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Mine is ticking me off. The epitome of nickel and diming someone to death.
My recent trip to Spain cost me almost a hundred dollars in little fees from my bank, as they charged five dollars for withdrawels, a percentage for changing the money, and every time I used the debit card as a credit card, they charged a percentage. I would have used my credit card, but they cancelled it because the charges were coming from Europe.
I wish I could use AMerica First, but there aren't any branches in Dallas.
I want to go into a branch and do a grand withdrawel of everything, but I need another place to go. Anyone have a bank that they like? I need (1) branches in Dallas, and (2) a fabulous online site, (3) free checking with direct deposit. I pay all my bills online.
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I used to bank with Wells Fargo, and I got sick of their fees, so I ended up switching to a local credit union. I had to switch to a different one when I moved back to Salt Lake, but I'm very happy with them. I don't think I'll ever go back to a bank.
Posts: 9945 | Registered: Sep 2002
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Have you considered a credit union? Esp. if you are doing most of your banking online and don't use ATM's a lot.
My wife and I go to our branch maybe once a year, and it works just fine. We get most of our cash from trips to the grocery market. And there's a credit union ATM near my work. And even in an emergency, my credit union doesn't charge on the backend if I use an ATM that's not part of the credit union ATM co-op. Whereas with my previous bank, I'd get charged 1.50 by both banks.
And we have almost no other fees -- and great terms on our auto loan and a very decent interest rate on our savings account.
Posts: 3423 | Registered: Aug 2001
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I love Washington Mutual and they're everywhere here. The service has always been great . Most banks charge for international withdrawal fees- wamu does.
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I would love to go to a credit union. I was at one in Utah (America First) and I'm sure part of the reason I'm so unhappy now is because the credit union was great.
Posts: 26077 | Registered: Mar 2000
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I don't know if they have any branches in Dallas, though I'd be surprised if they didn't...I really like Washington Mutual.
But if you qualify (must be a child or grandchild of a military officer), USAA's federal bank is excellent as well.
Posts: 5948 | Registered: Jun 2001
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Understand that the reason banks hate credit unions so much is that they don't have to fall under the same Federal guidelines as banks do. In other words, they can offer all the same services as us, but they don't have to be scrutinized by the government audits and such like we are.
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I like Washington Mutual pretty well. Jeff and I both used them before we were married, and we have continued to use them since. They are indeed all over Dallas.
Posts: 21182 | Registered: Sep 2004
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If Addison, TX is close enough for you, they have 3 Wachovia's right there. The website's great too and they have free checking with no direct deposit required.
Posts: 1214 | Registered: Aug 2005
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Wells Fargo has too many fees? I've never noticed...
Maybe you're using features that I don't have.
I'll second (or third, or whatever) the suggestion of a credit union. Most of our accounts are with one, and we are very happy with it. They did start to charge for non-network ATMs, though. That's why I try to always use the cash-back option in a grocery or convenience store. If you're going to be spending $2-$3 on fees, why not spend it on a soda or candy bar instead? And you can usually get smaller amounts in cash-back than an ATM will give you.
With all this talk of how wonderful credit unions are, and how much more Foolish they are than the standard PhirstCitiBancs that have taken over the world, surely, you are saying, there must be some drawbacks. And, indeed, you would be right to say just that.
No ATMs: The main drawback to a credit union is that they don't have the ubiquitous ATMs that make the big banks attractive. Credit unions typically have a pretty limited number of branches, and oftentimes that limit is just one. Or even none. However, to get around this, in most states credit unions have formed no-surcharge ATM networks among themselves, thereby multiplying the number of free machines available to all members. On the Internet there are plenty of lists of free ATMs available in your area, so for many this shouldn't be a problem.
Insurance May Not Apply: Although in most credit unions deposits up to $100,000 are insured by the National Credit Union Administration, an agency of the federal government, approximately 3% of credit unions are not insured. The $100,000 protection is essentially the same as that offered on bank deposits by the Federal Deposit Insurance Corporation. Obviously, make sure that any credit union you are considering becoming a member of is insured.
Checks Don't Come Back: Credit unions have special wacky names for things you're familiar with. A savings account is called a share account and the term for a checking account is a share draft account. Not really a big problem. What might be a problem, for some, though, is that at most credit unions, canceled checks are not returned to members. This isn't too big of a problem -- you just need to keep a carbon copy of the checks you write.
