! Mine didnt do that, but knowing this is happening...the slow drain...is infuriating. You are doing better if you just keep the cash in a bag at home. At least it wont fritter away by being nibbled at monthly by your bank.

So, what is the solution?

For me, it was switching to Capital One 360. It used to be ING Direct, but now it is Capital One 360. They actually STILL PAY INTEREST! And what...no checking fee? No savings fee? No minimum balance? And you actually get interest? That means that if you put $100.00 in a savings with CapOne 360, at the end of the year it will be your original deposit PLUS whatever interest is paid. The old days are back, albeit in a new way. I have dumped Bank of America and moved everything over to Capital One 360. I did keep my credit card account with them, but my other two cards are with Capital One already, so this was not a rash and unthought move.

You get a mobile app, where you can do all your transactions, and you can even deposit a check from your smartphone by just taking an image of it. I have my paycheck direct deposited to my checking, and basically I have everything I had with Bank of America except a branch office I can visit. Who cares? I never went into branch offices. There are a number of ATMs you can use, basically "off the grid" like in markets and 7-11 or standalone kiosks. No ATM fees when you use these. The first checks are free, and you of course get a debit card with MasterCard and the usual Star and Plus and others.

Had to post this...Im a happy camper!

PS, they do have 401K, CDs, Investment products and Credit monitoring tools.

 

[Gatefan1976]

Yeah, welcome to socialist based banking systems.

 

[Overmind One]

Yeah, welcome to socialist based banking systems.

I already love it! The first interest was paid on my checking account, and I was like...they actually added to my money instead of charging me a fee to be graced by their services? Socialism was never a problem with me...

Good to see you.

 

[Gatefan1976]

Never said it was, but now you know why usury was considered such a crime.

 

[Bluce Ree]

European banks I've dealt with charge nothing, not even ATM fees.

 

[Overmind One]

Never said it was, but now you know why usury was considered such a crime.

People stick with their Big Bank because they have been there for so long. Once loyalty has been built, and tentacles have been created like CD accounts or investment products, it is hard to get out. But for Average Jack and Jill, a checking account and savings account at Big Bank will cost them not only any interest they are owed, but part of their actual principal! I find that appalling.

 

[Overmind One]

European banks I've dealt with charge nothing, not even ATM fees.

This bank is like that. No fees at all. They are PAYING ME to save with them, in the form of actual interest and free services like checks and no ATM fees. But all members of Big Banking (BofA, Wells Fargo, Washington Mutual, Union Bank, etc etc etc)...all the brick and mortar banks with actual buildings are charging their depositors fees for doing business with them and they are giving nothing near the value in return. I see why it became so big.

 

[Bluce Ree]

This bank is like that. No fees at all. They are PAYING ME to save with them, in the form of actual interest and free services like checks and no ATM fees. But all members of Big Banking (BofA, Wells Fargo, Washington Mutual, Union Bank, etc etc etc...all the brick and mortar banks with actual buildings are charging their depositors fees for doing business with them and they are giving nothing near the value in return. I see why it became so big.

When I say no ATM fees, I mean they don't even charge for using a competitor bank's ATM. Good luck with that bullshit here. ATM fees are a complete scam.

By the way, BofA has a no-fee, no interest account. I hate that bank but I've had $4 in an account there for nearly 4 years. It's still there.

 

[Overmind One]

When I say no ATM fees, I mean they don't even charge for using a competitor bank's ATM. Good luck with that bullshit here. ATM fees are a complete scam.

By the way, BofA has a no-fee, no interest account. I hate that bank but I've had $4 in an account there for nearly 4 years. It's still there.

I had a business checking, a personal checking and personal savings account. One credit card. Now, all of that is at Capital One bank and 360 except the one B of A credit card. When I saw actual interest posted to my account, it just made me smile. . Ironically when I was a kid, my dad took my brother and sister and I down to Bank of America with our piggy banks, and I remember the first interest payment even then. But then there were fees? How can there be a fee for them to use my money and make money with it? Isnt that like having somebody keep your car for you, but use it every day to go to work? Then CHARGE you for that???

 

[Gatefan1976]

People stick with their Big Bank because they have been there for so long. Once loyalty has been built, and tentacles have been created like CD accounts or investment products, it is hard to get out. But for Average Jack and Jill, a checking account and savings account at Big Bank will cost them not only any interest they are owed, but part of their actual principal! I find that appalling.

Chalk it up to all the other appalling things that excess money allows you to do.
And seriously, WTF do you need with a checking account.

 

[Overmind One]

Chalk it up to all the other appalling things that excess money allows you to do.
And seriously, WTF do you need with a checking account.

Many services in the US require a checking account. Utilities for instance. Most people use them only once a month for a rent payment or perhaps to daycare or a housekeeper. Im talking about paper checks... For me, it is exactly one paper check a month because that is how they prefer it. Also, most every debit card account in the US is based on a checking account. Even if you never write a check, it is still considered a checking account.

But Capital One 360 does this by not having a bunch of REO (real estate owned). No mortgages/leases to pay, then you can pass that savings on to depositors, even if they are using deposits to secure loans for equipment like servers and datacenters and technicians. I like that model. Wish I had done it much sooner.

 

[Gatefan1976]

They prefer it because it allows them to piss fart around on the short term money market between the time the check is issued and when you cash it.
EVERYTHING out here is Bpay or direct Debit to your account. You poor picks are living in the banking stone age.

 

[Overmind One]

They prefer it because it allows them to piss fart around on the short term money market between the time the check is issued and when you cash it.
EVERYTHING out here is Bpay or direct Debit to your account. You poor picks are living in the banking stone age.

Its my rent check. Many management companies have online rent pay...not mine.

 

[shavedape]

They prefer it because it allows them to piss fart around on the short term money market between the time the check is issued and when you cash it.
EVERYTHING out here is Bpay or direct Debit to your account. You poor picks are living in the banking stone age.

That's because when it comes to economics -- macro and micro -- Americans are effing idiots. We've been generation-ally raised to be ignorant about money, its origins and how it works. Being an intellectually lazy lot we are now reaping what we have allowed to be sown.

 

[Gatefan1976]

 

[Rac80]

two words: Credit union-- no fees evah! everything available online. Hell we can even get a free box of checks each year- but we haven't gotten more checks in 5 years- we pay everything that we can online. 30+ years with credit unions - I love them.

 

[Tripler]

Yup . I'm with a credit union though our mortgage is with Manulife but it is a credit line and not a mortgage .

 

[Overmind One]

See, the pervasive theme here is "There is always a better way". But because the media will NEVER tell you that you dont need what they are selling, people dont know. Linux, fee-free/interest bearing checking and savings, credit unions, cooking your own dinner with carefully selected ingredients, working out, taking vitamins, etc etc etc. The media wants us to be broke, unhealthy (and in need of very expensive medical services!), fat (but I have a weight-loss miracle program just for you!). It's disgusting. But in a cpitalistic society, there is incentive to do this shit....perhaps it is not all that great? The existence of money created incentive to con, steal and hoard.

 

[Gatefan1976]

two words: Credit union-- no fees evah! everything available online. Hell we can even get a free box of checks each year- but we haven't gotten more checks in 5 years- we pay everything that we can online. 30+ years with credit unions - I love them.

Filthy Socialist Unionist.

 

[Atlantis]

Here in Australia, they are taking the big banks to court for bank fees on late payment for credit cards. ANZ charges $30 for an annual fee it's such a rip off.

http://www.abc.net.au/news/2014-08-12/bank-fees-class-action-lodged/5664382