  Pythonmaster Member Username: Pythonmaster Post Number: 245 Registered: 12-2006 |
Let me get this straight. We prop up these weasels so that they can prey on us? http://www.freep.com/article/2 0090220/BUSINESS07/902200309/1 020/Jobless-benefit+debit+card s+mean+access+fees+for+banks | ||
East_detroit Member Username: East_detroit Post Number: 1976 Registered: 11-2003 |
So, which bank is the friend of Detroit? Which one best supports the community? | ||
Bobl Member Username: Bobl Post Number: 547 Registered: 07-2008 |
I'm glad my payment is direct deposit...I hope. Haven't noticed any extra fees yet! | ||
Chrissy_snow Member Username: Chrissy_snow Post Number: 473 Registered: 07-2008 |
Thanks for reminding me to switch my deposit back to my regular no-fee card. I temporarily switched it when I closed my bank account and I let it go to the UIA debit card because it was convenient and I didn't have my wallet handy to make the switch. Of course they interviewed people who have the worst issues, but you do get a number of free withdrawals, I think you can always withdraw free from Comerica, and you can always use it as a debit card and withdraw cash that way. Still, the banks do make money off of it, so its best to find ways to get around their fees. I prefer the cards that won't allow you to overdraft it. I wish I could get as close as possible to all cash living as my g'mother used to do, that way no one is touching my money but ME! | ||
Funaho Member Username: Funaho Post Number: 103 Registered: 11-2007 |
I have often wondered why as banking has become more automated, the fees have gone up. In 1998 when I first opened my Comerica account the overdraft fee was $15. At the time I closed my account in 2008 it was $39. Seriously, wtf? | ||
Lilpup Member Username: Lilpup Post Number: 5320 Registered: 06-2004 |
profits, profits, profits bonuses, bonuses, bonuses | ||
Cheddar_bob Member Username: Cheddar_bob Post Number: 1801 Registered: 10-2003 |
I don't know why anyone would put their money into a bank when there are perfectly good credit unions everywhere. | ||
Bigb23 Member Username: Bigb23 Post Number: 4000 Registered: 11-2007 |
Remember when the ATM's first came out, and they said it would lower costs because of less staff needed ? Well, now they charge a $3.00 terminal fee. Thanks. | ||
Bobl Member Username: Bobl Post Number: 551 Registered: 07-2008 |
Banks are your friends Big girls don't cry Yes, I'll still love you in the morning I've never done this before I'll do my best Republicans stand for fiscal responsibility Kilpatrick was framed Banks are your friends....... | ||
Hamtragedy Member Username: Hamtragedy Post Number: 384 Registered: 10-2007 |
ATM transactions cost less the bank less than a quarter. I left the CU industry 10 yrs ago, when ATM transactions cost the banks 6 cents. This was the time the $2-3 terminal fees became the norm. Credit Unions held out for a longer time to charge the terminal fee, but eventually succumbed. And 1/2% interest is a friggin crime. Screw the banks. | ||
Pythonmaster Member Username: Pythonmaster Post Number: 246 Registered: 12-2006 |
When these banks get done buying each other with our money, and there's only a few big ones left..... look out! | ||
Detroitbred Member Username: Detroitbred Post Number: 251 Registered: 06-2008 |
My husband works for one of the banks mentioned in that article. He HATES his job, and if there were any other job prospects out there, he wouldn't still be there. He has been in banking a long time,from back when banks actually DID care about customer service, when you knew the banker in your neighborhood on a first name basis.These days, it is all about fees, and making as much money off the backs of their customers as possible. He and others in that industry are under tremendous pressure daily to sell their "products" as they call them. Banking used to be an honest, respectable profession...now, not so much. Employees are treated as badly as the customers. | ||
Chrissy_snow Member Username: Chrissy_snow Post Number: 475 Registered: 07-2008 |
I just closed my long time bank account after they hit me up for over $175 in overdraft fees, for five transactions of less than $7 each. Each of the transactions were approved at point of sale, the money was there and available - I have this obsession about checking my accounts/cards before I leave the house, had an embarrassing experience years ago and since then if I can't check at home then I will whip out my cellphone and check in the car before I enter the store!!!! So I know the money was there. One of the purchases was a $3.17 balloon for my son!!! Three days later, they start processing the transactions and bounce each one of them - $35 each!!!! INcluding the balloon! I was LIVID! I called them, spoke very nicely and calmly trying to get them to take back the charges, they refused, said that's just the way things are done, its not THEIR fault if the business doesn't process their authorizations in a timely fashion. I asked to speak to a supervisor and got sent into Hold Hell. Hung up, called back, put back on Hold. I was so angry at them just taking all of that money