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.
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.