Range of Services: Many credit unions have a comparatively limited number of financial services available. While share accounts and share draft accounts are pretty ubiquitous, not all credit unions will have a full range of loan services and some of the more unique banking products offered. This is a problem that is quickly disappearing as credit unions are expanding their services. If you're thinking of joining a credit union, make sure it offers the full range of services that you think you'll be needing.
Odds 'n Ends
The banking industry really, really hates credit unions, because of the threat credit unions present to the lower-service banks. Banks have mounted intensive lobbying efforts to get Congress to pass laws to make credit union operations taxable. Thankfully, these efforts have all failed.
So basically -- Banks hate credit unions PRIMARILY because they have garnered "tax exempt" status (because they were originally designed to be open only to an exclusive group). So while we have to pay mega taxes each year (or share of the support to the community), they pay absolutely none.
and they aren't insured/guaranteed by FDIC -- so technically your money could be at higher risk.
If you choose a credit union, Kat, - check specifics with them for international travel, etc-- you may find they can't even accomodate all the unique services you personally use.
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Do you have Wachovia out there? They have online banking that is compatable with Microsoft Money. The account we have, we only get ccharged fees if we use a teller (then it is like $8.00 for the month, no matter how often we use a teller in that month).
But a Credit Union should be even better about the fee thing.
Posts: 9293 | Registered: Aug 2000
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Olivet, I'm surprised that you get charged to use a teller. Have you looked into the new accounts available since the merger? Many of them no longer have that requirement. The free checking accounts have free teller visists too.
Posts: 1214 | Registered: Aug 2005
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CrowsWife: It was long enough ago that I don't remember the specific reasons that compelled me to leave. I may not have gotten many fees, but they were enough to bug me. I think I also disliked the quality of the customer service.
Posts: 9945 | Registered: Sep 2002
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I see the drawbacks of using a credit union or a bank, but what's the difference between the two?
Posts: 2880 | Registered: Jun 2004
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3% aren't insured by FDIC. Unlike some banks, credit unions aren't highly leveraged by a variety of risky loans and debt acquistions.
------ The major banks are complacent. They cater only to the wealthy. They focus too much on executive compensation and short-term gains. They have engaged in too many risky loans and acquisitions in order to maximize growth and profit (and that has sometimes backfired).
And their customer service generally sucks.
This is why WashMu has been able to garner so much market share so quickly. It's like the JetBlue of banking.
Of course, credit unions are still better.
Unless you are a business customer, or really are dependent on ATMs [which is silly and can be worked around with a little planning], there's no reason to bank with a major bank.
Posts: 3423 | Registered: Aug 2001
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However, there are grocery stores and convenience stores everywhere. If you make a habit of getting cash-back during your purchases, you won't need an ATM very often.
Insurance May Not Apply: It is simple to check if the credit union you are thinking about is insured.
Checks Don't Come Back: Wells Fargo is the only bank I have experience with, and they don't return your checks either. My credit union started scanning checks in, so that they are available through online banking. So if you need a copy of a check that has been cashed, you just print it out. I don't know how widespread this practice is yet; they just implemented it maybe six months ago.
Range of Services: If you live in a decent sized city, you should be able to find a credit union with more services. Even if you can't, there is always the option of having checking and savings at a credit union (especially savings: higher interest rate) and using a bank for other services as needed.
As an example, my credit union offers, in addition to checking and saving, vehicle loans, mortgages, credit cards, home equity loans, student loans, business loans, and IRAs (traditional, Roth, and educational). Current interest rate for regular savings account, with no minimum balance: .77% Wells Fargo current interest rate for basic savings account, with $300 minimum balance (to waive $3 monthly fee): .40%
Yeah, you want to avoid an uninsured credit union with no services other than checking and saving, but you should be able to find an insured one at the least. And if there are no credit unions in your area with decent services, you can always use a bank on a case-by-case basis for those special needs.
posted
Next time you go overseas call your credit card company ahead of time and let them know. Then you will not have a problem. According to this month's Budget Travel magazine (i love my subscription), there is only 1 credit/debit card company left that does not charge extra when purchasing overseas, which is Capital One.
Many banks will exchange money for you ahead of time also, if you give them at least a weeks notice.
In regards to the ATM fees, I have always been told they are still cheaper then exchanging money at the airport.
I like Bank of America because they have branches literally everywhere country wide. Including ATMs in almost all Royal Farm stores. Great web site with free bill pay (save me on stamp money). But like the rest, they are fee happy.