from me, especially for such small purchases, I could have probably shook it off if it was at least for some big bang shopping spree - but to pay $35 for a balloon, a $7 lunch, etc. - I seriously had to do some deep breathing exercises to calm myself down. Then I marched into BANK OF AMERICA and closed my account. THe only comfort I have is that in a few days they were going to hit me up for $25 in excess withdrawal fees and I closed the account before they could, lol. That's a little comfort at least! I used to think it was a terrible thing to not have a bank account, but you know what, these days, that's about the only SAFE way to control your money and not let "them" have it to play around with or take it whenever they feel like it. So I'm ignoring all of the propaganda about the "unbanked" because that's all it is, just to get you to give them your money. I have a few debit cards that I like, if I need to make a purchase I'll put money on them and use it immediately, and if I need to cash a check, I'll take it to the issuer's bank. | ||
Bobl Member Username: Bobl Post Number: 554 Registered: 07-2008 |
C: I have had no bad experiences with my Credit Union. I recently heard Bank Of America referred to as Skank Of America. | ||
Charlottepaul Member Username: Charlottepaul Post Number: 2650 Registered: 10-2006 |
Branch Banking & Trust (BB&T), has been recognized as the exception to the rule of modern banks. http://en.wikipedia.org/wiki/B B&T Too bad that they haven't made inroads that far north yet. | ||
Bongman Member Username: Bongman Post Number: 691 Registered: 12-2003 |
for five transactions of less than $7 each. ------------------------------ -------- Hey Hon....how about you take out a $50 so we don't have to wait in line while you get your slurpees. You might have an easier time keeping track of your balance that way too. | ||
1kielsondrive Member Username: 1kielsondrive Post Number: 903 Registered: 08-2008 |
Python, you hit the nail on the head. I stopped using banks years ago. I use a local credit union where I still know a lot of the employees, including the board. The children of some of my childhood friends work there. It's not always ideal, but I can always find someone who knows me and my account of 40 years and will respond to my requests. LOCAL, LOCAL, LOCAL. Chase, Citi, etc, are criminals - nothing less. | ||
Diehard Member Username: Diehard Post Number: 671 Registered: 03-2005 |
Check out this discussion board where Bank of America tried to trick a guy into paying off his dead mother's credit card balance. Evil, and just skirting the line of illegal. My credit union is much, much better to deal with. | ||
Diehard Member Username: Diehard Post Number: 672 Registered: 03-2005 |
Check out this discussion board where Bank of America tried to trick a guy into paying off his dead mother's credit card balance. Evil, and just skirting the line of illegal. My credit union is much, much better to deal with. | ||
Diehard Member Username: Diehard Post Number: 673 Registered: 03-2005 |
oopsie on the double post | ||
Pythonmaster Member Username: Pythonmaster Post Number: 247 Registered: 12-2006 |
Thanks for the heads up, sounds like a credit union is the way to go. I can't put up with the shell games that these shyster banks are running. The difference between the shylocks on the street and the financial industry is that the shylocks know who their parents are. | ||
1kielsondrive Member Username: 1kielsondrive Post Number: 908 Registered: 08-2008 |
My credit union charges only a couple of bucks per month for the use of my ATM/Debit card. That's assuming I use it only at credit union service center machines, which are not real common, but they are around the metro area. If you choose to use other machines, you pay the fees you agree to. I pay for my checks and no other checking fees, unless I overdraft, which never happens. My credit card is paid automatically from my savings (shares) each month. If I have a problem, I can get a real, live, known person, on the phone pretty quickly. I've never had a problem getting a loan from my CU, but have used other sources also. They offer business accounts and seminars for aspiring and current home and business owners. We have an annual open house and meeting which is like a family party. The current director of my CU doesn't make millions and/or huge bonuses. He was my neighbor for many years. We know each other by name. Some of my childhood friend's are on the board and the daughter of one is the mortgage officer. I'm telling you a local, neighborhood story. Does any of this happen at banks anymore? Do you have to call Bangalore or Stockholm to talk to customer service for your bank? | ||
Chrissy_snow Member Username: Chrissy_snow Post Number: 479 Registered: 07-2008 |
Bongman, swiping with a credit/debit card is FASTER than paying cash, unless you have the exact change ready in your hand. And for my card at least, charges under $25 don't need a signature, so its extra QUICK! FYI, I don't do Slurpees. BoA's customer service is either overseas or staffed by select employees who speak anything other than English. That goes for their online customer service too. Looks like they have a LOT of unhappy customers, but I'm sure they don't care. | ||
