PSA: paperless banking is asking to get ripped off

[lothar]

2 banks

BB&T: We're still doing paper statements. They changed the terms requiring 5 times the direct deposit to our checking account to keep it free. They claim they sent notice back in June. I never received a letter. They said it was in the statement. I pulled out my copy of the statement from my filing cabinet and it's a 2 sentence blurb stating so on page 6 of the statement (back of the 3rd sheet). Even after telling the bitch on the phone I can change my direct deposit they said they can't and won't refund the $10. Fuck em, will be closing that account tomorrow

M&T bank: Same deal except we were doing the paperless thing. Ended up almost losing $30 on that bullshit. Closed all of our accounts the very next day.

Morale of the story: fuck banks. They will try to rip you off anyway possible. At least doing paper statements causes them to lose a little bit of money and increases the chance you'll catch their "changes" /rant /crawling in my skin

I take it that you now keep your savings under your mattress?

 

[Aaviel]

1. 2 Banks != "Banks"
2. Replace the "you're" with "I" and your statement would be correct.

I would never even see the third page of my statement if it was in paper form, even if it was in bold letters. If it was an online statement I would at least scroll through it and skim. This is assuming I even looked at it in the first place (either paper or electronic)

Edit: The biggest gripe is the title, "paperless banking is trying to rip you off" instead of "banking is trying to rip you off" or "Banks are trying to hide things in the statement to rip you off"

 

[dabuddha]

1. 2 Banks != "Banks"
2. Replace the "you're" with "I" and your statement would be correct.

I would never even see the third page of my statement if it was in paper form, even if it was in bold letters. If it was an online statement I would at least scroll through it and skim. This is assuming I even looked at it in the first place (either paper or electronic)

Edit: The biggest gripe is the title, "paperless banking is trying to rip you off" instead of "banking is trying to rip you off" or "Banks are trying to hide things in the statement to rip you off"

Ahh I understand. I guess I went off on a tangent and never updated the thread title 🙂

 

[alkemyst]

Given that most people don't even bother logging onto their banking website every month to examine their online statements vs examining a printed copy thats mailed to them (though both are probably pretty close), I'm saying that you're more likely to miss a change in terms if it's buried in an online statement then one mailed to you. But more important is the fact that banks are no longer sending you a separate letter/notice whenever they make drastic changes to your account terms.

Credit Card companies are doing this too and defaulting to automatic "Opt-In" if you don't respond.

 

[MtnMan]

Do credit unions pay $200 for each checking account I open?

Perhaps you should do all the math, they make that up many times over, but know that suckers will only see the $200 bait.

 

[gorb]

Do they have deposit-by-smartphone?

MotionMan

For checks? Yes. USAA was the first bank in the US to allow mobile deposits via smartphone app.

 

[JEDIYoda]

Good Morning!! hahahahahaaaaa the entertainment value of this thread alone is worth the price of a cup of Java and a crumpet!!!!!!!!!!

 

[OutHouse]

Paperless proves to be problematic for many things. I'd never recommend any employee to go paperless for their paystubs. Once you lose your job or move on, you lose access to them.

A lot of mortgage companies still want original bank statements and stubs as well.

since we went to ADP we have no choice, no paystubs are mailed or put in the company mail room. I print mine every payday and file it.

 

[OutHouse]

Look on slickdeals.net. Currently $200 to open a Chase checking acct.

I got $125 for opening a checking account ober a year ago, just needed a direct deposit within 10 days.

Another $125 or so for opening a savings account. Needed $10k at opening. Got the $125 within a couple days, transferred $9.7k back to different account. Just leave $300 in there so there are no account fees, then close after 6 months.

all for 200 bucks? wow.

 

[dabuddha]

all for 200 bucks? wow.

Shrug its not much work at all for such a good ROI. I've taken advantage of those slickdeals every time they've come out and they were painless (minus m&t and bb&t from this year). I've probably gotten thousands of dollars plus my kindle fire HD for free