Illinois Teen Learns About Bank Fees the Hard Way

[cubby1223]

Banks have been pissing me off. Apart from being in danger if my house gets burglarized, I'd like a banker from a brick-and-mortar bank to give me one good reason why I should deposit my money in an account, when I could just keep it in a safe at my house, and never pay these fees, and get about as much interest (0% as opposed to 0.125%).

Nobody is forcing you to open up an account with a bank. And something tells me you already know the answer to your question, you just thought you'd like to be the smartass on an internet forum.

 

[JSt0rm]

Nobody is forcing you to open up an account with a bank. And something tells me you already know the answer to your question, you just thought you'd like to be the smartass on an internet forum.

How does he pay his bills?

Go down to the gas companies offices with cash? wait in line. lol.

How much is his time worth?

 

[Dman8777]

Credit union ftw

 

[xBiffx]

How does he pay his bills?

Go down to the gas companies offices with cash? wait in line. lol.

How much is his time worth?

Money orders are accepted as payment for just about anything. Take cash to store, leave with money order, deposit in mail or utility company's deposit box/counter.

404 Bank requirement not found.

 

[JSt0rm]

Credit union ftw

Yeah for real. I have 2 savings accounts and 1 checking account with my credit union. The first savings account earns 7% on the first $500. i know thats not a ton but thats fucking better then what boa would give me.

 

[spacejamz]

I've never been charged a over draft fee in my life. Why would I hunt down what the fees are when I never pay them?

How are you going to know about any new 'fees' that might impact your account if you are too busy to read the email or letters they send you about them?

 

[JSt0rm]

Money orders are accepted as payment for just about anything. Take cash to store, leave with money order, deposit in mail or utility company's deposit box.

404 Bank requirement not found.

Ok but you still have to go and get that shit and mail it. I go to online billpay punch in some numbers and hit a button and im done. Takes 3 minutes to pay 7 bills.

 

[xBiffx]

Ok but you still have to go and get that shit and mail it. I go to online billpay punch in some numbers and hit a button and im done. Takes 3 minutes to pay 7 bills.

No one said that banks aren't convenient. Its just not required even in today's high tech world. I agree its much easier online, but if you hate banks or think your money is safer in the mattress, it can be done.

 

[JSt0rm]

How are you going to know about any new 'fees' that might impact your account if you are too busy to read the email or letters they send you about them?

There are no fees that will impact my account. Unless they want me to pull my money out.

My gf dad had a issue with his bank and they charged him some fees while he was over seas. He called them up and said if you don't reverse these fees im taking all my money out. They reversed the fees. If you have money you dont pay.

I ordered a couple years ago bank statements for all deposits over a year and they ended up charging me $70 or something. i dont remember but i called and they removed the fee.

If you are rich you dont pay fees.

 

[JSt0rm]

No one said that banks aren't convenient. Its just not required even in today's high tech world. I agree its much easier online, but if you hate banks or think your money is safer in the mattress, it can be done.

I didnt say they were. I simply asked how much is his time worth? 3 minutes? vs 1 or 2 hours?

 

[dank69]

The bank can only abuse you if you let them. They signed the paperwork that allowed this.

Do you even know what personal responsibility is????

On side note for this topic, banks used to make a ton of money on debit card processing fees. Because of legislation that was passed, the amount of money they could profit from this was capped. So in order to make up for this lost revenue, these new maintenance fees, low balance fees, talk to teller in person fees, etc have cropped up...

These fees are nothing new...

 

[EagleKeeper]

And the rest of the story - ignored by Dave

TCF refunded the fees!

 

[JSt0rm]

Here watch this

http://www.youtube.com/watch?v=Hjqy2lJ5yoU

Pretty funny and sums it all up nicely

 

[xBiffx]

I didnt say they were. I simply asked how much is his time worth? 3 minutes? vs 1 or 2 hours?

Takes 5 minutes for me to walk into a Walgreens, get a money order and stamp, put it in an envelope and mail it right outside the Walgreens. Again, be realistic. If it takes you 1 to 2 hours to go the money order route, you are doing it wrong.

 

[JSt0rm]

Takes 5 minutes for me to walk into a Walgreens, get a money order and stamp, put it in an envelope and mail it right outside the Walgreens. Again, be realistic. If it takes you 1 to 2 hours to go the money order route, you are doing it wrong.