Ronaldj Member Username: Ronaldj Post Number: 101 Registered: 01-2007 |
Deve[op a strong relationship with your local liquor store for check cashing services and pay cash elsewhere whenever possible. | ||
Terryh Member Username: Terryh Post Number: 1149 Registered: 11-2006 |
CREDIT UNIONS ARE YOURE FRIENDS AND THE WAY TO GO! I got some good cd rates at Flagstar bank but will pay an interest penalty if I switch the direct deposit payroll to another institution. Im going to transfer them into my money market as they mature (some for the second and third time) BUY a jumbo cd and go back to the credit union.With credit unions there are service centers and benefits to being a member. | ||
Blueidone Member Username: Blueidone Post Number: 489 Registered: 03-2007 |
Another new item....got notice today from a credit card company that they are increasing my rate from 13.99% to 22.99%...not because I was a bad customer or didn't pay on time...but...get this...because of the "extraordinary changes in the economic environment". Wait...didn't this bank just get a bucket full of money from the government? I called them..and was told that (contrary to what the information letter I got said), if I "opt out" of the increase and close my account, they will STILL increase the interest rate until I pay off the account. "However", she says..."because you are a good customer, we will leave your interest rate at liber + 11.34% until December, instead of April." So, provided the "liber" rate doesn't increase too much, I'll be ok for now. But I will do my best to pay this off before December. To me, this is like kicking people when they are down. People who need credit to exist are going to have to pay interest rates that are worse than a loan shark. Shame on these people! | ||
Alfie1a Member Username: Alfie1a Post Number: 198 Registered: 10-2007 |
I was with Lasalle Bank only because it was convenient. Now it's BoA and I'm still there. I like all the employees in the bank and that helps to keep my business. A lot of times, I joke with the tellers about the new way things are done there, for example. The clock was taken off the wall. I told her it was so the customers wouldn't know how long they waited in line. She shushed me and became real nervous, looked around to see if anyone heard me. She was actually frightened. They must really treat their employees poorly. | ||
Detroitbred Member Username: Detroitbred Post Number: 253 Registered: 06-2008 |
Alfie...you have no idea how bad it really is there. The employees are bullied by phone several times a day to open checking accounts and business checking accounts. They have to report how many the have opened before they leave at 5:00. If they haven't opened any, they are told they must stay and make phone calls till they get someone to agree to open an account. Like f...ing junior high school. That is only one of many examples I could recite. | ||
Ndavies Member Username: Ndavies Post Number: 1652 Registered: 10-2003 |
My credit union doesn't charge anything for ATM usage at any CO-OP credit union ATM. http://www.co-opfs.org/public/ locators/ATMlocator/index.cfm Most area credit unions belong to the CO-OP. You can use any branch from any credit union in the CO-OP. http://www.cuservicecenter.com /AboutSharedBranching.aspx You end up with access to far more branches than any bank could offer. My Credit union has automatic overdraft protection with direct deposit. They automaticly transfer from my saving if there is an overdraft in my checking. That costs $1. They will cover up to $500 if there is no money in either account. That costs $5. They have great automated phone and internet access to my account. They refinanced my home equity loan last October with absolutely no issues. They weren't affected by mortgage meltdown. They also paid me a $240 dividend last year. every member got at least $50. Credit union members are the stock holders. All profits are returned to the members. I will never ever have a bank account for my personal accounts. | ||
Chrissy_snow Member Username: Chrissy_snow Post Number: 480 Registered: 07-2008 |
What are the names of recommended credit unions, that you don't need an affiliation to join? | ||
Thames Member Username: Thames Post Number: 399 Registered: 02-2007 |
I can't even comprehend Chrissy_snow's post #475. If my balance was so low that I ran the risk of over drafting for a transaction that was less than $7, I wouldn't use the card, but that's just me. If you call the bank and they say you have $20 and you go in a store and make a $7 debit purchase and leave the store and call the bank again, chances are the bank will still show a $20 balance because the transaction hasn't cleared the account yet. You can't keep spending the same $7 over and over and over, just because the bank is still showing a balance of $20. I'm no fan of banks, but they're not bookkeepers for their customers and if you do that at a credit union, you will get hit with fees as well. I hate to be the one to say this, but banks really don't care about customers that bounce $7 transactions. | ||
