Post # 1
So I’m going to call my bank tomorrow because I’m getting conflicting information, but depending on what they tell me, I may need to switch banks. With all these new fees coming up as a result of the CARD Act, I’m none too pleased. I know they need to make up the lost revenue since they are a business afterall, but it’s still annoying that the people who can least afford it are the ones being hit with the fees. Does anyone have any good bank suggestions that don’t require me to keep a minimum balance (or if they do, $1000 or less) and doesn’t require me to make direct deposits? I’ve also been told that credit unions might be a good option, but I don’t really know anything about them. Does anyone have some educated insight they can share with me? My employer’s husband was talking about it a little, but a lot of it was going over my head and he wasn’t really explaining much. He works for a bank or credit card company or something and just kept saying “We tried telling them this would happen when they got rid of those fees, but nobody would listen to us!” He sounded a little bitter too… lol
Post # 3
A lot of smaller banks offer lower minimum balances. I work for a smaller bank in Indiana and our minimum balances are 1000, which is less than Chase and some other larger banks. We also have it where if you just have 10 transactions a month you dont have to meet the minimum balance. I know that credit unions have great programs usually but you typically do not get the perks like online/mobile banking due to their size. A lot of banks are wanting the whole relationship now, so checking, savings, and pretty much anything else. That is a great way to not have minimum balance. A lot of places will waive the minimum balance if you have a related savings account. It will be harder to find “free” accounts because banks are losing a ton of fee income. 🙁 I hope that helps.
Post # 4
I don’t know any specific to your area but try to look into local credit unions. We belong to one and don’t have any fees, plus they usually have better rates than the big banks. I don’t have a minimum balance, or a number of transactions that I need to make in a month to pay less.
Credit unions are owned by the members instead of shareholders like regular banks. There isn’t much difference with them otherwise.
It is pretty easy to join them, we qualified based on where we worked and at our old one, it was basically anyone living in the area.
You can find one here: http://www.ncua.gov/
If you have questions, feel free to PM me!
Post # 5
I use U.S. Bank and my checking account has dipped below $100 and i’ve never been fined. I also don’t have to have direct deposit. I don’t know if you have one out there, but I’ve been nothing but pleased with them.
Post # 6
Thanks. I’m also somewhat worried that when I switch banks, the new bank might change their policies since that’s what most banks are doing right now. I’m considering just making my husband’s account a joint account because that would help meet the requirements, but we’re a little iffy on it. We kind of like the privacy of our own accounts! I was looking at Charles Schawb checking account and it sounds good, but I’d need to open a brokerage account. Any one have any insight on that? I tried reading their FAQ but it wasn’t too clear. It sounded like a good option though. I could have a joint savings with it as well with a better interest rate and no ATM fees.