I've heard Wachovia is the worst because they purposefully post withdrawels from your account before deposits. So if you are anywhere under $100 in your balance, it is very easy to get hit by overdraft fees.
Unfortunately when traveling, you just have to budget in the fact that you will have to "buy" money. I always take too much foreign currency with me, that may I only have to pay associated fees twice. If worried about theft, leave some in a hotel deposit box,
Posts: 3134 | Registered: Mar 2005
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I tried to change money at my bank, and they were going to charge me then. "I don't want to pay the fee." "No, problem, you can use your debit card as a credit card in Spain." Yeah, and be charged then. I'm really annoyed about that.
There is also the option of hooking your checking account to your credit card so nothing bounces. I tend to empty the account every month because savings comes off the top first and everything that gets deposited is spendable money, and at America First, this was fine. At Bank of America, they'll draw the money from my credit card, and then CHARGE TEN DOLLARS FOR EVERY HUNDRED. That sucks - it's just another place to suck money out of me.
Wells Fargo does the same thing, so no way there.
*goes to google for credit unions and banks*
These suggestions are great. Posts: 26077 | Registered: Mar 2000
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quote:Originally posted by katharina: I tried to change money at my bank, and they were going to charge me then. "I don't want to pay the fee." "No, problem, you can use your debit card as a credit card in Spain." Yeah, and be charged then. I'm really annoyed about that.
Oooh. That sounds downright dishonest. I'd be seriously ticked.
Posts: 9945 | Registered: Sep 2002
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I am. Between that and the ten dollars for a two dollar overdraft when there's plenty of money in savings and plenty of room on the credit card, I'm ticked.
afr, I didn't like Zion's, either. I don't remember why now, but that's when I switched to America First.
Posts: 26077 | Registered: Mar 2000
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BoA is fairly good at CS...if you go in and complain to a manager they might be able to do something about the fees this time.
ALWAYS let your bank/credit card company know when you are traveling for long periods of times, even within the US, it saves a LOT of hassles. With Internet fraud being such a problem, as well as identity theft, all the banks have plans in place to stop suspicious spending. Particularly of the spending jumps from continent to continent. Posts: 15082 | Registered: Jul 2001
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I like WaMu, I haven't had any problems with them. I did find Hibernia interesting though (the drawback being that they only have branches in TX and LA). They have long hours (open at 7am and close at 6:30pm M-F and I think are open until 5 on Sat).
Another cool feature is a coin machine that will deposit directly into an account.
They are popping up all over Texas. Also, they seem to be very customer-oriented. I always get replys the same day or next day.
Posts: 137 | Registered: May 2005
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I wrote an e-mail about it two days ago from the customer service link on the web site, but haven't heard back.
Hence the growing irritation with them. Once I was in there and they asked what it would take for me to make them my brokers. Were they kidding? They nickel and dime me now. I'm not giving them more to play with. >_<
Posts: 26077 | Registered: Mar 2000
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I don't remember Zions ever charging me a fee for anything except being able to do online synchronizations between the bank and Quicken. I've been banking with them for 10 years now, ever since I came out to Utah, and I've never had a problem. I like them because they have had branches close to everywhere I've lived here.
But the bank plays such a background role in my everyday life that I rarely think about what I actually like in a bank.
Posts: 5957 | Registered: Oct 2001
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quote:Originally posted by advice for robots: I don't remember Zions ever charging me a fee for anything except being able to do online synchronizations between the bank and Quicken.
I couldn't stand that. I synchronize with Money every single day. I'm rather anal about it. It bugs me that I can't synch with my Chase credit card without having a checking account with them. It's not like it costs them any more than it costs them when I log in to their site.
Posts: 9945 | Registered: Sep 2002
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It was back in the day, I guess. We've since figured out that we can download transactions in a QIF file from the Zions website and just import them into Quicken, costing us nothing. But to set up automatic synchronization between the bank and Quicken was like $4 a month.
Posts: 5957 | Registered: Oct 2001
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I'm not charged for using Quicken connecting to online banking either.
But then again, I never remember which services I get free as an employee, and which ones the customer is actually charged for
quote: The major banks are complacent. They cater only to the wealthy.
Yeah -- I'm glad I work for a small, regional midwest bank still owned by the family who founded it over 100 years ago. They have good ethics and are known for great customer service. But I realize you don't get that with many of the large, national banks.
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