Bigb23 Member Username: Bigb23 Post Number: 4038 Registered: 11-2007 |
quote: I'm pretty sure you can walk into almost any Credit Union now and join. I know that mine was actively seeking new members. (Genisis, formally TandC FCU) I thought a law was passed a few years ago allowing this. (Message edited by Bigb23 on February 24, 2009) | ||
Chrissy_snow Member Username: Chrissy_snow Post Number: 481 Registered: 07-2008 |
My balance was not low - as I said, I check my balance obsessively before I leave the house - my balance was well over enough to cover whatever I did. I made small transactions because I had just finished a grocery purchase and was on my way out the door and saw a display of Valentine balloons and decided to get one for my son. Instead of digging through my purse for change, I grabbed one, backed up to the automatic checkout, and swiped my card because it was faster. The other small purchases were a couple of online book orders, etc. Anyway, I REPEAT, THE MONEY WAS THERE, and I know how to keep track of my account, I'm not some teenager with her first bank account. Ironically, my son IS a teenager with a BoA account and he has to call them at least once a month to argue with them and force them to remove overdraft fees for errors in their processing of transactions. Maybe because of his age, but they always remove the fees, but since I'm not 18, I had to go through hell and back. They may have actually agreed eventually to remove the fees, if I had continued holding for a supervisor, but I had had enough, my patience ran out, I hung up and drove to the bank and closed the account. The teller didn't even ask me why I was closing it, so much for caring about the customer - even though when I closed it, I had a balance so I was withdrawing all of my money and cutting ties with them. Apparently my balance wasn't big enough to warrant a concern for my business. My protest was not so much their policy, but their unwilligness to see how ludicrous the whole thing was and to meet me halfway. I said I would agree to ONE $35 fee for the whole batch, since they all occurred out of the delayed processing of ONE previous transaction that snowballed. But I would not agree to FIVE of these outrageous fees. I had NO history of overdrafts with this account, but I did have a history of excess withdrawals from my Savings to Checking, because my direct deposit went to Savings. For each of those withdrawals over THREE, BoA charges $25, for me to take out my own money. This wasn't my first bank account, I'm well aware of how banks value some customers and not others. That wasn't my issue. BoA has a reputation of looking for ways to suck excess fees out of their customers and then pointing the blame back at you. Do a Google search and you'll see thousands of similar complaints - which is what I should have done before I opened the account. I also should have closed the account when, a while back, I did a transfer of money from my account to my son's, then doublechecked to make sure the money was there, and it was. His balance showed my transfer, so he took his debit card and spent the money. A week later, BoA bounces all of the transactions he made and claimed the transfer failed! He spent hours on the phone with them until they agreed to cancel all of the fees and force the transfer back into his account. I figured it was a fluke and wouldn't happen again, but apparently that's just the way they do business. (Message edited by chrissy_snow on February 24, 2009) | ||
Detroitchef Member Username: Detroitchef Post Number: 121 Registered: 09-2008 |
ohhhhhhh maaaaaaaaannnnnnn. for once, I have nothing to say, Not a thing. | ||
Bobl Member Username: Bobl Post Number: 562 Registered: 07-2008 |
www.cumi.com | ||
Thames Member Username: Thames Post Number: 400 Registered: 02-2007 |
I don't like BOA either, but there is a limit on electronic withdrawals from a savings account because of Federal Regulation D. It is a directive from the gov't, not the bank. My credit union tracks how many transfers I've made. They put the number of remaining transfers next to the balance so I can see if I've reached my limit. Not really an issue for me because I use a checking account too and transfers or withdrawals from checking accounts are unlimited. I (try) to leave my savings alone and pay everything through the checking. Some banks will automatically convert a savings account to a checking account if a customer repeatedly goes over the limit. If the money was there, you could not have over drafted. Even if a transaction is slow to process, it won't cause an overdraft if the money is there. We've all made mistakes at one time or another with a checking account, that's no big deal, but don't blame the bank for the error. I'm no stranger to living on the edge either, I do it all the time. When my account gets dangerously low, I just don't use it. Chase got me two months ago. I pay off my credit card each month without fail. I accidentally short paid by $100. Naturally, they charged me interest on the whole balance. The next month, I paid it off in full, including the interest charge. This last statement showed another interest charge because of the time between the two payments. Ugh. It cost me a total of $50 in interest charges for short paying by $100. I'm still pissed about it, but it was my fault. | ||
