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Author Topic: primitives prepare for the death of free checking accounts  (Read 2606 times)

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Offline franksolich

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primitives prepare for the death of free checking accounts
« on: December 12, 2010, 09:32:42 AM »
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9757696

Oh my.

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SoCalDem  (1000+ posts)        Sun Dec-12-10 09:05 AM
Original message
 
How to Prepare for the Death of Free Checking Accounts

http://www.mybanktracker.com/bank-news/2010/12/07/prepa... /

The days when banking customers enjoyed free checking accounts are fading away as banks experience smaller profits due to the new banking rules enforced in the past year. Because banks are revamping their checking accounts, customers need to be more active to have their monthly fees waived.

Opt for Direct Deposit

Many employees still choose to receive their wages in the form of paper checks rather than having paychecks directly deposited into a bank account. Again, direct deposits cost fractions of what it would cost to print and process paper checks. All banks monthly account fees because they’re ensured funds on a regular basis. As soon as you get paid, your bank is holding your money. Be wary of whether or not your checking account requires a direct deposit minimum in order to avoid the monthly fee. For example, a qualifying direct deposit for Wells Fargo Value Checking must be in the amount of $250 or more.

Use your Debit Card More Often

One way to fulfill monthly account fee waiver requirements for Chase Checking and Citi Basic Checking accounts is to make five debit card purchases. You must select “credit” for the transaction despite using a debit card because banks receives a portion of the credit processing charges. Debit cards are often considered less secure compared to credit cards because they offer direct access to your cash as well as fewer purchase protections. Ideal debit card purchases involve small amounts at places such as convenience stores, drug stores, and fast-food restaurants.

Save up to Maintain a Minimum Balance

snip

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Myrina  (1000+ posts)      Sun Dec-12-10 09:08 AM
Response to Original message
 
1. I disagree with their 'ideal debit card purchase' definition ...

.... those are the types of purchases that can nickle and dime you to death, and many banks will still authorize the transaction even if you don't have enough funds, so a $5.99 Drive Thru Meal ends up costing you $35.99 with the NSF/"courtesy pay" fee tacked on.

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sammytko (794 posts)     Sun Dec-12-10 09:27 AM
Response to Reply #1

9. i believe the rules changed on that. You have to authorize overdrafts now

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Myrina  (1000+ posts)      Sun Dec-12-10 09:36 AM
Response to Reply #9

14. I think terms vary.

I declined to authorize and my credit union will kick back a transaction that's not a 'monthly payment' but regular drafts will still go thru up to $100 over.

In fact, (and this is a rare instance) a couple months ago I set up auto-pay for my mortgage thinking it would take the usual 3 day-to-process cycle that it does with a 'check by phone' authorization and it hit my account on the exact day. My CU paid it, taking me close to $300 over. My paycheck direct deposited the next day so it wasn't an enormous inconvenience but imagine my surprise ...

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NNN0LHI  (1000+ posts)      Sun Dec-12-10 09:28 AM
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Response to Original message

10. The bank that I have been with for 21 years ****ed me this year on my savings account

Had a small savings account and I noticed the ****ers started charging me a fee of $10.00 a month for inactivity fees. In another few months I was going to end up owing them money. I went up to the bank and was getting about ready to strangle the bank manager before he gave me my money back and closed the account.

This kind of crap was unheard of years ago.

The ****ers.
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Offline Chris_

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Re: primitives prepare for the death of free checking accounts
« Reply #1 on: December 12, 2010, 09:44:53 AM »
Who does business with Chase and Citi?  Don't these DUmmies know they're the devil? 
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Offline NHSparky

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Re: primitives prepare for the death of free checking accounts
« Reply #2 on: December 12, 2010, 09:45:22 AM »
Seriously?  They're just NOW figuring out about DD?
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Offline Carl

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Re: primitives prepare for the death of free checking accounts
« Reply #3 on: December 12, 2010, 09:54:14 AM »
I guess banks are tired of carrying DUmmy bank accounts of $4.50 and having to print and mail statements every month for them.
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Offline BattleHymn

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Re: primitives prepare for the death of free checking accounts
« Reply #4 on: December 12, 2010, 10:01:18 AM »
Quote
so a $5.99 Drive Thru Meal ends up costing you $35.99 with the NSF/"courtesy pay"

Last time I checked, $0-$5.99 is -$5.99.  That means your munchies fix at the local slop joint was paid courtesy of your local bank.  

How hard is it to make sure money is in the account before you have any drafts against it?




I'm anxiously awaiting the arrival of one of our resident Potatonomics experts to step in and set this matter straight.  
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Offline NHSparky

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Re: primitives prepare for the death of free checking accounts
« Reply #5 on: December 12, 2010, 10:02:56 AM »
Quote
This kind of crap was unheard of years ago.

Years ago, it was unheard of to give someone who couldn't qualify for a car loan a $500K+ mortgage either.  Thank your beloved liberal policies (CRA) for that shit.
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Offline Freeper

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Re: primitives prepare for the death of free checking accounts
« Reply #6 on: December 12, 2010, 10:58:42 AM »
Quote from: BattleHymn on December 12, 2010, 10:01:18 AM
Last time I checked, $0-$5.99 is -$5.99.  That means your munchies fix at the local slop joint was paid courtesy of your local bank.  