I live in Los Angeles man. Everything takes 1 to 2 hours D:

 

[Darwin333]

Since when did savings accounts have "overdraft protection"? Personally I think that overdraft protection (IE the bank bending you over and raping you) should most definitely be "opt in" by law instead of opt out.

And $28 a freaking day due to a $5.10 negative balance?!? I agree with the "read shit before you sign it" posts but that is the type of absurd shit that gets us regulation and the regulation usually fucks up just as much shit. What ever happened to decent business practices for the simple reason that its the decent thing to do?

 

[Darwin333]

And the rest of the story - ignored by Dave

TCF refunded the fees!

LOL!

I should have known. I wonder if they refunded the fees before or after the media attention? I still say $28 a day for -$5.10 is beyond absurd.

 

[monovillage]

The bank can only abuse you if you let them. They signed the paperwork that allowed this.

Do you even know what personal responsibility is????

On side note for this topic, banks used to make a ton of money on debit card processing fees. Because of legislation that was passed, the amount of money they could profit from this was capped. So in order to make up for this lost revenue, these new maintenance fees, low balance fees, talk to teller in person fees, etc have cropped up...

I asked my wife, she says I know what personal responsibility is, I trust her opinion so yes, I know what it is.
One of my problems with what the bank did is that it's nearly impossible for most people to read everything they give you and then follow up on everything they mail you that may or may not have changed your previous agreement. It's often written in near indecipherable terms and the print gets smaller and smaller as you move down the page. This story to me was a clear cut example of abuse, you may disagree if you'd like.

 

[PrinceofWands]

How does he pay his bills?

Go down to the gas companies offices with cash? wait in line. lol.

How much is his time worth?

I haven't had a bank or anything similar in many years. Never had a problem or significant inconvenience. Just requires an attitude adjustment.

 

[xBiffx]

I haven't had a bank or anything similar in many years. Never had a problem or significant inconvenience. Just requires an attitude adjustment.

Clearly you don't live in Los Angeles. :whiste:

 

[spacejamz]

There are no fees that will impact my account. Unless they want me to pull my money out.

My gf dad had a issue with his bank and they charged him some fees while he was over seas. He called them up and said if you don't reverse these fees im taking all my money out. They reversed the fees. If you have money you dont pay.

I ordered a couple years ago bank statements for all deposits over a year and they ended up charging me $70 or something. i dont remember but i called and they removed the fee.

If you are rich you dont pay fees.

I have a second checking account at Wells Fargo that I used for all my rebate checks because my credit union's one location is not convenient for me. This account typically only had a few hundred dollars in it.

Last summer, they sent a letter stating they were going to charge a $12.95 monthly maintenance fee (because I didn't keep a high enough balance in this account). If I didn't read the letter (which was two pages long), they would have been deducting this amount from my account and kept going until it went negative.

Who is to say that your bank doesn't decide to charge a daily fee (like this kid) for some asinine reason? Since you are too cool to read anything, you would never know until they started deducting your account.

 

[cybrsage]

Most banks will forgive overdraft fees if you take 5 minutes to call them.

This. Oh, and you have to not verbally assault the person who answers the phone.

 

[JSt0rm]

I haven't had a bank or anything similar in many years. Never had a problem or significant inconvenience. Just requires an attitude adjustment.

Thats wonderful. Have you driven on La Cienega blvd at 4:45pm on a friday?

I think your attitude adjustment would go by by in about 30 minutes.

 

[JSt0rm]

I have a second checking account at Wells Fargo that I used for all my rebate checks because my credit union's one location is not convenient for me. This account typically only had a few hundred dollars in it.

Last summer, they sent a letter stating they were going to charge a $12.95 monthly maintenance fee (because I didn't keep a high enough balance in this account). If I didn't read the letter (which was two pages long), they would have been deducting this amount from my account and kept going until it went negative.

Who is to say that your bank doesn't decide to charge a daily fee (like this kid) for some asinine reason? Since you are too cool to read anything, you would never know until they started deducting your account.

But that hasnt happened to me so I dont get your point? Watch my youtube link.

 

[JSt0rm]

Clearly you don't live in Los Angeles. :whiste:

I honestly think people dont truly understand what bad traffic is. I really dont think you can comprehend it taking 2 hours to drive 5 miles on surface streets.