Danny Member Username: Danny Post Number: 4507 Registered: 02-2004 |
The banks are NOT my friend! | ||
Cheddar_bob Member Username: Cheddar_bob Post Number: 1807 Registered: 10-2003 |
quote: In most cases, no it's not. I think it's a fair assumption that an adept cashier can hand you back change in a matter of seconds. With a debit card you need to swipe the card, enter in your PIN, wait for the sale to be approved, then wait for the receipt to print. With a credit card, once you swipe it you wait for it to be approved, then wait for the receipt to print, then sign it and hand it back to the cashier, then get your copy of the receipt. Saying that using a card is faster than cash is bullshit. You're just trying to justify the fact that you're using your card for every little purchase, no matter how little the amount is. Do us all a favor and take out a little extra cash when you go to the ATM. Maybe you won't have trouble with overdrafts anymore. Or just sign up for overdraft protection like I did. | ||
Blueidone Member Username: Blueidone Post Number: 490 Registered: 03-2007 |
C-b...your theory assumes that the person checking out has the money out and ready for the teller. How many people actually do that? Most people wait until it is rung up and they have a total to go looking for their cash. Then they have to find the closest change they can...some women digging into their huge purses for the pennies at the bottom. And then there are the check writers who take even longer because they don't write the check out ahead of time, except for the amount, don't get their proper ID out until they are asked for it. I have had the same problems that Chrissy-snow talked about. I use my debit card for almost everything I do because I don't like carrying cash around. I balance my account with the bank every morning, and my bank shows all pending transactions that haven't cleared yet, so I know exactly what I have left. The problem sometimes comes when the bank holds a deposit for some reason that they don't explain ahead of time, their computers crash briefly and they lose some transactions, or someone mis-keys a transaction. But I agree with Chrissy that charging someone $39 for EACH item in her case is as ludicrous as raising the interest rate by 60%. | ||
Cheddar_bob Member Username: Cheddar_bob Post Number: 1808 Registered: 10-2003 |
Blueidone, fair enough if you assume that someone does not have cash in hand or is writing a check. To keep things even, however, lets just keep it to basic transactions and not assume other variables. Hell, I could say it would take longer if a card user forgot their PIN, or the pen ran out of ink. I think it would be accurate to say that most people have cash at the ready just as much as someone would have their card at the ready. My argument is when a cashier tells me my total is $7.89 and I hand her/him a $10 and they give me back $2.11, it is faster than the average card transaction that I described in my last post. | ||
Chrissy_snow Member Username: Chrissy_snow Post Number: 482 Registered: 07-2008 |
I joined Credit Union One (online) this morning - I notice they have a limit of SIX withdrawals per month, which is much better than BoA's three. I can work with that, but I'm going to make sure I direct all deposits to checking anyway. Since when did the Feds start regulating how often you can take your money out of the bank? What is that about? I don't remember that being a rule many years ago, is that something they "claim" is tied to Homeland Security? | ||
Urbanfisherman Member Username: Urbanfisherman Post Number: 98 Registered: 07-2008 |
Look up Section 204.2 of Regulation D of the Federal Reserve Board. It limits the number of electronic transactions on a savings or money market account to 6 or 3 transactions in a calendar month, depending on the type of transaction. Basically, if you want to avoid all this, don't shuffle money around from your savings account. That's what checking is for. Savings is for saving. Also, banks are completely justified for charging penalties when you overdraft, regardless of how much each purchase was. | ||
Pythonmaster Member Username: Pythonmaster Post Number: 248 Registered: 12-2006 |
From Dowd of the NY Times- The entertainment Web site TMZ broke the story Tuesday that Northern Trust of Chicago, which got $1.5 billion in bailout money and then laid off 450 workers, flew hundreds of clients and employees to Los Angeles last week and treated them to four days of posh hotel rooms, salmon and filet mignon dinners, music concerts, a PGA golf tournament at the Riviera Country Club with Mercedes shuttle rides and Tiffany swag bags. | ||
Bigb23 Member Username: Bigb23 Post Number: 4041 Registered: 11-2007 |
Also, reported on NBC, those private parties for Northern Trust included concerts by Sheryl Crow, Earth, Wind, And, Fire, and the group Chicago. Nice work Bankers, what planet are you on ? |