How hard is it to make sure money is in the account before you have any drafts against it?




I'm anxiously awaiting the arrival of one of our resident Potatonomics experts to step in and set this matter straight.  


They often get pissed that the bank charges them if they can't balance their checkbook, and don't make sure they have money before they buy something.
It's real easy to keep up with your money if you track it somehow like writing it down or looking at your account online. Your bank account isn't a 2000 page mystery like the health care bill.

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Offline DumbAss Tanker

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Re: primitives prepare for the death of free checking accounts
« Reply #7 on: December 12, 2010, 11:00:42 AM »
I guess the Constitutional right to free banking services must be in there where the free medical care, free shelter, and free food things are.

 :banghead:
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Offline Freeper

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Re: primitives prepare for the death of free checking accounts
« Reply #8 on: December 12, 2010, 11:03:15 AM »
Quote from: DumbAss Tanker on December 12, 2010, 11:00:42 AM
I guess the Constitutional right to free banking services must be in there where the free medical care, free shelter, and free food things are.

 :banghead:

Check the good and plenty clause or the separation of church and state clause.
I'm fairly certain it's right next to the right for free abortions.

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Offline jukin

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Re: primitives prepare for the death of free checking accounts
« Reply #9 on: December 12, 2010, 12:34:17 PM »
Thank a democrat for that DUchebags. 

They did their for you the down trodden.

Credit card reform means no free credit cards, higher interest, and higher fees.

Banking reform means no free checking accounts, higher interest, and higher fees.

Health care reform means higher premiums, higher co-pays, higher deductibles, and fewer treatment options...oh and death panels.

The donks are doing their level best to kill the middle class so they can bring forth the glorious future of collectivism.

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Offline Evil_Conservative

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Re: primitives prepare for the death of free checking accounts
« Reply #10 on: December 12, 2010, 12:39:01 PM »
Quote from: BattleHymn on December 12, 2010, 10:01:18 AM
Last time I checked, $0-$5.99 is -$5.99.  That means your munchies fix at the local slop joint was paid courtesy of your local bank. 

How hard is it to make sure money is in the account before you have any drafts against it?




I'm anxiously awaiting the arrival of one of our resident Potatonomics experts to step in and set this matter straight. 


It's just too much work to balance a check book.

Why do that when it's easier to just take out your card and start swiping?
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Offline GOBUCKS

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Re: primitives prepare for the death of free checking accounts
« Reply #11 on: December 12, 2010, 12:44:35 PM »
Quote from: jukin on December 12, 2010, 12:34:17 PM
Credit card reform means no free credit cards, higher interest, and higher fees.

Banking reform means no free checking accounts, higher interest, and higher fees.

Health care reform means higher premiums, higher co-pays, higher deductibles, and fewer treatment options...oh and death panels.

Immigration reform means Mexicans become democrats.
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Offline ColonialMarine0431

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Re: primitives prepare for the death of free checking accounts
« Reply #12 on: December 12, 2010, 01:04:28 PM »
Quote from: Evil_Conservative on December 12, 2010, 12:39:01 PM
It's just too much work to balance a check book.

Why do that when it's easier to just take out your card and start swiping?

At least keep a running balance. That's what I do. If I have, for example, $2,000 in my checking account, and have written $1,000 for bills like electric, cable, etc, then I only have $1K left, no matter what my account says online due to those bills having not yet cleared. It's called fiscal responsibilty. A concept that is unknown to liberals.
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Offline true_blood

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Re: primitives prepare for the death of free checking accounts
« Reply #13 on: December 12, 2010, 02:37:16 PM »
Quote from: NHSparky on December 12, 2010, 10:02:56 AM
Years ago, it was unheard of to give someone who couldn't qualify for a car loan a $500K+ mortgage either.  Thank your beloved liberal policies (CRA) for that shit.
OH SNAP!
Good one Sparky. You hit the nail on the head brother. How true that is.
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Offline ColonialMarine0431

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Re: primitives prepare for the death of free checking accounts
« Reply #14 on: December 12, 2010, 02:49:14 PM »
Quote from: NHSparky on December 12, 2010, 10:02:56 AM
Years ago, it was unheard of to give someone who couldn't qualify for a car loan a $500K+ mortgage either.  Thank your beloved liberal policies (CRA) for that shit.

And the majority defaulted which led us into this recession. Ergo, don't blame Wall Street. Lay the blame where it belongs: the uneducated and the fiscally irresponsible who suckle at the welfare tit and are pulling the country down.
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Offline true_blood

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Re: primitives prepare for the death of free checking accounts
« Reply #15 on: December 12, 2010, 02:53:09 PM »
Quote from: ColonialMarine0431 on December 12, 2010, 02:49:14 PM
And the majority defaulted which led us into this recession. Ergo, don't blame Wall Street. Lay the blame where it belongs: the uneducated and the fiscally irresponsible who suckle at the welfare tit and are pulling the country down.
^^This man speaks the truth. :agree:
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Offline Texacon

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Re: primitives prepare for the death of free checking accounts
« Reply #16 on: December 12, 2010, 04:09:28 PM »
Amazing.  Absolutely amazing.  These people always proclaim to have no debt, never use credit cards, only use credit unions and STILL they have all these problems.

They must all be talking about 'friends' problems.

 :whatever:

KC

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