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Here comes Wal-Bank

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Newell Steamer said:
Commerce Bank just came out (which is now TD Bank) when I was informed of this fee. I opened a Commerce Bank account within a week and left the previous bank. I make coin deposits about 5 to 7 times a year.
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Screw them....http://forums.anandtech.com/showthread.php?t=2394392
They closed the business account.
I closed the checking, savings, heloc, sister's rental account, money market for the non profit. Will be closing the kid's savings, the non profit's checking and my Mom's 2 accounts when she gets low on checks.



I've heard that BofA does that and charges to get change too.
 
ultimatebob said:
If you're single or have a financially responsible spouse, sure. I doubt that both members of most married couples bother to check their account balances before using their debit card.
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So I get how you can bounce a check. I mean you write the check, you didn't realize the wife took out too much money..boom bad check.

I do not understand why banks even allow overdraft via debt card. I've been hit with this before (we bought and returned an item, bought a different item and got hit with overdraft as the funds were not refunded and we assumed they were) and it makes no sense!

My google wallet card will not run without money on it, it comes back denied. They can do it why isn't this mandatory for banks to do it on all debit cards? Hell my google wallet card will even let them run up to the last penny. Last night I thought I had 15 bucks on it, I had 14.95. The cashier told me I owed her a nickle. No overdrafts, no in the hole. This is how a debit card should work.

Before anyone asks, I use google wallet as a 'free funds' account. I put a few hundred a week there that is my budget for eating out, gas, toys, etc. When it's empty, I'm done until payday. I get instant notice on my phone when it runs, so if someone swipes it, I can immediately disable the card. It's a pretty nice service for keeping my fun money separate from my bank accounts. I've started saving a lot more now with this method as I'm no longer carrying my debit card and every time I load the google wallet I have a pain of moving the funds.
 
waggy said:
. The accounts are intended to be low-cost alternatives to traditional bank checking accounts, with no fees for overdrafts or bounced checks and no minimum account balance. for $8.95 a month with direct deposit?

seems pretty good.
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This is actually a much better deal than current banks offer for poor people.
 
sourceninja said:
So I get how you can bounce a check. I mean you write the check, you didn't realize the wife took out too much money..boom bad check.

I do not understand why banks even allow overdraft via debt card. I've been hit with this before (we bought and returned an item, bought a different item and got hit with overdraft as the funds were not refunded and we assumed they were) and it makes no sense!
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It allows banks to charge more fees. Mystery solved.
 
I've been pretty poor, and made a lot of stupid decisions throughout my youth. But somehow, through some feat of magic, overdraft fees / bounced checks have never been a problem for me? Once I discovered free accounts I've never looked back. Haven't paid a bank fee in years. Why would I? You can be poor, and still pay no bank fees. I think it's more that if you regularly have to worry about overdraft/check bouncing, you're doing it wrong!
 
highland145 said:
Screw them....http://forums.anandtech.com/showthread.php?t=2394392
They closed the business account.
I closed the checking, savings, heloc, sister's rental account, money market for the non profit. Will be closing the kid's savings, the non profit's checking and my Mom's 2 accounts when she gets low on checks.

I've heard that BofA does that and charges to get change too.
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That sucks. Didn't read the thread in detail,.. I hope you found a bank that provides you with what you need. TD Bank certainly is not perfect,.. or even capable of meeting your basic needs.
 
Hey, why not? Everyone wants a piece of the banking industry. Lots of potentially non-corrupt money to be made there.

Heck, it worked for GE. Made them a lot of money.
You think of General Electric, you probably don't think "Lending company." Maybe something more oriented to electrical appliances or maybe train locomotives.
GE Capital - $44B in revenue last year, "about 30 percent of its parent’s overall consolidated revenue."


Diversify into everything.




zephyrprime said:
It allows banks to charge more fees. Mystery solved.
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Precisely.

Same reason they would sometimes try to stack checks so as to overdraw an account first, then hit you with overdraft fees for all other outstanding checks: More overdraft fees. Their lawyers can also beat up your lawyer and get away with it, and they know that all too well.
Large company screws you over: You take it with a smile and ask for more.
You fail to pay a large company for any reason whatsoever: "Send in the hounds."
 
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TwiceOver said:
The same people that pay 5%+ for check cashing at wal-mart.
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Walmart charges a flat rate of $4 or $5 for checks, I forget which. Not a great deal if your check's $50 bucks, but a super deal if your check's $2500. Without a bank account Walmart's easily the cheapest place to cash a check. The Check-N-Go up the street from Walmart for instance. That same $2500 check would be $50 to cash.
 
Walmart is planning on opening up Forex brokerage services as well. You can walk in to a 24/7 trading room and deposit money into a trading terminal (ie via credit card,atm, cash,etc..) and with the cash credit you can trade Forex real time.

and when your done you can either cash out (if you made a profit) or keep the credits for another day of forex trading.

This is an actual screenshot of the trading terminal software running on the Wallmart terminals. I heard mid 2015.

etoro-charts.jpg
 
highland145 said:
Just be aware that people will put you in the same category as used car salesmen.
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Please don't tarnish the reputation of used car salesmen by trying to tie them to high interest rate lenders

😛

zCypher said:
I've been pretty poor, and made a lot of stupid decisions throughout my youth. But somehow, through some feat of magic, overdraft fees / bounced checks have never been a problem for me?
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If you're in a relationship it is more complicated. It took the wife and I a bit to establish new habits. At first while we both knew how much was in checking we didn't necessarily know how much the other person spent that day. We weren't used to having to think that way
 
Hugo Drax said:
Walmart is planning on opening up Forex brokerage services as well. You can walk in to a 24/7 trading room and deposit money into a trading terminal (ie via credit card,atm, cash,etc..) and with the cash credit you can trade Forex real time.

and when your done you can either cash out (if you made a profit) or keep the credits for another day of forex trading.

This is an actual screenshot of the trading terminal software running on the Wallmart terminals. I heard mid 2015.

etoro-charts.jpg
Click to expand...

I award one cookie for this post.
 
Dannar26 said:
You shouldn't be able to cause overdrafts with a debit. It should just get denied. You must have a crap bank.
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Overdraft protection is pretty common. It's rather handy when getting by unemployed, knowing you don't have enough, but needing to spend just that much more 🙂.

Using my CU, I even have got the best of it: I could overdraw, but then as long as I put money in before they closed, wouldn't get charged any fees, just as if the overdrafting never happened, since it was all positive at closing time. So I could pay for gas or parts for side jobs, then stuff money back in.

Of course, I thank the FSM I don't have to resort to such tricks, these days!
 
highland145 said:
:biggrin: Capitalism at it's finest.

Buy a car for $3K
Sell it for $4500
Get $1500 down
Finance at 28%APR
Repo for non payment
Re sell for $4K...
repeat
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done that a few times.

my family owned a few used car lots. easy money but i hated the work
 
highland145 said:
Until something breaks or they stop paying. It is good money though if you know what you're doing. ATM, I'm too lazy.
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If it breaks it's not my problem.

Now them deciding to stop paying sucks but also not my problem that is the banks problem.

I found though i was a terrible car salesman. IF someone came in with a sob story i fell for it. while i never lost money there was times i barely made it.
 
Our local WM has a bank inside the store (nears the check out section with other small businesses such as hair saloon and nail shop). I wonder if that bank will be gone after they implement this new arrangement.
 
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