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Why do all banks suck and require $10-20k in deposits to avoid fees?

Golgatha

Golgatha

Lifer
Why, just why? They all seem to equally suck too. From the biggest (Chase, BoA, etc.) to the smallest; just a huge Hoover vacuum of suckage.
 
They do not require that for all accounts.

Many have $2000-5000 daily balances to avoid fees. All but the most premium accounts will waive fees if you have direct deposit.
 
Banking costs $$ and they don't really want yours anyway when they can get it from the fed for next to nothing.

Mine started charging me an excessive cash deposit fee. Not much but still it's a fee.
 
Most waive fees with a direct deposit. I'm pretty sure my BoA has a $1500 min and my Chase has a $500 min to keep it free.
 
highland145 said:
Mine started charging me an excessive cash deposit fee. Not much but still it's a fee.
Click to expand...

Wait, what? That seems like a good policy for a bank to have. Damn, we have too much money. How can we incentivize our members to not give us more? OK, if they give us over a certain amount, we charge them! Booyah!
 
That's funny... my bank ... err, credit union ... requires $100. OR direct deposit. That's on the newer accounts. On the old accounts, there is no minimum save the $1 that must be in the savings account.
 
SunnyD said:
That's funny... my bank ... err, credit union ... requires $100. OR direct deposit. That's on the newer accounts. On the old accounts, there is no minimum save the $1 that must be in the savings account.
Click to expand...

Yea, CU's for the win. Banks are fee crazy lately. We shouldn't have bailed the fuckers out. This is what we get in return.
 
Atomic Playboy said:
Wait, what? That seems like a good policy for a bank to have. Damn, we have too much money. How can we incentivize our members to not give us more? OK, if they give us over a certain amount, we charge them! Booyah!
Click to expand...
Mine is a cash business and I surely don't want a lot laying around here so I'll give my tellers grief and still make deposits.🙂
 
Every bank I've ever dealt with has tried to screw me with nickle and dime fees.
Moved over to a credit union minus the fees and have never looked back.
 
I have both a CU and a Wells Fargo Account. The CU chargers nothing. Wells Fargo wanted to charge me $5 a month unless I do direct deposit. I have a little bit of each of my paychecks deposited with Wells Fargo and the rest is deposited with the CU. They didn't say how much I had to deposit with direct deposit to escape the fees. 🙂
 
I've never encountered a bank fee... hell I had a free student account until like a year ago (27 yo now). I've always had direct deposit going into them though. Wells Fargo and PNC bank here.
 
highland145 said:
Banking costs $$ and they don't really want yours anyway when they can get it from the fed for next to nothing.

Mine started charging me an excessive cash deposit fee. Not much but still it's a fee.
Click to expand...
I was charged a few dollars because I pulled up an image of a deposit slip.

They must be using Monster cables and platinum-plated server enclosures. That was a damn expensive B&W JPEG.


They also interweave advertising in between the transaction lines of my online banking view. (PNC)



"From our Marketing Department to you, Fuck you. And we really mean it."





.
 
SunnyD said:
That's funny... my bank ... err, credit union ... requires $100. OR direct deposit. That's on the newer accounts. On the old accounts, there is no minimum save the $1 that must be in the savings account.
Click to expand...

Same deal here, what I've always found curious is some people refuse to use direct deposit and want a check on payday, I don't get it, do you like waiting in long, slow lines to cash it vs walking up to an ATM and withdrawing cash for zero fee (as long as it's the same bank, otherwise you will get scorched pretty badly, once from the ATM owner and again by your bank for using a different ATM than theirs, it can cost $2.00+$1.50, $3.50 for withdrawing $20 in pocket cash is robbery IMO..).
 
Golgatha said:
Why, just why? They all seem to equally suck too. From the biggest (Chase, BoA, etc.) to the smallest; just a huge Hoover vacuum of suckage.
Click to expand...

Because they have to fund the $Billion dollar loans to friends of the Board of Directors some how.
 
The Fed is keeping interest rates so low they can't make enough money by lending your money out.
Federal regulation doesn't allow any one bank to have more than 10% of the deposits in any area.
 
marincounty said:
Every bank I've ever dealt with has tried to screw me with nickle and dime fees.
Moved over to a credit union minus the fees and have never looked back.
Click to expand...

I'm not sure I understand your issue. Are you saying that banks should not make revenue like any other business?
 
All banks around here except Capital One require $1.5K daily balance for no fee if you do not have direct deposit. Capital One only requires $300 (for now).
 
CPA said:
I'm not sure I understand your issue. Are you saying that banks should not make revenue like any other business?
Click to expand...

No, he's saying that his finances are like a business and he minimized expenses by moving to a new company. If you consider your vendors (bank) too high in costs, you quit doing business with them. Problem solved.

Not sure how you got that from what he posted (unless I'm missing the rest of the paragraph or something)?
 
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