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Bankrate.com's "10 things your banker won't tell you"

Most of those are common sense if you read them. I hadn't thought of them before, but none of it surprises me. I use ING Direct for savings, BTW 🙂
 
The money that this article is saying going to the bank on item 6, I thought went to VISA, not your bank.

KK
 
Originally posted by: cpals
I think my credit union does a pretty good job...
Click to expand...

Yup

Ranked in order of where you get the best return on investment

1. Credit Union
2. Online Bank
3. Broker
4. Man on the Corner
5. Bank
 
Originally posted by: GoodRevrnd
Originally posted by: TubStain
I did not know #6. I'll use the pin # next time.
Click to expand...
So every purchase is a balancing act between who you hate more: your bank or the retailer?
Click to expand...
This was a huge item in the media a couple of years ago. Read this. Fees for credit transactions and debit transactions were about the same in 2001. Then the electronic processing fee was going to more than double - almost triple. Companies such as Walmart wanted to drop the debit form of using your check card since the fees were just too high (forcing you to sign all purchases instead of using your PIN). Lawsuits ensued. Fees changed repeatedly. Now we are in the mess that #6 says.

Best bet: just use a credit card instead of a check card. It costs the retailer less than either form of check card (hopefully passing the savings on to the consumer in the long run), you usually get more money back, and you have far more legal protections.
 
Originally posted by: Nitemare
Originally posted by: cpals
I think my credit union does a pretty good job...
Click to expand...

Yup

Ranked in order of where you get the best return on investment

1. Credit Union
2. Online Bank
3. Broker
4. Man on the Corner
5. Bank
Click to expand...
Not always. Banks tend to occasionally offer fixed interest rates on savings. Which may be in their favor when interest rates are high - but when interest rates plummet it dramatically benefits the consumer. I have a 4% fixed savings account and a 2.5% fixed checking account at one bank (no fees for anything on either). I doubt your man on the corner (or many of the other items on your list) has been paying 4% interest on savings the last couple of years.
 
Originally posted by: Nitemare
Originally posted by: cpals
I think my credit union does a pretty good job...
Click to expand...

Yup

Ranked in order of where you get the best return on investment

1. Credit Union
2. Online Bank
3. Broker
4. Man on the Corner
5. Bank
Click to expand...

The order in which you will get messed up if you owe any of the said institutions.

1. Man on the corner.
2. You are already dead so don't worry.
 
Bankrate is slipping. Those were all common knowledge IMO.

If you need a good bank and don't want to get killed with fees, cross-marketing (#1), or an invasive privacy policy, go to Washington Mutual.
 
Originally posted by: dullard
Originally posted by: Nitemare
Originally posted by: cpals
I think my credit union does a pretty good job...
Click to expand...

Yup

Ranked in order of where you get the best return on investment

1. Credit Union
2. Online Bank
3. Broker
4. Man on the Corner
5. Bank
Click to expand...
Not always. Banks tend to occasionally offer fixed interest rates on savings. Which may be in their favor when interest rates are high - but when interest rates plummet it dramatically benefits the consumer. I have a 4% fixed savings account and a 2.5% fixed checking account at one bank (no fees for anything on either). I doubt your man on the corner (or many of the other items on your list) has been paying 4% interest on savings the last couple of years.
Click to expand...


What bank is paying out 2.5% on checking and how much have you got to keep in there?
 
I hate my bank. Every freaking time I do something they want to see my license. I cashed a $2.XX check before and they made me give them my licence. I never had to give my license in my home town.
 
Originally posted by: ScottyB
I hate my bank. Every freaking time I do something they want to see my license. I cashed a $2.XX check before and they made me give them my licence. I never had to give my license in my home town.
Click to expand...

Maybe because they want to make sure that's you cashing the check made out to you?
 
i don't have enough money to care for banks right now... my bank is getting free money from my no interest checking.. but i barely have anything in there 😛

savings is in ING tho... a lousy 2%, but no fees.
 
Originally posted by: Nitemare
What bank is paying out 2.5% on checking and how much have you got to keep in there?
Click to expand...
$100 minimum. It was Columbus Federal (mostly Nebraska based). The bank was for a while #1 in the nation for home loan ratio ($ loans to $ in savings the bank had). There are federal laws stating the maximum ratio which is allowed (to prevent bank failures), so they desparately needed more $ in savings in order to be allowed to make more loans. They were selling the loans to other companies just to keep up with demand, but that is a whole lot less profitable than just increasing the interest paid for checking/savings. Hence the great rates that were fixed. The bank has since been sold, renamed, and the deal was immediately ended with the new owners (although current people with the accounts can keep the deal going - hopefully forever).

I realize this is just one particular rare case. But I'm just saying that banks can be really good if you get in on the right deals at the right time. So 99% of the time you may be correct that banks are bad, but don't limit your choices by ignoring all banks - you get the best deal of all if you are open minded and research all potential options.
 
Are retailers allowed to charge people to use the debit machines when making purchases?

I've noticed in a few places that they were charging .25, .15, .xx amount to use the service. How can that be legal?
 
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