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Old 10-04-2006, 10:12 AM   #21
Larry_OHF
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Some people have to pay monthly fees to hold bank accounts open. Some people pay a yearly fee. Some service fees apply if a check bounces or if the bank has to do special work in your behalf.

I bank with a credit union, meaning that it is a non-profit, member-owned institution and I do not pay any service fees for merely having money there. I feel sorry for anyone that actually does these days with so many options available. The only fees I would owe would be if a check were to bounce for insufficient funds. That is a punishment incentive for making sure I am not slack on my written promises.
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Old 10-04-2006, 11:40 AM   #22
shamrock_uk
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Thanks for the reply Larry [img]smile.gif[/img] That credit union thing sounds like a good idea and is much like the commercial banks work here.

Granted, they'll use every opportunity to levy penalty charges for something like a bouncing cheque, but we'd never have to pay money for a basic bank account.

I gather that paying service charges is the norm for those not in a credit union? How do they get away with that - that's effectively the bank using your money to earn a profit and then charging you for the privilege of letting them do so! Crazy - you're lending money to them, not the other way round!

[ 10-04-2006, 11:42 AM: Message edited by: shamrock_uk ]
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Old 10-04-2006, 01:35 PM   #23
Lucern
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You're right Shamrock...it's a bit absurd. The way my bank was justifying levying that charge, was the 'service' of having a checking account in addition to a savings account, and for the service of having ATMs.

I use a credit union associated with my university.
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Old 10-04-2006, 05:58 PM   #24
Sir Krustin
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...which is a pile of bull.

They used to charge us (up here in Canada) for using the teller as an incentive to use the ATM, thus saving them hiring tellers.

Now they charge a fee for using a teller or an ATM. You get a set number of transactions "free" with your monthly fee, with additional transactions costing you more.

We used to have a middle ground for banks up here, called Trust Companies - but they changed the law a while back allowing the chartered banks to merge with the trust companies. Now they're no better than the chartered banks.

Credit Unions are getting a bit endangered now, also.
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Old 10-05-2006, 07:56 AM   #25
wellard
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Banks in the UK still do not charge like wounded bulls like they do in Australia (and seemingly the U.S.). That people agree to the concept of being charged for a bank to make money from thier own money is stunning! why do people let that happen to them? It beggers belief

Great post Larry, keep us informed [img]graemlins/thumbsup.gif[/img]

I have been with a credit union for nearly 20 years now and have not stepped inside a bank for over 10 years. Bank shares are the only dealings with banks I would ever have, making money out of people to dumb/slow/lazy to bank elswhere.
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Old 10-05-2006, 01:56 PM   #26
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I got charged for the privalige of having an agreed overdraft for a while, but then I didn't pay anything for using said overdraft.

Needless to say I abused their refund policy by upgrading to the account that charged but had free overdraft, then used a minor price hike as an excuse to downgrade to a normal account again, being so close together I got it all refunded and no penalty charges.
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Old 10-05-2006, 02:58 PM   #27
Larry_OHF
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This is great that the thread is taking the tangeant of talking about the absurdities of general banking (apparently world-wide).

By the way, Clark Howard's website now boasts that $30 million has been reported withdrawn on the effort to force BoA to fix their mistake with Matthew.

I also told everybody in one of my classes at school last night, and one lady said that her boyfriend would be closing his account today.


[ 10-05-2006, 02:59 PM: Message edited by: Larry_OHF ]
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Old 10-05-2006, 05:44 PM   #28
Bungleau
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Hmmm... reading through the links on Clark Howard's site, it's not as clear cut. According to one article...

Quote:

So Shinnick, who resides on Nob Hill, stopped by a BofA branch near Union Square in early January. He said he asked a teller if sufficient funds existed in the BofA business account to cover the check.

"She said it was a valid account and that there were funds to cover it," Shinnick recalled. "I said, 'Great,' and asked to cash the check."

He signed his name on the back.

What Shinnick didn't know is that he'd just become party to a crime. The bank account may have been real but the check was phony.


Note that this is *NOT* the same as asking if it's a valid check... it's asking if the account is legit, and if there's enough money.

'Twould be nice to know what actually happened... but all things aside, BoA has a real PR mess on its hands right now... and it won't get any better.
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Old 10-06-2006, 11:50 AM   #29
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This is why I LOVE the end of the movie "Fight Club". If only that happened [img]smile.gif[/img] (No one in them though when it happens)..
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Old 10-17-2006, 02:18 PM   #30
Larry_OHF
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$40 million withdrawn from BOA!

This is a quote from ClarkHoward.com. There is no way to verify it, but people have reported to the website once they've done their part and so far, 40 million have been reported removed.

BoA, one of three largest banks in the US, one of the largest banks in the world owns assets measured by the trillion mark. I don't think they even feel the loss of 40 million...it would be like me losing 50˘. However, we do what we can in response to their unresponsiveness.

Matthew, the man who was wrongfully arrested and lost $14,000 in court costs to clear his name represents all of us as any of us could suffer the same fate of wrongful arrest due to error by a corporation, but the problem here is that they do not want to remedy their error, and would rather be cold-hearted and unresponsive.
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