My credit union gives me 0.3% interest on checking, free wire transfers, free checks, free money orders, free travelers checks, free Visa gift cards, remote deposit, free overdraft transfers from savings, free notary and Medallion signature guarantee, free stop payments, reimburses all ATM fees no limit, AND I can use any credit union in the Credit Union Service Center network to make deposits/withdrawals. Like having a bank branch just about anywhere I go. It costs nothing and I don't have to make any minimum amount of debit purchases (in fact, I don't even have a debit card).
I looked at 10 banks in town from giant to small and none of them can match that.
Not a brag, just saying that credit unions are getting more and more competitive with any bank offering these days.
what credit union is this? cuz that sure as fuck aint any credit union available around here.
I called and spoke with a CSR, Susanne.
She told me that this is a $3 per month fee, and that ALL banks that do business in these states will be collecting it - not just WF.
She also said that it applies to every non-business account.. Doesn't matter if it's "free" checking or not.
Then she tried to get me to get a quote on my car insurance... Uhm no thanks.
I called and spoke with a CSR, Susanne.
She told me that this is a $3 per month fee, and that ALL banks that do business in these states will be collecting it - not just WF.
She also said that it applies to every non-business account.. Doesn't matter if it's "free" checking or not.
Which states exactly?
$3 monthly debit card fee? Goodbye Wells Fargo!
Ive owned 3 checking accounts concurrently over the last decade:
The first was work related that I have had since 1991 and I closed it in 2009 because I didnt use it much.
The second one I had with Wells Fargo that I opened in 2004 when I was a Gold Powerseller on Ebay. I kept cash there for buying & selling. I even won a free $2,000 laptop from them in 2006 that I still use today. I was happy as a clam with Wells.
The third was with Chase opened in 2009 to get a $150 opening bonus. I had intended to close this account in six months but thankfully never did.
So -
Last week Wells Fargo said they are going to start charging $7 a month and in certain states (not mine) they are also charging $3 a month to use a debit card. So they want $120 a year to do business with them? :\
As I result Im closing my Wells account today and all I will have is a grandfathered free* checking account at Chase. :'(
*=$6 fee waived if 5 debit card purchases are made from the account each month.
I'm looking into Georgia's Own credit union myself. They seem to have pretty decent services and no fees.
Disclosure - I am a banker...
All banks have different types of checking accounts, and each of those different accounts have different fees or requirements. If you talk to a banker about it, they will likely recommend that you change your account to another type that may be a better fit for you.
If you bring more of your business to any bank, and upgrade to a higher level account, you will likely not have to deal with these type of issues. Times are changing, and banks' profits have been slashed greatly, so look for ALL major banks to be implementing changes, and they will ALL have some sort of requirements to be met in order to have those service fees waived.
The bottom line is that checking accounts have not always been free; it is a relatively recent development. If you want to keep your business spread between several banks, that is your decision and nobody will argue with you, but you'll probably find that banks will be more lenient with you if you qualify for and maintain a higher level account by consolidating your finances with one institution.
Disclosure - I am a banker...
If you want to keep your business spread between several banks, that is your decision and nobody will argue with you, but you'll probably find that banks will be more lenient with you if you qualify for and maintain a higher level account by consolidating your finances with one institution.
Then I will stop using them, very simple. I use a debit card because its convenient, but not that convenient that I'm willing to pay for it
Having all eggs in one basket has to be one of the dumbest things I've ever seen posted.
Good thing you prefaced with "Disclosure - I am a banker...".
Dave slipped over from P&N. Enough said.Care to share your reasoning with me on that? I am not talking about investing all your money in a single company's stock. THAT would be the dumbest thing I have ever heard.
lol USAA.